Egypt’s gas output edged up by 60mn cfd or 1% to 5.397bn cfd for January versus December’s 32-month low, putting an end to six consecutive monthly falls according to the latest Petroleum Ministry data.
The key Mediterranean offshore region saw output rise by 2% to 3.965bn cfd, offsetting falls in all other regions. Offshore producers receive $4-5.6/mn BTU for their output, well above the low fixed price of $2.65/mn BTU for onshore producers, with both low prices and delayed payments disincentivizing investment in onshore gas output in particular (MEES, 10 November 2023). The key onshore Western Desert province saw output fall 2% to 822mn cfd for January. (CONTINUED - 336 WORDS)
