Egyptian optimism

One of the more regressive fiscal regimes and a generally challenging environment are not enough to dampen United Oil & Gas’ enthusiasm for the Western Desert.

Anglo-Irish independent United Oil & Gas completed in March a deal struck last year to enter the Egyptian upstream by buying UK producer Rockhopper’s 22pc non-operated stake in the onshore Abu Sennan concession. It is fair to say that the world changed between the transaction’s announcement and its consummation. But, in a reminder that the micro is as important as the macro, the asset also significantly altered. Due to a new well drilled in December, Abu Sennan will yield c.1,700bl/d to United, nearly double the rate expected at the time that the deal was agreed. Petroleum Economist spoke to United CEO Brian Larkin to find out more. What attracted you to Egypt? Larkin: United as a compan