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Egypt’s gas output fell to 4.996 bcm in May, the lowest in seven-years and the first time it has fallen below 5bcm since May 2017, MEES said.
- It is not only the top producing Zohr field which is in decline, but also the second largest Raven field, which has halved production over the past 18 months. Raven is run by BP.
- These figures will be of a growing concern for Egypt, once a net gas exporter.
- Egypt has become a net importer this year and has chartered an FSRU and bought 20 LNG cargoes to meet up the shortfall and try to avoid blackouts during peak summer demand.
- This is likely to become the status quo if it cannot stem or reverse its declining output, which would offer a bullish pocket of demand for summer LNG cargoes in the West Med.
Source: MEES
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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