EGYPT'S GAS DOWN
Egypt's average natural gas production declined this year to 4.395bn cubic feet per day, compared to about 4.6bn cubic feet in 2014.
A Petroleum Ministry report revealed that foreign partners are slowing down the development processes of fields, leading to a decline in the gas production rate and an inability to connect compensatory wells.
The Petroleum Ministry expected gas production to reach 5.4bn cubic feet per day, and consumption to reach 5.57bn cubic feet per day, in the fiscal year (FY) 2014/2015.
The report explained that the Pharaonic Petroleum Company (PhPC) is one of the most prominent companies with a total production decline of 95m cubic feet in FY 2014/2015 compared to FY 2013/2014. The company was followed by Petrobel, with a production decline of nearly 92m cubic feet.
The natural decline rate of Egypt's wells production is estimated at 130m cubic feet of gas per month. Companies need to drill compensatory wells to compensate for the decline rate and increase production, according to the report.
The report explained that Oil Company in Suez, Soco, increased its gas production by 82m cubic feet in 2015, followed by Badr El Din Petroleum Company (BAPETCO) by 73m cubic feet.
An Egyptian Natural Gas Holding Company (EGAS) official said that power stations now use about 3.45bn cubic feet of Egypt's natural gas production per day.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.