Egypt is planning to import 120 liquified natural gas (LNG) cargoes in 2017, worth about $2.4b at current spot prices in Singapore, reported Bloomberg. Yet, these might be the last LNG shipments for the country as it regains self-sufficiency by 2018 with the super-giant Zohr field starting production.
This comes as state-owned Egyptian Natural Gas Holding Company (EGAS) announced its fiscal and operational results for the fiscal year ending on June 30, 2016. The company had purchased 89 shipments of LNG for $2.2b to cover demand along with local production, reported Middle East Monitor. EGAS had made new discoveries with reserves reaching 31.5tcf of natural gas and 38m barrels of condensate.
Egypt Oil&Gas had previously reported on the EGAS’s fiscal results for the year 2015/2016, with the company’s CEO, Mohamed Al Masry, concluding that EGAS had signed four development agreements with foreign investors to develop Zohr, Atol, Harmton and Merit fields in the Mediterranean in order to produce 3bcf/d of gas with investments amounting to $19.5b.
In related news, LNG demand in Egypt is expected to grow by 5% in 2017, after a 60% jump in 2016 before dipping 40% from current levels in 2018. By 2021, the nation may stop LNG imports started in 2015 and two export plants may resume operations after gas was diverted to meet domestic power demand.