Last year was a mixed one for Egypt’s upstream fortunes. Gas output leapt 16% to a record 6.94bn cfd as Eni’s 21.5tcf deepwater Mediterranean Zohr field (briefly) hit full 3.2bn cfd capacity for the first time and BP’s Raven field started up in April. But oil output slumped to 574,000 b/d, the lowest level since 1980, the culmination of years of underinvestment in Egypt’s mature oil provinces of the Western Desert and Gulf of Suez.
Egypt: Record 2021 Gas Output But Outlook Uncertain
Egypt posted record 6.94bn cfd gas output for 2021, but oil output fell to a 40-year low. For 2022, renewed investment and contract terms mean the key Western Desert oil province is set for a modest rebound. But for gas the lack of new start-ups and problems at producing fields mean holding output steady will be a challenge. Higher imports from Israel will be key to maintaining LNG export volumes.
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1: Egypt Gas Output Rises 16% To Record 6.94bn cfd For 2021; Key Med Region Tops 5mn cfd For The First Time More Than Offsetting Losses Elsewhere (bn cfd)
2: Egypt Oil Output (‘000 b/d): Production Slumps To 40-Year Low Despite Med Condensate Boost
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