*Egypt gas output continued its descent in Q2, dropping to 4.16bn cfd, a 3% quarter-on-quarter fall, to the lowest quarter since 3Q 2016. If there is a silver lining for Cairo, it is that the rate of decline appears to be slowing, with the same period last year witnessing a 6% sequential decrease. Alarmingly Q2’s figure was down 17% (850mn cfd) year-on-year.
*The key driver in the decline has been falling output from the country’s offshore Mediterranean despite recent development drilling (see p6). The region suffered the biggest gas heartland despite on quarter decrease, falling 5% to 2.90bn cfd, the lowest since 1Q 2018 (see chart). (CONTINUED - 286 WORDS)
