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ENERGY: Egypt Oil & Gas Production Slump Continues: MEES

ENERGY

Egypt’s upstream players are stalling on investment needed to boost output as they call on Cairo to raise its payment for gas.

  • Egypt’s gas output continues to slump, adding further pressure on the government to secure imports and avoid blackouts, MEES said.
  • Gas output fell to 5.01 bcf/d in Q2 and 4.923 bcf/d for June. These are the lowest figures since early 2017’s start-up of BP’s West Nile Delta project and ENI’s Zohr field.
  • The falling output is expected to cause a structural shift as Egypt becomes entrenched as a net gas importer.
  • Egypt has imported 870k mt of LNG across 2024, with net imports starting in June. Sources told Platts that Egypt could seek another 15-20 cargoes in preparation for winter.
  • Egypt’s oil output slump has been less dramatic, but production nonetheless hit a 40-year low of 553k b/d for Q2.
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