CAIRO - 21 March 2024: The Ministry of Petroleum and Mineral Resources is preparing a liquefied natural gas (LNG) shipment for export to Europe before the end of March, with the quantity of the gas shipment reaching 50,000 tons, according to statements from a government official to "Al Arabiya" website.
The official indicated that the new shipment will depart from the Idku station as part of a series of LNG shipments the government aims to export abroad before the start of the summer season.
Minister of Petroleum, Tarek El Molla, stated in an official statement on March 5, before a delegation from the Energy Committee of the Egyptian House of Representatives, that natural gas exports amounted to approximately $2.5 billion in 2023, out of a total petroleum exports of around $8 billion.
During 2022, Egypt's revenues from LNG exports reached about $8.4 billion, compared to $3.5 billion in 2021, with an increase of 140 percent.
According to the official, Egypt's natural gas production stands at 5.4 to 5.5 billion cubic feet per day, which is entirely directed towards domestic consumption of gas, specifically electricity stations, which account for about 60 percent of the market's consumption.
He said that the flows of Israeli natural gas received by Egyptian liquefaction stations are stable between 1.05 and 1.1 billion cubic feet per day, and are directed to the Idku and Damietta stations, from which quantities are pumped into the Egyptian market and quantities exported to Asia and Europe.
Europe receives more than 70 percent of Egyptian LNG exports in 2024, with Turkey being one of the largest importers along with Spain, while the rest of the quantities go to Asia. Egyptian LNG terminals on the Mediterranean coast can export 12 million metric tons annually, a target Egypt aims to achieve by 2025.
The Egyptian Natural Gas Holding Company, EGAS, plans to implement seven developmental projects, in addition to placing 20 developmental wells on the production map with a total planned initial production rate of about 1.5 billion cubic feet per day and 21.3 thousand barrels of condensates per day, with an investment cost for the new projects and developmental wells of about $2.6 billion, during the fiscal year 2024-2025.
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