Libya's Natural Gas Production Drops by 8%: Audit Bureau Report - CHEMANALYST

26-Dec-2023 2:17 PM

Patricia Jose Perez

Libya, a country prominently known for its abundant natural gas reserves, has unfortunately experienced an 8 percent decrease in its natural gas production. This alarming statistic was revealed by the Audit Bureau of Libya in a recent report. The report traces this decline back to the gradual depletion of the existing wells and a concerning lack of new discoveries.

In the year 2022, the total gross gas output of Libya was calculated at 861.96 billion cubic feet (24.40 billion cubic meters), which fell significantly short of the targeted 941.7 billion cubic feet (26.6 billion cubic meters). However, the actual net production is considerably lower due to several contributing factors. These include wasteful combustion of spontaneously released gas during extraction, deficiencies in infrastructure, lack of maintenance, and ongoing political divisions. These factors collectively result in the estimated net production being a mere 12-15 billion cubic meters of gas.

Interestingly, the report also highlights that while Libya theoretically has the capacity to export up to 10 billion cubic meters of gas to Italy annually through the Greenstream gas pipeline, in 2022, the total quantity exported did not exceed 2.48 billion cubic meters. This figure equates to just 10 percent of the total gross production, leaving a vast quantity of potential exports unrealized.

New Italian govt aims to double national gas production - REUTERS

October 27, 202211:27 AM GMT+3

MILAN, Oct 27 (Reuters) - Italy plans to double its national gas production to 6 billion cubic meters (bcm) per year from the current 3 bcm, its industry minister said, in a further effort to cut the country's dependence on Russian supplies.

"One of our goals is to develop a plan that will make us as quickly as possible less dependent and will then turn us into the energy hub of the Mediterranean", Industry Minister Adolfo Urso told Il Messaggero daily in an interview published on Thursday.

The government will also authorise new offshore drilling in the Adriatic sea, he said, echoing the words of Italy's new Prime Minister Giorgia Meloni, who said this week that Rome "has a duty to fully exploit" its offshore gas reserves to diversify energy sources.

Oil, Gas Production Reaches 6.8 MM Tons - EGYPT OIL & GAS

Thursday, 27th June 2019

The total production of oil and natural gas reached 6.8 million tons in 2019, compared to 6.1 million tons during the same month in 2018, Egypt Oil & Gas reports.

Data by the Central Agency for Public Mobilization and Statistics (CAPMAS) showed that the total consumption of petroleum and natural gas reached 6.1 million tons during April 2019, up from 6 million tons for the same month a year earlier.

Moreover, the consumption of petroleum products and natural gas reached 79.1 million tons in fiscal year (FY) 2017/2018.

CAPMAS indicated that the quantity of emissions from the consumption of petroleum products and natural gas reached 206.8 million tons in FY 2017/2018, down from 210 million tons in FY 2016/2017, with a decrease of approximately 1.5%.

Western Burullus production, Eni drilling at Zohr and EGAS exports - ENTERPRISE

Sunday, 20 January 2019

Natural gas production from the Mediterranean’s western Burullus field will begin in 2020, according to an Oil Ministry statement.

Italy’s Eni is expected to finish drilling the 14th well at Zohr natural gas field by the end of January, an EGAS source tells Al Shorouk. The company is currently drilling 12 wells to increase the field’s well count to 20, which is projected to increase production to 3 bcf/d by the end of 2019.

EGAS has exported around 80 bcf of gas in FY2017-18, exported in 10 shipments, according to a report by the company picked up by Al Shorouk. Egypt’s total production of natural gas reached 2.1 tcf in FY2017-18, with an average output rate of 5.8 bcf/d.

Reaping the rewards of Egypt's reforms - PETROLEUM ECONOMIST

7 January 2019
David Butter

The Egyptian government is looking to 2019 as the year in which it will start to realise clear dividends from previously-enacted economic reforms. These have included changes to the petroleum regime that are already yielding benefits in the form of a rapid ramp-up in natural gas production. On the political front, one of the key issues will be whether President Abdel-Fattah el-Sisi prepares the ground to extend his mandate beyond 2022, when his second, and supposedly final, term is scheduled to end.

The $12bn IMF programme that commenced in November 2016 is now in its final year. The main elements have been putting in place a flexible exchange rate system, bringing down the fiscal deficit through increased taxation and cuts in energy subsidies, and seeking to improve the environment for private investment. The programme has also included social protection measures, in particular increases to food subsidies and the development of schemes targeting assistance at vulnerable groups.

The effects of the reforms, both positive and negative, have been evident in Egypt's main economic indicators. Real GDP growth has accelerated from 3–4pc to over 5pc, and the government is aiming for growth of 5.8pc in the fiscal year that ends in June 2019 and for 6.5pc the following year. These targets are achievable, partly thanks to the surge in gas output and the recovery of tourism, but the relatively weak rate of growth in private consumption is likely to persist, reflecting the pernicious impact of high inflation on living standards.