United Oil & Gas H1 Revenues Fall on Egypt Challenges

Independent producer United Oil & Gas PLC saw its revenues drop in the first half of 2023 to $6.4 million, compared to $9.9 million in the previous-year period, impacted by difficulties in its operations in Egypt, the company has said.

The average realized oil price per barrel from Egypt for the first half was approximately $78, compared with $105 in the first half of 2022, United Oil said, adding that “the continued impact of the macro-economic challenges affecting the Egyptian economy has resulted in increasing difficulty and foreign exchange cost to repatriate funds from our Egyptian operations”.

The company added that it incurred significant additional foreign exchange costs in translating Egyptian pounds to USA dollars for its working capital needs. “Notwithstanding these short-term challenges due to reduced USD liquidity in Egypt, we continue to manage our working capital position across the group”, United Oil said.