Egypt’s top producer Eni saw net volumes from the country rebound from Q2’s three-year low in Q3. But at 290,000 boe/d they remain more than 21% down on 3Q 2019’s record 369,000 boe/d. The latter came as the firm’s giant 21.5tcf Zohr deepwater field was ramping up output, with the quarter’s net gas production of 1.58bn cfd (78% of the ‘oil equivalent’ total) also a record.
But Egypt has since capped gas output from both Zohr and other offshore gas fields in response to low international gas prices that would all but guarantee losses for state firm Egas, which is contractually obliged to pay Eni between $4-$5.88/mn BTU for its offshore gas output (MEES, 30 October). (CONTINUED - 453 WORDS)