Egypt’s oil output has flatlined since 2021 as upstream operators have stalled on investment in a bid to secure improved terms. After falling to 574,000 b/d in 2021, the first sub-600,000 b/d year in four decades, oil output inched up to 576,000 b/d for 2023, though it began 2024 inauspiciously at 569,000 b/d for January.
Recent company results brought scant promise of significant gains to come. In the Western Desert, Egypt’s top oil producing province, top producer Texas-based Apache did see gross output from its operated fields rise 3% to 142,000 b/d for 2023 but has signaled that gains have been slow to materialize blaming rig shortages (MEES, 23 February). (CONTINUED - 1506 WORDS)
