North Africa

Egypt

Within Opec, Algeria is perhaps second only to Venezuela in its inability to adapt to lower oil prices since 2014. Massive deficits are the legacy of spending largesse in the wake of the 2011 ‘Arab Spring’. More upstream investment is desperately needed but it's far from clear that the new Oil Law will do the trick.

State of Play

Algeria's chronic economic problems are rooted in an overwhelming reliance on declining oil and gas output. This may fuel political instability for years to come unless the government offers IOCs the incentive to boost investment.

2019 In Numbers
Crude Output 1.04 mn b/d
Crude Exports 0.47 mn b/d
Condensate Exports 0.47 mn b/d
Gas Output 92 bcm
Gas Exports 53.3 bcm
Oil & Gas export revenue 38.3 $bn
Oil & Gas

5 Mar, 2021

Featured

Apache Resigned To Further Fall In Egypt Oil Output

Western Desert focused Apache saw oil output plummet to a 12-year low 165,600 b/d last year. Despite seeing “opportunity,” more falls are in store this year.
Apache's Gross Egypt Output Is At The Lowest Since 2008 And Set To Fall Further This Year
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NEWS IN BRIEF

Egypt Solar Funding

5 Mar, 2021

Egypt: Dragon Eyes Modest Hike

5 Mar, 2021

Egypt Readies Three Bid Rounds, 24 Blocks

19 Feb, 2021

Egypt Damietta LNG Restart Delayed

19 Feb, 2021

Egypt: BP Readies Raven

5 Feb, 2021

Energean Takes Egypt FID

22 Jan, 2021

Apex Strikes Oil In Egypt

22 Jan, 2021

Egypt Snags $1.1bn ITFC Cash

15 Jan, 2021

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SELECTED DATA

Egypt Reserves* Rise For 5th Consecutive Month To $39.2bn For October Still 14% Down On Feb20 Record $45.5bn($Bn, End-Month)

1: Egypt Monthly Renewables Generation Topped 1twh For First Time In July (TWH)

4: Algeria’s Crude And Condensate (Mn B/D) In 9M20 Is Down 23% On Decade Ago Numbers. Exports Are Down By More At 33%

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