Last year saw Egypt’s overall oil output slump to a 40-year low 601,000 b/d as companies slashed spending and activity in response to collapsing oil prices (MEES, 12 February). Key producer Apache, which dominates output in Egypt’s Western Desert oil heartland, was no exception. The firm caried through on massive capex cuts announced last March (MEES, 13 March 2020) and gross crude output for 2020 as a whole fell 15% to 165,600 b/d, the lowest figure since 2008. Gas output was down 8% at 641mn cfd, also a 12-year low.
As with the Q4 oil figures for Egypt as a whole, there is no sign of an upturn in the latest stats: Q4 gross output of 142,400 b/d is also a 12-year low and down a precipitous 24% year-on-year (see chart 1). (CONTINUED - 788 WORDS)