Oil producer Capricorn Energy said on Monday it expects higher production in 2026 compared with last year, supported by the expansion of its Egypt operations.
In May, the Scottish company and Egyptian General Petroleum Corporation (EGPC) agreed to merge eight concessions in Egypt into a single deal under a joint venture with Cheiron Oil and Gas.
Capricorn expects 2026 production in the range of 18,000-22,000 barrels of oil equivalent per day (boepd), boosted by the agreement with EGPC and growth in the region.
Capricorn CEO 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."
Capricorn Energy also said it continues to evaluate M&A opportunities in the UK North Sea, Egypt and general MENA region.
The company forecast 2025 production between 17,000 and 21,000 boepd.
(Reuters - Reporting by Simone Lobo in Bengaluru; Editing by Subhranshu Sahu)