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US private equity firm Yorktown Partners is looking to raise $400mn through selling off its majority stake Houston-based subsidiary Merlon. All of Merlon’s output comes from its 100% stake in the El Fayoum concession 80km southwest of Cairo on the west bank of the Nile.
From 2010 start-up production rose to 7,000 b/d in 2015 and 10,000 b/d in 2016 before dipping to 7,900 b/d for 2017 – just over 1% of Egypt’s total output ( MEES, 9 March ). Output has since fallen back to 7,000 b/d but, Petrosilah, the firm’s JV with Egypt’s state oil firm EGPC, says it hopes to raise output in the coming months to 7,500 b/d. (CONTINUED - 287 WORDS)