31 May 2022
Egypt’s natural gas export revenues, including LNG (liquefied natural gas), shot up by 98% YoY during 4M22. This steep increase brought revenues up to USD3.8bn. Also, export revenue in 2021 grew by over 84% versus 2020 to reach USD13bn. The Minister of Petroleum & Mineral Resources had recently stated that Egypt’s exports of natural gas and LNG were expected to increase to 7-8mn tons by the end of the current FY21/22.
For next year there are plans to implement 33 new wells that will add 450mn cubic feet of gas and over 17,200 barrels of condensate. The Minister added that total investments in the Egyptian gas sector in the next couple of years should exceed USD1.6bn, and that exported quantities should reach 1.5bcf/day by the end of that period. The ultimate goal is to raise Egypt’s gas export capability to 12mn tons/year within three years.
(Sources: Reuters (English), Zawya (English), Business Today Egypt (English), Sada el-Balad (English), al-Maal, Amwal al-Ghad, al-Borsa, Economy Plus Me, al-Shurouk, Masrawy, al-Taqa, al-Sharq Business, CNBC Arabia, al-Arabiya, Sky News Arabia, al-Ain, Euronews)