Egypt’s oil output inched up for the second consecutive year for 2023, up just 0.2% to a three-year high 576,000 b/d. Output remains 16% below 2015’s peak of 686,000 b/d as aging fields and underlying decline hamper efforts to post material gains (see chart).
Egypt Posts Flat 2023 Oil Output; Any Hope Of Better For 2024?
Egypt’s 2023 oil output saw incremental gains in the Western Desert, Sinai and Nile Delta as IOCs focused investment on oil over gas. But 2023 ended on a downward trend as financial constraints stymie further investment.
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Egypt Oil Output (‘000 b/d): 2023 Saw Incremental Gains To 3-Year High 576,000 b/d As Western Desert, Gulf Of Suez & Nile Delta Gains Were Offset By Falling Med Condensate
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