Egypt exports 172.8B feet of LNG in 2018/19

CAIRO – 21 October 2019: The amount of liquefied gas exported from liquefaction plants at "Edco" amounted to 172.8 billion feet in 2018/2019, the Egyptian Natural Gas Holding Company (EGAS) revealed Monday.

The company's annual report of the fiscal year 2018/2019 said that 45 gas shipments were exported during the last fiscal year.

Exports of natural gas through the Arab gas pipeline resumed during the last fiscal year as of September 2018. According to the report, the import of liquefied gas was stopped as of September 2018, and the gas unit was dispensed.

Egypt currently has two liquefied natural gas (LNG) facilities in both Edco and Damietta. With gas production amounting to around 6.4 billion cubic feet per day, Egypt achieved self-sufficiency of gas by the end of September 2018, aiming to become a regional hub of energy.

On Feb. 26, Petroleum Minister Tarek el-Molla said that 2018 witnessed the completion of new stages to increase the production of natural gas from four major fields in the Mediterranean Sea.

He clarified that these fields were put on the production map with investment of more than $27 billion and production rates of 6.5 billion cubic feet per day expected upon the completion of all stages, noting that what has been achieved is the result of the completion and development of natural gas projects.

Egypt’s main contributor to gas supply is Zohr gas Field, the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet. Also, gas production from the Noras gas field increased to around 1.2 billion cubic feet per day (bcf/day).

Egypt has recently signed several oil agreements for the exploration of oil and gas in several areas, including the Mediterranean, Western desert, Nile Delta and the Gulf of Suez.

In fiscal year 2018/2019, the targeted investments in petroleum sector are estimated at LE 145.6 billion ($8.12 billion), marking 15.5 percent of the year’s total investments.

Natural gas investments represent 91 percent of petroleum investments, which amounts to LE 132.8 billion.