Texas-based Apache, Egypt’s top oil producer with 195,700 b/d of gross output for 2019, 31% of the Egypt total, said at the end of February that “we’re going to be shifting more capital into Egypt…We have a lot more inventory that’s kind of drill-ready that we can prioritize and get after” (MEES, 5 March).
Such investment is crucial to Egypt’s hopes of reversing the long-term decline in its oil output – production fell to a 39-year low of 633,000 b/d for 2019 – never mind the official target of raising output to 690,000 b/d (MEES, 8 November 2019). (CONTINUED - 957 WORDS)
