Petroleum minister indicates amount of Egypt's LNG exports to European markets in 2022

CAIRO – 28 November 2022: Minister of Petroleum and Mineral Resources Tarek al-Mulla stated Monday that Egypt is exporting eight million tons of liquefied natural gas (LNA) to European markets in 2022 with 90 percent of the importers being European Union (EU) member states.

The figures reflect a growth as the country exported seven million tons of LNG to European markets in 2021, with 80 percent of the importers being EU countries.

The value of Egypt's natural gas and LNG exports spiked from $177.2 million in 2017 to $3.9 billion in 2021, and $5.08 billion in the first eight months of 2022.

The Egyptian Natural Gas Holding Company (EGAS) announced in September that five new gas discoveries were made in the Mediterranean and the Nile Delta, with total reserves of about 317 billion cubic feet of gas, in addition to confirming reserves of 471 billion cubic feet after drilling the well (Bashrush 3) in the Mediterranean.

Executive Director of EGAS, Magdy Galal, added during the company’s general assembly, to approve the results of the financial year 2021/2022, indicating that gas exports increased over the year by 44 percent on an annual basis, as 84 shipments of liquefied natural gas were exported from the gas liquefaction plants in Idku and Damietta.

Galal pointed out that two new international bids were launched to search for gas and oil, which were fully launched for the first time in a digital form through the Egypt Exploration and Production Gateway, and resulted in the assignment of 3 areas to Eni and the British Petroleum Company, with a total investment of $278 million and signature grants of more than $29 million.

A three-dimensional seismic survey program with OBN technology, a modern technology implemented for the first time in the Mediterranean, has been implemented to explore the deep layers with a total area of ​​about 330 square kilometers in the Atoll and North Tabia marine areas of the BP company.