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Circle Oil posts 26% jump in revenue
- Egypt: Tuesday, May 14 - 2013 at 05:02
Middle East and Africa-focused oil and gas exploration and production firm, Circle Oil has reported a 26% jump in 2012 revenue to $73.3m as higher oil and gas prices boosted the value of sales and production increased. Circle said its Egyptian gross oil production in April stood at around 10,200 barrels of oil per day and gross gas production of 11 million standard cubic feet per day. The company completed a 12" gas pipeline in Egypt earlier this year to allow gas production. A water injection programme in Egypt aimed at improving recoverability is also continuing, the Ireland-headquartered firm said.
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