Egypt Upstream Output Set To Fall Further In 2024 As Zohr Slump Continues

23 Feb 2024 Issue: 67 / 8 By: Peter Stevenson

Egypt’s key gas field Zohr has seen output slump to 2bn cfd and is set to fall further. With no significant start-ups this year, the country’s overall output will fall further from 2023’s six-year low. Oil output may also see a slump after 2023’s incremental gains.

Delegates and dignitaries descended on Egypt this week for the country’s showcase Egypt Energy Show (EGYPES). But those seeking good news had to cast their eyes towards the country’s renewable energy plans (MEES, 23 February). As far as the upstream is concerned the outlook is pretty negative, notwithstanding Cairo’s keenness to flag up UAE state firm Adnoc’s recent entry (MEES, 16 February).

Despite its best efforts, the country cannot hide from the fact that falling gas output, which slumped to a six-year low 5.74bn cfd last year, has seen the return of painful power cuts that continue sporadically to this day and a slump in LNG exports (MEES, 5 January). Production plumbed a new 6-year monthly low of 5.24bn cfd for December, the lowest figure since the start-up of the country’s workhorse Zohr field in December 2017 (MEES, 23 February). (CONTINUED - 1659 WORDS)