Egypt’s key oil producers led by US firm Apache have upped spending and drilling over the past year. But this has yet to translate into meaningfully higher output. Having recorded a 40-year low 556,000 b/d in April 2022, the country’s overall oil production has essentially flatlined: the latest figure of 571,000 b/d for March is less than 1% above the nadir (see chart 1).
Egypt Oil Output Continues To Flatline Despite Higher Capex
Egypt oil output has yet to rebound from 40-year lows. Despite higher spending and drilling, key producer Apache says gains will not materialize until 2H 2023.
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Charts
1: Underlying Decline Continues To Hamper Egypt’s Attempts At Increasing Oil Output With March Posting A Fourth Consecutive Month On Month Fall To 571,000 b/d (‘000 b/d)
2: Oil Output From The Key Western Desert Region Is Up Just 10,000 b/d Over The Past 18 Months Despite The Rig Count Near-Doubling To An 8-Year High 78
3: Apache* Has Ramped Up Its Egypt Capex, Rig Count And Drilling Over The Past Year....
4: ... But Its Output* Has Yet To Trend Higher. And Whilst 2h 2023 Is Slated For Oil Output Gains, Gas Production Will Continue To Nosedive^
5: ‘Bapetco’ Output Is Set To Remain Flat For 2023 Despite Planned 41% Capex Hike...
6: ... But While The JV’s Oil Output Is Edging Higher, Gas Production Continues To Slump
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