Egypt's Natural Gas Exports Plunge 44%

By: Taarek Refaat

CAIRO, Mar. 9 (SEE)- Egypt's Exports from Liquefied natural gas (LNG) plunged 44 percent in the month of February to reach 391.3 million cubic meters.

It is by far Egypt's highest export volume of LNG since May 2013.

Four cargoes were shipped overseas, of which two were exported to Turkey, one to France and the other to Singapore.

France was the biggest recipient of LNG last year, however, Egyptian exports have fallen this year due to the growing supply from the US and Russia.

Today, Turkey is the biggest importer of Egyptian LNG with a total value of 273.4 million m3.

Japan, France, China, and Singapore imported each one cargo over the same span last year.

The Idku terminal was regularly idle, shipping only one cargo a month, however, exports continued in Q4 2018.

Egypt plans to increase its gas exports after the increase of supply from the Zohr gas field.

S&P Global Platts forecasts Egypt's steadily production to increase by more than 810 million cubic meters this year through British Petroleum (BP) and Eni's activities.

Shell announced last February that it will take the largest number of licensing round that the Egyptian government is planning to offer. The Royal-Dutch company also prepares to draw gas from Cyprus and Israel to utilize in Egypt 's export facilities.

Meantime, Egypt's Damietta terminal, operated by Eni, remains idle with 5 million mt annually. "Negotiations with the Egyptian government are still ongoing," Union Gas Fenosa announced last February.