Egypt has been trying to reduce imports of LNG to 80 cargoes in the year 2017 to 2018. It is also trying to speed up the development of recent gas discoveries by 2019 because of the increase in local gas production.
Molla went on to say: “We were planning to import 154 cargoes of LNG in 2016-17 but we only imported 118 cargoes because of the increase in local gas production.”
Egypt expects to increase its LNG production by 1 billion cubic feet per day by the end of the current financial year to reach 6.2 billion cubic feet per day.
Gas production will get a big boost from Italian national oil company Eni’s Zohr field, discovered in 2015 with an estimated 30 trillion cubic feet of gas in place.
That field is expected to come into production at the end of 2017 and will save Egypt billions of dollars in hard currency that would otherwise be spent on imports.