Egypt-Kuwait Holding (EKH) which produces 50mn cfd from the Tao and Kamose fields on Egypt’s Mediterranean shallow water Offshore North Sinai (ONS) concession says that the ‘North Sinai Operating Company’ (NSCO) was owed $58.0mn in receivables by state firm EGPC as of end-June, up 25% on the end-2022 figure.
Amid Egypt’s stretched finances, state dues for oil and gas produced in the country have been mounting. Of other firms to have reported recent figures, Nile Delta producer Dana Gas was owed $41mn at end-June, up almost 50% on the start of the year, Western Desert oil and gas producer Capricorn was owed $145mn at end-May, also a 49% increase, whilst minnow Pharos was owed $30.9mn as of 20 July, up 28% (see chart). (CONTINUED - 356 WORDS)
