Egypt’s natural gas exports rise in an unprecedented way

Bloomberg reported that expectations show Egypt may export 8.2 million tons of liquefied natural gas this year, due to high prices in Europe.

In a report, the agency said that Egypt’s exports of natural and liquefied gas jumped by 98 percent during the first four months of 2022, compared to the same period of last year, to reach US$ 3.9 billion.

Bloomberg indicated that Egypt seeks to be a major energy center in the Arab region by liquefying gas and re-exporting it.

The total current gas production in Egypt ranges between 6.5 to seven billion cubic feet of natural gas per day.

The agency referred to the data of the Egyptian Petroleum Ministry, which confirms its targeting to increase the investments of foreign oil companies operating in Egypt to about $7.750 billion during the current fiscal year.

Bloomberg expects foreign oil company investments in Egypt to increase by 35 percent, compared to the last fiscal year, during which investments amounted to $5.75 billion.

According to Bloomberg, the discovery of the Zohr field in 2015 greatly contributed to opening the appetite of investors to work in the Egyptian gas sector and increasing the number of discovered wells, which led to Egypt completely stopping importing gas at the end of September 2019, and even switching to an exporter.

Related Articles

Back to top button