Italy’s Eni, Egypt’s top hydrocarbon producer, continues to see output slide. The firm’s net Egypt gas output slumped to 1.206bn cfd for Q1, down 12% year-on-year and 4% on Q4 for the fourth consecutive quarterly decline and the lowest since Q3 2020. Net oil output was 63,000 b/d, level with Q4’s three-year low (see chart).
Eni Egypt Output Woes Continue
Egypt’s top gas producer Eni saw net output slump to a three-year low 1.2bn cfd for Q1. Zohr output is now just 1.9bn cfd versus 3.2bn cfd capacity. With Eni’s Egypt project pipeline looking threadbare, focus has moved to tying back its Cyprus finds. Eni’s key Egypt oil project has also been revised down.
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Charts
Eni Q1 2024 Net Egypt Output: Gas Drops To 1.21bn cfd, Lowest Since Q3 2020 As Oil Steadies At 63,000 b/d
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