Egypt to import 100 to 108 LNG cargoes in 2017, reduce it next year
Feb 8, 2017: Egypt is likely to import as many as 108 cargoes of liquefied natural gas in 2017. This comes as the country prepares to start producing at two gas fields and move closer to its goal of self-sufficiency and even exports by 2019.
The North African nation will import 100 to 108 LNG shipments this year, including 43 to 45 cargoes in government-to-government contracts from Oman, Russia’s Rosneft PJSC and France’s Engie SA, said a source, according to news agency Bloomberg. The remaining imports are likely to be arranged through a tender to be announced in November, said the source.
Imports may be reduced in 2018 as BP Plc’s North Alexandria concession works to start gas production in April and Eni SpA’s giant Zohr field plans to produce by the end of the year, the person said. BP bought a 10 percent stake in Zohr from Eni last year, giving it access to the largest discovery in the Mediterranean Sea amid a regional race for offshore oil and gas deposits.
Egypt was a net exporter of LNG until 2014. But declining output and power shortages resulting from political upheaval forced the country to divert fuel for its own use and turned the most populous Arab nation into a net importer.
Zohr, which was discovered by Eni last year, has an estimated reserve of about 850 billion cubic meters of natural gas. The government expects the deposit to help ease Egypt’s energy shortage and allow it to resume exports.
Photo source: Sigmalive