(MENAFN) In a recent development, Capricorn Energy announced a downward revision to its 2023 production forecast, concurrently revealing an increase in Egypt's outstanding debts to the company, reaching a total of USD170 million by the end of October. The company disclosed that the value of the "amounts owed" by the Egyptian General Petroleum Corporation (EGPC) experienced a notable uptick, rising by approximately USD20 million from mid-year, with a substantial portion amounting to USD139 million marked as past due.
Capricorn Energy underlined its commitment to resolving the outstanding dues situation, citing close collaboration with the Egyptian General Petroleum Corporation. The company expressed unwavering confidence in its ability to settle all outstanding financial obligations. As a business primarily concentrated in Egypt, Capricorn acknowledged challenges on multiple fronts and affirmed its proactive engagement with EGPC to address financial matters diligently.
Furthermore, the company provided insights into its revised production expectations for the entirety of 2023. Capricorn now anticipates an average production of 30 thousand barrels per day of oil equivalent, falling below the lower limit of its initial projections that ranged between 32 thousand and 36 thousand barrels per day. The reduction in production forecasts is attributed to project delays and a decline in production from recently established wells, outlining specific challenges faced by the company in its operational landscape.
Despite these setbacks, Capricorn Energy remains committed to navigating challenges, both operational and financial. The company's strategic focus on collaboration with key stakeholders underscores its determination to overcome hurdles, ensuring a resilient and sustainable presence in the dynamic energy sector of Egypt.
MENAFN03122023000045015682ID1107527270
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.