Egypt’s oil output started the year showing early indications of a revival. Oil production averaged 523,600 b/d in Q1, the highest quarterly average since 4Q 2024, representing a 3% increase over the previous quarter. That the 527,000 b/d average for March was a fourth consecutive monthly increase is a positive indicator that the recent gains are sustainable.
The coming months will provide the real test. Last quarter’s growth was driven by the Gulf of Suez region, where there has been a pickup in activity by the UAE’s Dragon Oil and local firm Cheiron (MEES, 17 April). Gulf of Suez output, which also includes the onshore Eastern Desert (west bank) and Sinai (east bank), rose by 7% quarter-on-quarter to 242,000 b/d, the highest since 3Q 2019 (see chart 1). (CONTINUED - 853 WORDS)
