UK-listed Pharos to ramp up Egyptian activities
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
London-listed independent Pharos Energy remains optimistic about the prospects for its Egyptian portfolio, CEO Jann Brown told Petroleum Economist in an interview, as the country emerges from a period of economic crisis. Egypt has seen a “fantastic turnaround” recently, after its economy suffered from a shortage of dollars in 2023. That saw Pharos experience payment delays for its receivables, limiting the funds the independent could invest in the country. “Every dollar that [the government] had was going to pay off their international bank loans... so we were not being paid for our production,” Brown said, stressing that “it was not a liquidity issue for us”, because “all of our cost base w

Also in this section
25 July 2025
KRG, Iraq’s central government and Turkey are all working to get exports flowing from the key port, but complications remain
25 July 2025
Mozambique’s insurgency continues, but the security situation near the LNG site has significantly improved, with TotalEnergies aiming to lift its force majeure within months
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats