Monday Minute: Economic Snapshot
A summary of the week’s important macroeconomic updates and indicators brought to you on one page for your convenience.
News / Egypt
Egypt Consume 2.1 Tcf of natural gas in FY 2017/18
Egypt consumed an average of 5.753 billion cubic feet per day (bcf/d) in fiscal year (FY) 2017/18.
Egypt Exports 40 bcf of LNG in FY 2017/18
The country's exports did not have any amounts sent through pipelines in fiscal year (FY) 2017/18.
Petrogulf Corporation to Invest $50 M in FY 2018/19
Petrogulf Corporation plans to invest $50 million in fiscal year (FY) 2018/19, as the company is conducting a program that includes a number of projects to boost infrastructure efficiency and to rehabilitate, renew and develop the HSE systems.
Agiba Petroleum Produces 45,000 b/d of Crude Oil
The company plans to invest $320 million in fiscal year (FY) 2018/19.
SUCO Produces 23,500 boe/d
Suez Oil Company (SUCO) is implementing an ambitious program to boost production of the four fields; Desouq, Ras Badran, El Zeit Guf, and Ras Fanar to reach around 38,000 boe/d.
Pharaonic Petroleum Company Produces 105,000 boe/d in Six Months
Pharaonic Petroleum Company successfully produced 105,000 barrels of oil equivalent per day (boe/d) from Atoll and Ras El Bar fields during the first half of fiscal year (FY) 2018/19.
GUPCO to Invest $503M in FY 2019/20
The investments will be directed to several projects during fiscal year (FY) 2019/20, most importantly two exploration projects in cooperation with the Egyptian General Petroleum Corporation (EGPC) and WesternGeco.
Eni to Complete 14th Well in Zohr by End of January
The well, which will be completed and start production by the end of this month, will increase the number of producing wells in Zohr field to ten wells.
Egypt to Boost Electricity Connection with Jordan
The Egyptian Ministry of Electricity started studying the feasibility of increasing the capacity of the electricity connection with Jordan to reach 1000 MegaWatt (MW), compared to the currently exchanged 450 MW.
