After peaking at 6.83bn cfd in December 2019, this year has so far been one to forget for Egypt’s gas output fortunes. A weak global LNG market, as well as the hit of Covid-19 on domestic demand, have caused significant output shut-ins. Output fell to a two-year low 5.31bn cfd for April and has only partially recovered since (see chart 1).
But with the domestic situation improving and LNG prices on the rise (MEES, 13 November) Cairo has been able to turn the taps back on (MEES, 30 October), albeit not yet to last year’s record levels. Output in September increased to 6.16bn cfd, with 69.2% or 4.26bn cfd coming from the Mediterranean offshore. This is the region’s highest share of overall output since July 2013. (CONTINUED - 1377 WORDS)