Petroleum Africa
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Thursday, August 22, 2013
While some firms have been pulling staff out of Egypt such as BG and BP, Shell says it has no intention in shutting down its offices in Cairo. The company stated it was in the country for the “long term.”
Ahmed el-Gabry, a spokesman for Shell in Egypt, told Daily News Egypt the company’s offices were shut down because of violence last week, but it was only a temporary response to the situation.
“We can’t anticipate what will happen in the future but for the time being we have no intention to close our offices in the country,” he said.
The violence that has afflicted the North African country for the past month or so has had no affect on its production levels as the troubles are far away from any producing areas. Despite having no affect on production, the situation in Egypt has led to a drop in share price and the rating for one of its largest producers, Apache Corp.
The company’s stocked dropped on August 19 even though the company maintains its operations are not affected and the announcement of seven discoveries over the past several months. Analysts say the risk of a production disruption for Apache in Egypt cannot be ignored. Egypt makes up 19% of the company’s production totals and nearly 25% of its cash flow.
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