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Oil majors, like companies everywhere, shout about the gains but keep quiet on the losses. Nowhere is this more true than offshore Egypt, where a steady stream of ‘good news’ stories have to be put in the context of vertiginous decline rates at producing fields.
And with Egyptian offshore gas it is the same companies, BP and Eni, on both sides of the ledger.
Both companies have gone big on flagging up the start-up of the Nooros field (Eni 75% op, BP 25%) in July 2016 and its rapid ramp up to recently hit 1bn cfd with the addition of a fourth well. And BP is proud of the start-up in late-March, ahead of schedule, of its deepwater Libra and Taurus fields, phase 1 of its West Nile Delta project, which are now producing 700mn cfd ( MEES, 12 May ). Eni sees Zohr, which is set to ramp up to 1.2bn cfd by early 2018 and 2.7bn cfd by late 2019 as front and centre of its growth strategy over the years to come ( MEES, 4 March 2016 ). (CONTINUED - 1057 WORDS)
DATA INSIDE THIS ARTICLE
|table||Eni/BP Offshore Nile Delta Production (Mn Cfd)|
|chart||1: Ouptut From Eni/Bp Egypt Mediterranean Fields Down 51% On 2013 (Bn Cfd)|
|chart||2: Bp Net Egypt Output|
|chart||3: Eni Net Egypt Output: Still Below 2014 Even With Nooros Boost|
|chart||4: Egypt Gas Output (Bn Cfd): Wnd Boost Pushes Output To 3-Year High But Still 20% Below 2011|