SDX Energy Cuts Investment and Production Targets in Morocco and Egypt

This year, SDX Energy’s investment spending will decrease across all its operations, and will be in the range of $21.5 to $23 million for a production below average of 5,900 barrels of oil equivalent per day in 2021, reports Ecofin. In Morocco, the British company plans to reduce its investments by about $6 million compared to 2021. Mark Reid, CEO of the company, justifies this decision by the suspension, for 5 years, of a customer contract. He expects to have greater precision on future gas supply and prices to support a new contract in the long term.

In Egypt, "our production forecasts for the full year 2022 are lower than the actual production of 5,886 barrels of oil equivalent per day in 2021, mainly due to the proposed divestment of South Disouq and the natural depletion of wells," the executive said.