Egypt’s gas output is set to come in at a six-year low for the 2023-24 financial year which ends 30 June. Output averaged just 5.46bn cfd for the first ten months, down 800mn cfd (13%) on 2022-23, and was much lower still at 5.115bn cfd for April.

And a threadbare project pipeline means further losses are likely for 2024-25: certainly an official Petroleum Ministry forecast of 5.7bn cfd looks overly-optimistic (see chart). (CONTINUED - 1605 WORDS)