The Egyptian government has decreased the sector’s foreign debt to $3.2b, down from $3.4b, an official from the Egyptian Ministry of Petroleum informed Egypt Oil&Gas. In an effort to enhance domestic production, Egypt was able to reach an agreement with global investors after partially meeting the monthly settlement required to payoff the debt, while ensuring that international oil companies (IOCs) continue with their oil and gas exploration efforts.
In a related statement to Egypt Oil&Gas, a source from the Egyptian General Petroleum Corporation (EGPC) declared that in order to sustain a continuous supply to the nation’s power plants, the government has set the current annual budget for LNG imports to $2.5b, with an aim to import 3bcf of gas.
The country consumes an average of 6.5m tons of oil and gas products each month. Domestic productions covers 60% of this demand, while the remaining 40% is covered by imports. Yet, the country suffers from a daily deficit of 500mcf of gas required to operate the nation’s power plants amid increased demand during the summer months.