Pharos’ main man goes back to the East Med future
The independent’s CEO was making oil discoveries in the Gulf of Sinai in the 1970s. Now he is back in the region
“We lit the flare on the oil discovery just as [former Israeli prime minister Menachem] Begin flew back to Tel Aviv following the peace treaty.” So says Ed Story, CEO of London-listed Pharos Energy, of his first experience of the Eastern Mediterranean upstream. Now Story is back in the region, following Pharos’ 2019 deal for Merlon Petroleum El Fayum, which gives it production in Egypt’s Western Desert, and having taken exploration licences in Israel. What attracted you back to the East Med? Story: We saw in the Merlon acquisition the potential to replicate what they had done—making a Western Desert discovery and subsequently selling that entity to [US independent] Apache, which generated A
Also in this section
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
