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The leap in Egypt’s gas output over the last 18 months has been spectacular – having slumped below 4bn cfd in mid-2016, by the end of 2017 output had rebounded to 5.6bn cfd, just shy of 6bn cfd demand ( MEES, 16 February ). Oil Minister Tariq al-Mulla’s target of achieving self-sufficiency, ending LNG imports, by end-2018 looks like a real possibility.
This has come thanks to a series of key gas discoveries in the deepwater Mediterranean – of which Eni’s 2015 Zohr gas find, which came online late last year, has been the largest ( MEES, 15 December 2017 ). The Mediterranean deepwater remains the focus of ongoing ‘high impact’ exploration in the country. But the expectations are that further discoveries will also be gas. (CONTINUED - 1489 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Egypt’s Oil Deficit Set To Balloon From 180,000 B/D To Over 500,000 B/D By Early 2020s ('000 B/D)|
|chart||Inversely Correlated, For Now: Egypt’s Oil Demand Soared, Peaking At 876,000 B/D In 2q16 As Gas Output Collapsed. It Has Since Fallen Back Amid More Plentiful Gas Supplies|
|table||Egyptian Aging Refinery Fleet ('000 B/D)|