Newly profitable Irish explorer United Oil & Gas eyes future focus on northern Africa and Caribbean 

Chief executive Brian Larkin said there remains a lot of room for organic growth from the company’s Egyptian assets – its prime revenue generator

United Oil & Gas chief executive Brian Larkin said the company’s long-term geographical focus will be on northern Africa and the Caribbean, with an exit from its assets in Italy and the UK likely in time.

The chief executive of Irish explorer United Oil & Gas has said the company’s long-term geographical focus will be on northern Africa and the Caribbean, with an exit from its assets in Italy and the UK likely in time.

Speaking on the back of United posting its first ever full-year profit, Brian Larkin said there remains a lot of room for organic growth from the company’s Egyptian assets – its prime revenue generator.

United holds a 22% stake in the Abu Sennan concession in Egypt. United has upped production guidance for the asset and a recent independent study indicated a 24% increase in Egyptian reserves.

United made a profit of just over $850,000 (€700,000) in 2020, compared to a $2.1m loss the previous year. Revenue amounted to just over $9m last year.

Jamaican assets

Mr Larkin said a development partner for United’s Jamaican assets is unlikely to be finalised until the end of this year at the earliest and that first production from its Italian assets is expected towards the end of the year.

Over time, United is likely to either reduce its interest in or completely sell out of its interests in Italy and the UK, leaving it with a north African and Caribbean focus.

Mr Larkin said the company expects to remain one of the few full-cycle oil and gas companies; taking in development, appraisal, exploration and production.