Egypt: LNG imports will be reduced to 80 cargoes in 2017-18 year

14/08/2017 09:40 LNG


Egypt intends to import 80 cargoes of liquefied natural gas during the 2017-18 financial year that started in July, as stated by Petroleum Minister Tarek El Molla on Sunday, or down from the 118 cargoes imported in 2016.

Egypt has been making efforts to accelerate the expansion of recent gas findings, aiming to stop imports by 2019.

Molla declared that the country was planning to import 154 cargoes of LNG in 2016-17, but it finally imported only 118 cargoes due to the increase in local gas production.

Egypt hopes to raise its daily LNG production by 1 billion cubic feet by the end of the current financial year to attain 6.2 billion cubic feet per day.

Gas production will be enhanced from Italian national oil firm Eni's Zohr field, found in 2015 with an estimated 30 trillion cubic feet of gas in place.

At the end of 2017 the field is likely to come into production, saving Egypt billions of dollars in hard currency that would otherwise be spent on imports.

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