Independents in Egypt have rapidly responded to rising oil prices.

Egypt’s oil output has fallen by 35,000 b/d since peaking at 700,000 b/d in mid-2015. The output record came on the back of sustained high drilling levels – with the country’s oil rig count at around 40 during the whole of 2014.

But from early 2015 the effect of the oil price slump made itself apparent as companies cut upstream spending. The rig count fell below 30 for much of 2015 and has since fallen to...