UK-based independent Capricorn (formerly Cairn), after a turbulent two years of management and strategy changes (MEES, 23 December 2022), now says that it will focus its attention on Egypt, home of all of its 34,228 boe/d (14,500 b/d oil, 110mn cfd gas) of net 2022 output. The firm only entered Egypt in 2021 as part of a 50:50 JV with local firm Cheiron to purchase Shell’s ‘Bapetco’ Western Desert assets (MEES, 12 March 2021).
Capricorn, in its 2022 results on 27 April, says that following a strategic review after a new board was appointed in February, it will now “focus on significant opportunities in Egypt business, cost saving and curtailment of international exploration.” The firm has commenced the sale process for its UK assets, whilst even in Egypt there will be a “focus on maximizing value… by optimizing investment, well selection and rig performance, continuing to focus on liquids production growth and, alongside partners, exploring options to enhance fiscal terms.” (CONTINUED - 351 WORDS)
