Egypt’s oil and gas output fortunes have often mirrored those of its key producers. Houston based Western Desert producer Apache was a case in point with both its oil and gas output in a downward spiral since peaking a decade ago. But Apache has managed to stop the rot, at least on the gas front, and Cairo will be hoping this can be mirrored elsewhere in the country.
Apache unveiled a second consecutive quarterly gas output increase for the first time in twelve years in its recent Q2 earnings. Gas output was up 5% quarter-on-quarter and 11% year-on-year to a two-year high 479mn cfd. While this is undoubtedly good news, the Q2 figure remains 48% below the peak of 921mn cfd reached in the first quarter of 2014. (CONTINUED – 1895 WORDS)
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