Merlon JV Petrosilah to invest $55 million in oil exploration in Egypt
Petrosilah Petroleum Company plans to invest about $55 million in oil exploration and discovery in its concession areas in Egypt during the fiscal year 2018/2019, chairman and managing director Taher Abdel Rehem said. The firm raised its production of crude oil by 1,000 barrels during last week, bringing its daily output capacity to 7,000 barrels […]
Yorktown to sell its Egypt oil & gas business Merlon
Private equity firm hopes to raise up to $400 million. Citigroup running process, bids expected by July. Private equity firm Yorktown Partners is selling its Egyptian-focused oil and gas company Merlon International, hoping to raise up to $400 million, two banking sources told Reuters. The process is being run by Citigroup and bids are expected to be […]
OilPrice: New agreements shake up Egypt’s oil & gas market
The latest agreements signed by the Egyptian Ministry of Petroleum has caused recovery in Egypt’s oil and gas sector, world’s leading magazine OilPrice said in a Monday report. The new contracts will be the start of a wide-range campaign to revive the sector, which was hampered over the past few years, OilPrice added. Last week, […]
PetroSilah raises production to 12k bbl/d by end of FY 2016-17
Merlon International JV PetroSilah are aiming to drill six wells in 2H2016-17 to increase production to 12k bbl/d from 8.7k bbl/d from its El Fayum concession, PetroSilah Chairman Taher Abdel Rahim told Al Borsa. We had previously reported Merlon International is allocating USD 54 mn in FY2017-18 towards its El Fayum concession in the Western […]
Merlon allocates $54 million investment in El Fayum concession in FY 2017-18
Oil and Gas producer Merlon International is allocating USD 54 mn towards its development and production operations in its El Fayum concession in FY2017-18, Al Mal reported. Merlon’s JV PetroSilah will end FY2016-17 having invested around USD 64 mn, below the budgeted amount of USD 88 mn, sources at EGPC said. Currently, all of Merlon’s […]
SDX Energy and Merlon Int'l reach agreements to pay suppliers in EGP
Oil and gas companies SDX Energy and Merlon International have reportedly reached agreements with their suppliers and contractors in Egypt to repay them in EGP, sources told Al Mal. The initial agreements allowed companies to pay 40% of their receivables in EGP, but the fall in international oil prices, delays in payments from EGPC, and […]
