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UK firm BG’s output collapse in Egypt is set to continue, at least until its $70bn takeover by the Anglo-Dutch major Shell is given the green light, most likely at the start of the new year.
BG’s overall production rose by 26% year-on-year in the third quarter of this year to 716 barrels of oil equivalent (boe) per day. This came despite a fall to 43,000 boe/d in Egyptian output. Although the firm does not give a quarterly gas/oil breakdown, for 2014 its Egyptian output was 95% gas from the West Delta Deep Marine (WDDM) and Rosetta fields. This split implies Egyptian gas output of just 246mn cfd for Q3, a mere third of 2012 levels (see graph). (CONTINUED - 788 WORDS)
DATA INSIDE THIS ARTICLE
|table||Shell Key Mideast Upstream Assets|
|table||BG Key Mideast Upstream Assets|