Fresh from signing a new deal with Cairo last year that will see it paid $4.25/mn Btu for new gas output, a 60% hike on the previous $2.65/mn Btu legacy price (MEES, 15 November 2024) Western Desert producer, Texas-based Apache has already achieved an uptick in gas output and is forecasting further gains by the end of this year. Music to Cairo’s ears, with Egypt having suffered a 40% drop in gas output since late 2021.
“In Egypt, we are highly encouraged by the prospectivity for natural gas. Our second quarter guidance contemplates continued growth to 470mn cfd gross gas volumes, and we anticipate ongoing strong performance in the second half of the year,” CEO John Christmann told his firm’s earnings call on 8 May. This would be a 3% increase on the 457mn cfd produced in Q1, the highest since Q1 last year (see chart). (CONTINUED - 1546 WORDS)
