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Anglo-Dutch major Shell’s Egyptian net gas output hit a four-year high 407.5mn cfd in 2018, up 21% from 2017’s 335.4mn cfd. But output remains less than half of 2012 levels with offshore fields formerly operated by BG (taken over by Shell at the start of 2016) responsible for the bulk of the collapse (see chart).
Shell long stalled on new investment in Egypt due to a dispute over monies owed by state firm EGPC and the diversion of its gas output from LNG exports to the domestic market ( MEES, 31 January 2014 ). But early last year it reversed course and sanctioned the 10-well Phase 9B development of its West Delta Deep Marine fields in the Mediterranean ( MEES, 23 March 2018 ). Drilling is due for 2H 2019 completion, potentially adding 300mn cfd gross at the development that groups Shell (ex-BG, 50%) with Malaysian state firm Petronas (50%) (CONTINUED - 446 WORDS)
DATA INSIDE THIS ARTICLE
|chart||Shell Net Egypt Gas Output Rose Last Year For The First Time Since 2011 As The Company Restarted Investment. ElNG Exports Hit A 5-Year High But Remain Under Force Majeure (Mn Cfd)|