Eni’s net Egypt gas output slumped to 1.102bn cfd for Q2, the lowest since 1Q 2018 when its flagship 21.5tcf Zohr was just being brought online (see chart). Output is down 9% on Q1 and 30% on 3Q 2019’s record 1.581mn cfd. Oil is down even further (see main story).
In November last year Eni CEO Claudio Descalzi revealed that Zohr output was being capped at 2.4-2.5bn cfd with Egypt’s demand sated and low prevailing LNG prices holding back exports (MEES, 20 December 2019). Eni’s frustrations were further increased in April when a deal to restart the mothballed 5mn t/y Segas LNG export terminal at Damietta fell through (MEES, 1 May). (CONTINUED - 369 WORDS)