Eni, BP and Apache are Egypt’s top three oil and gas producers. But much of the country’s upstream, in particular the oil-focused onshore, is in the hands of a plethora of smaller firms. These firms have endured a rollercoaster ride in recent years.
Egypt’s mature Western Desert and Gulf of Suez oil and gas provinces, where independents predominate, have high operating costs with substantial drilling and investment needed just to keep output stable. As such, several firms suffered near death experiences (indeed, some went bust) when oil prices tanked in 2014-15 and again in 2020. (CONTINUED - 1548 WORDS)