Petroleum Africa
Find us on: 
Friday, April 28, 2023
Capricorn Energy states Egypt will weigh heavy in its operational plans over 2023. The company further stated it would “scale back all exploration spend outside Egypt and monetize, farm-down or exit all other exploration positions.” A process has already commenced for a potential sale of its UK assets.
The company has planned a production and development expenditure of $100-120 million for Egypt, with five rigs in the country focused on production and development drilling and influenced by the phasing of minor and major projects expenditure. Additionally, an approximate $25 million has been slated toward exploration to sustain the resource base in the country.
To guide its operations in Egypt, Capricorn has appointed a new Chief Executive: Randy Neely, the former President and CEO of Egypt-focused operator TransGlobe Energy Corporation. Neely will join Capricorn on June 1, 2023
2022 Financial Highlights from Egypt
The announcements were made in the company’s 2022 Full Year Results and Strategic Review Update released April 27.
" alt="World Heading for 3-degree C Warming Trajectory, as Political Headwinds Slow the Energy Transition">
" alt="VAALCO Energy Publishes its 2023 Sustainability Report">
" alt="Sound Energy Gets Extra Time on Morocco’s Anoual Exploration Permits">
" alt="Exxonmobil and NBA Africa Launch Jr. National Basketball Association League in Mozambique">
" alt="Africa Finance Corp Invests $14.1 Million in Developing Xlinks’ Morocco-UK Power Project">
" alt="Aminex Bags New Funding Facility">
" alt="BW Energy Announces $150 Million Sale & Leaseback of Mabomo Production Facility">
