*Egypt’s gas and oil output both plumbed new lows for 2024. Gas output slumped by 16% or nearly 1bn cfd, year-on-year to an eight-year low 4.867bn cfd, the third consecutive annual drop, according to latest data from Egypt’s Petroleum Ministry. Latest data from Jodi peg the figure even lower at 4.77bn cfd. Crude output was down 3% at 476,000 b/d, the lowest figure since the late 1970s, whilst condensate was down 18% at 71,500 b/d, also a multi-decade low.
*For gas, Egypt’s dominant region remains the offshore Mediterranean. But, whilst the region’s share of Egypt’s total output remains above 70%, production is not only falling, but has been falling more rapidly than the overall figure. Mediterranean output fell by 773mn cfd or 18% year-on-year to a six-year low 3.544bn cfd with the region’s share of Egypt’s overall output down to 72.8% from over 74% for 2023 and 2024 (see chart 1). (CONTINUED - 863 WORDS)
