Egypt’s gas output slumped to a new three-year low 5.815bn cfd for July, whilst oil has yet to post a substantial increase despite more spending.
Egypt’s gas output fell by a further 1% to a new three-year low 5.815bn cfd for July. Output has slumped by 500mn cfd since the start of the year to a massive 1.4bn cfd or 19% below the all-time high of 7.193bn cfd, set just two years ago in September 2021 (see chart 1).
Egypt’s high upstream decline rates mean a steady stream of upstream start-ups is needed just to sustain output. And these have lagged, whilst the workhorse 21.5tcf Zohr gas field has seen output slump to 2.3bn cfd, 28% below nominal 3.2bn cfd capacity, on repeated water infiltration issues (MEES, 4 August).