S'abonner

Egypt increases gas exports to the EU

Egypt announces that it will increase its exports of liquefied natural gas (LNG), particularly to the European Union.

Share:

Egypt announces that it will increase its exports of liquefied natural gas (LNG), particularly to the European Union.

Increase in gas exports

Egypt’s Minister of Petroleum and Mineral Resources says Egypt will increase LNG exports by 14% in 2022. They will then reach 8 million tons. European Union countries are benefiting greatly from this increase in Egyptian gas exports.

The European Union has been the recipient of 90% of LNG exports this year, compared to 80% in 2021. Egypt’s gas will have a strategic role for the countries of the old continent that seek to reduce their dependence on Russia following the invasion of Ukraine. This also represents an opportunity for the North African producer to fill the gap left by the decline in Russian imports into the European Union.

In addition, Israeli gas will be supplied to the EU through Egypt’s LNG export infrastructure. The European Commission, Israel and Egypt reached a trilateral agreement to this effect in June. Egypt is a major gas producer.

Increase in gas production

Its production has increased in recent years, as the country has significant offshore gas resources. It benefits in particular from the possession of the giant Zohr field. Total Egyptian gas production amounted to 71 Bcm in 2021, an increase of 10 Bcm compared to 2020.

In order to export this additional production, Egypt has two LNG export facilities. The first, Idku, is operated by Shell and has a capacity of 7.2 million tons per year. The second is the Damietta plant, with a capacity of 5 million tons per year.

This infrastructure is essential for European gas supplies from Egypt and Israel. Egypt and its LNG thus have a major role to play in contributing to European efforts to reduce dependence on Russian gas. However, the JKM reference price reached an all-time high of $84.762/MMBtu in March.

  • Populaires ​
TotalEnergies leads high-power charging on motorways with 1,800 stations
Cadeler receives Wind Keeper vessel and secures firm EUR210m contract
Gutami Holding signs 150 MW solar deal with storage in Burkina Faso
Europe records record LNG imports since April
Resalta acquires Statkraft’s Croatian platform, strengthening its position in Eastern Europe
Hungary asserts refusal to abandon Russian oil and gas in face of European Union
Hungarian Minister of Foreign Affairs and Trade Peter Szijjarto states Budapest will block any European ban on Russian hydrocarbon imports, stressing the impact on household energy costs.
The International Energy Agency forecasts 7% growth in global LNG trade in 2026
The International Energy Agency anticipates an acceleration in global liquefied natural gas trade, driven by major new projects in North America, while demand in Asia remains weak.
Naturgy posts record half-year profit of €1.15bn following Iberian blackout
Spanish group Naturgy reports an unprecedented net profit, driven by rising electricity prices and increased use of its gas-fired power plants since the major Iberian grid outage.
Dutch court lifts freeze on Gazprom stake in joint venture with Wintershall
The Hague court has authorised the release of Gazprom’s shares in Wintershall Noordzee, following a judicial decision after several months of legal proceedings involving Ukrainian companies.
SSE launches construction of Platin Power Station to strengthen Irish supply
SSE plc invests up to €300mn ($326mn) in a new 170MW power plant in County Meath, aiming to ensure energy security and support the growing demand on Ireland's power grid.
Egypt accelerates oil arrears payments to revive gas sector
The Egyptian government has paid over $1 billion to oil majors to secure natural gas production and restore international investor confidence.
CMA CGM and TotalEnergies create joint venture for LNG bunkering in Rotterdam
CMA CGM and TotalEnergies announce a strategic partnership with the creation of a joint venture to operate a liquefied natural gas (LNG) bunkering vessel with a capacity of 20,000 m³, based in Rotterdam.
Global gas flaring hits record level of 151 bcm, weighing on the industry
The amount of gas flared globally surged to 151 billion cubic meters, the highest level in nearly twenty years, resulting in losses estimated at 63 billion USD and raising concerns for energy security.
SEWA completes 89 km natural gas network in Al Hamriyah for $3.81mn
The Sharjah Electricity, Water and Gas Authority has completed a natural gas network in Al Hamriyah, spanning over 89 kilometres at a total cost of $3.81mn.
Europe restricts diesel made from Russian crude, prices surge
The European ban on fuels refined from Russian crude is reshaping import flows, adding pressure to already low inventories and triggering an immediate diesel price rally.
Asia-Pacific LNG physical market jumps 86% year over year despite geopolitical tensions
LNG trading volumes in the Asia-Pacific region reached 1.24 million tonnes, driven by summer demand and rising participation, despite a 21% monthly decline linked to geopolitical uncertainty.
Subsea7 secures EPCI contract for Equinor’s Fram Sør gas development
Subsea 7 S.A. has announced a major contract signed with Equinor for the engineering and installation of subsea infrastructure at the Fram Sør gas field, located in the North Sea off the coast of Norway.
Congo accelerates LNG exports with Eni and targets major energy growth
The Republic of Congo and Eni confirm the expansion of the Congo LNG project and multiply industrial initiatives to strengthen energy supply and strategic sectors.
Eni signs twenty-year agreement with Venture Global for 2 mn tonnes of LNG per year
Italian group Eni signs a twenty-year liquefied natural gas supply contract with US-based Venture Global, covering two mn tonnes per year and marking a first for the company from the United States.
Angola Opens a New Gas Chapter with the Discovery of the Gajajeira Field
The discovery of the Gajajeira field marks a major step for Angola, strengthening its natural gas development strategy and diversifying national energy resources in a context of sector transition.
A US-sanctioned LNG vessel docks at Russia’s Arctic LNG 2 terminal
The Voskhod vessel, under US sanctions, docked at the Arctic LNG 2 plant in Russia, marking the second visit by a sanctioned ship to the site this year, according to maritime tracking data.
Japan urgently secures LNG cargoes amid critically low reserves
Japan has urgently secured several additional cargoes of liquefied natural gas from the United States to avert an imminent electricity supply shortage caused by rapidly declining national reserves expected at the end of July.
The EU proposal to ban Russian gas fuels uncertainty for the European market
The European Commission has unveiled a proposal to prohibit the import of Russian gas into the Union, sparking intense debate on its feasibility, contractual impact and consequences for supply security among several Member States.
CNOOC Limited achieves major breakthrough in offshore exploration in the Beibu Gulf
CNOOC Limited announces the discovery of a significant oil and gas reservoir in the buried hills of the Beibu Gulf, opening new opportunities for shallow water exploration off the coast of China.
TotalEnergies in Mozambique: $4.7 bn US loan challenged in court by NGO
TotalEnergies’ Mozambique LNG gas project is at the centre of a legal challenge in Washington, following the approval of a $4.7 bn loan by the US Exim Bank, amid security concerns and opposition from civil society groups.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING