Oil producer Capricorn Energy said on Monday that it expects higher production in 2026 compared with last year, driven by the expansion of its operations in Egypt, Reuters reported.
In May, the Scottish company and the Egyptian General Petroleum Corporation agreed to merge eight concessions in Egypt into a single agreement under a joint venture with Cheiron Oil and Gas.
The consolidation is expected to support production growth in the region.
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Capricorn forecasts 2026 output in the range of 18,000 to 22,000 barrels of oil equivalent per day (boepd), supported by the agreement with EGPC and continued regional growth.
Chief Executive Officer Randy Neely said, “We have entered 2026 with strong momentum as our 2025 exit rate of 21,003 boepd and robust balance sheet position us to capitalise on development opportunities on the merged concession.”
The company also said it continues to assess merger and acquisition opportunities in the UK North Sea, Egypt and the broader Middle East and North Africa region.
For 2025, Capricorn projects production between 17,000 and 21,000 boepd.
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Image Credit: The Guardian
