Production for 2020 from the El Fayum Concession averaged 5,270 bopd. This is in line with the Egypt 2020 production guidance given on 12 May 2020 of 5,000-6,000 bopd.<\/p>\n
Prior to the COVID-19 pandemic and the oil price shock, three drilling rigs and three workover rigs were operating through Q1 2020. Seven wells (five producers and two injectors) were drilled through to April 2020 in El Fayum.<\/p>\n
Due to the uncertain macro-economic environment resulting from the global impact of COVID-19 and the oil price shock, the discretionary drilling programme in Egypt was scaled back to preserve capital with termination notices issued on five of the six rigs retaining just one workover rig, on a call out contract, for ongoing maintenance. Production operations in the field since, have been centred on well maintenance interventions and water-flood implementation. During the hiatus in drilling operations, Pharos has:<\/p>\n
\n- Benefited from improved commercial terms with EGPC regarding the Western Desert discount and negotiated a reduction on the El Fayum discount. The Western Desert discount reduced in stages, from a high of $2.90\/bbl in April to $0.60\/bbl by October. In addition, we have agreed reductions with EGPC, effective 1 August 2020, on both the price discount applied specifically to the El Fayum crude ($1\/bbl reduction) and on the crude handling fees paid at the refinery ($0.80\/bbl reduction). Both of these reductions are in place for an initial period of six months while the Company continues its joint review with EGPC on the specification of the crude oil, on which the discount and fees are applied.<\/li>\n
- Progressed negotiations with EGPC concerning potential improvements in the Concession Agreement terms in order to support a return to operational investment. If successful, these negotiations could lead to an improvement of up to $6\/bbl in the breakeven price. These discussions with EGPC should be seen in the context of the positive progress made by certain other companies in the region.<\/li>\n
- Reprocessed the 3D seismic data across El Fayum, for better subsurface definition.<\/li>\n
- Conducted a waterflood evaluation for the phase implementation of a secondary recovery programme.<\/li>\n
- Updated the sub-surface static model and creating field dynamic models to optimise the location of future wells, both oil producers and water injectors, as the development programme is implemented.<\/li>\n<\/ul>\n
Exploration<\/h3>\n
Exploration drilling activity is currently on hold while the Company focuses on development, production, and cash flow.<\/p>\n
Egypt – North Beni Suef (NBS)<\/u><\/h4>\n
During 2020, work focused on technical and investigative work on wells previously drilled on the concession. Interpretation of the large pre-existing 3D seismic survey on the NBS concession continues and a number of low-risk prospects and potential producing field extensions extending from third party Development Leases to NBS area have been identified.<\/p>\n","protected":false},"excerpt":{"rendered":"
El Fayum Production Production for 2020 from the El Fayum Concession averaged 5,270 bopd. This is in line with the Egypt 2020 production guidance given on 12 May 2020 of … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":8554,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[7442,7446,11],"tags":[8259,709,8880,8881,7610],"class_list":["post-9683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-countries","category-north-africa","category-top-news","tag-egpc","tag-egypt","tag-el-fayum-concession","tag-north-beni-suef","tag-western-desert","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-2wb","jetpack-related-posts":[{"id":11211,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-announces-recommencement-of-el-fayum-development-drilling\/","url_meta":{"origin":9683,"position":0},"title":"EGYPT: Pharos Energy Announces Recommencement of El Fayum Development Drilling","author":"","date":"November 22, 2021","format":false,"excerpt":"Pharos Energy has announced a return to drilling in its El Fayum Concession in\u00a0Egypt, with the commencement of an interim three-well development programme.\u00a0 Ed Story, President and Chief Executive Officer, commented:\u00a0 \"I am pleased to announce that, after a significant period of restricted activity in\u00a0Egypt, we have recommenced development drilling\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/ECDC-6-Rig.jpg?fit=683%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/ECDC-6-Rig.jpg?fit=683%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2021\/11\/ECDC-6-Rig.jpg?fit=683%2C1024&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":8964,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-h1-operational-update\/","url_meta":{"origin":9683,"position":1},"title":"Egypt: Pharos Energy H1 Operational Update","author":"","date":"August 26, 2020","format":false,"excerpt":"Despite the global COVID-19 pandemic, Pharos continues to manage its operations carefully with the Group adhering to the procedures and restrictions put in place by its host countries, with negligible disruption to business in the period. Operational Summary Egypt 1H 2020 production 5,979 bopd (2 April - 30 June 2019:\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Pharos-Enegy.jpg?fit=861%2C584&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Pharos-Enegy.jpg?fit=861%2C584&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Pharos-Enegy.jpg?fit=861%2C584&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/08\/Pharos-Enegy.jpg?fit=861%2C584&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":8553,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-el-fayum-concession-update\/","url_meta":{"origin":9683,"position":2},"title":"Egypt: Pharos Energy Provides El Fayum Concession Update","author":"","date":"July 9, 2020","format":false,"excerpt":"El Fayum Production Production for the first half of 2020 from the El Fayum Concession averaged 5,979 bopd. This is in line with the Egypt 2020 production guidance given on 12 May, which remains unchanged at 5,000-6,000 bopd. El Fayum Development and Operations As announced earlier in the year, the\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2020\/07\/Egypt-El-Fayum.jpg?fit=806%2C585&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":12061,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-2021-preliminary-results\/","url_meta":{"origin":9683,"position":3},"title":"EGYPT: Pharos Energy Provides 2021 Preliminary Results","author":"","date":"March 18, 2022","format":false,"excerpt":"2021 Operational Highlights Total Group working interest 2021 production 8,878 boepd net (2020: 11,373 boepd), in line with production guidance: Egypt production 3,318 bopd (2020: 5,270 bopd) In Egypt: Return to drilling with Batran-1X exploration commitment well and three-well development drilling programme El Fayum Phase 1B waterflood programme commenced with\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":13838,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-eneregytrading-and-operations-update-july-2023\/","url_meta":{"origin":9683,"position":4},"title":"EGYPT: Pharos EneregyTrading and Operations Update July 2023","author":"","date":"July 26, 2023","format":false,"excerpt":"Operational Highlights Group working interest H1 production was 6,915 boepd net. Group working interest 2023 production guidance of 6,050 \u20137,500 boepd net remains unchanged from the Preliminary Results announcement on 22 March 2023:o Vietnam H1 production was 5,566 boepd. Vietnam 2023 production guidance 4,700 \u2013 5,700 boepd neto Egypt H1\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2023\/07\/Egypt-North-Beni-Suef-block.png?fit=1200%2C614&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":10418,"url":"https:\/\/www.oilnewskenya.com\/index.php\/egypt-pharos-energy-provides-update-on-its-activities\/","url_meta":{"origin":9683,"position":5},"title":"EGYPT: Pharos Energy Provides Update on its activities","author":"","date":"June 10, 2021","format":false,"excerpt":"Egypt Batran-1X well result The Batran-1X commitment exploration well, drilled on a fault bounded and three-way-closed dip prospect located 4km west of the Main Tersa-1X well, reached Total Depth on Friday 4 June. The well encountered 52 ft (15.85m) of net oil pay in the LARG and UB sands. Additional\u2026","rel":"","context":"In "Countries"","block_context":{"text":"Countries","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/countries\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/users\/24"}],"replies":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/comments?post=9683"}],"version-history":[{"count":1,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9683\/revisions"}],"predecessor-version":[{"id":9684,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/posts\/9683\/revisions\/9684"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media\/8554"}],"wp:attachment":[{"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/media?parent=9683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/categories?post=9683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.oilnewskenya.com\/index.php\/wp-json\/wp\/v2\/tags?post=9683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}