Egypt is targeting an increase in its natural gas production up to between 5.5 and 6 billion cubic feet per day by the end of 2019.
The country’s oil minister Tarek El Molla recently said that Egypt currently has a total of 12 natural gas field developments underway with investment totalling US$33 billion, Reuters reports.
He added that the three largest projects, one of which is the Zohr gas field discovered by Eni in the Mediterranean during 2015, will bring 4.6 billion cubic feet of gas online by 2019.
Egypt’s domestic gas production declined, turning the country from a net exporter to a net importer. Currently, the country’s natural gas import bill is at around $250-$300. Mulla said Egypt is looking to charter a third FSRU by the second quarter of next year to up its import capacity, according to the report.
LNG imports into Egypt currently stand at around 1.1 billion cubic feet per day, however, Mulla said that with the third FSRU Egypt would start importing up to 2 billion cubic feet per day.
LNG World News Staff