Egypt’s gas export revenues recorded a big jump during the first four months of this year, compared to the same period last year.
Data from the Ministry of Petroleum revealed that the value of Egypt’s exports of natural and liquefied gas during the first period from the beginning of January to the end of April 2022 increased by 98% compared to the same period last year, recording about $3.892 billion, according to Reuters.
The rise in Egypt’s gas export revenues is supported by the rise in energy prices, which recorded levels during the first four months, supported by the increase in political tensions in the wake of the Russian invasion of Ukraine.
The report of the Organization of Arab Petroleum Exporting Countries (OAPEC), issued Thursday, May 26, entitled “Developments of liquefied natural gas and hydrogen during the first quarter of 2022”, revealed that the volume of Egypt’s exports of liquefied gas maintained the level recorded in the first quarter of 2021.
The Value Of Egyptian Exports
The data of the Egyptian Ministry of Petroleum revealed that the value of Egypt’s exports of natural gas increased during 2021 by 768.2%, to reach $3.959 billion, compared to $456 million during the year 2020.
The Egyptian Minister of Petroleum, Tarek El Molla, had said earlier that Egypt’s exports of natural and liquefied gas are expected to rise to 7.5 million tons by the end of the current fiscal year.
He added that during the next fiscal year, it is planned to place 33 wells on the production map, adding 450 million cubic feet of gas and 17.2 thousand barrels of condensate.
El-Molla indicated that the total investment in research, development and production in the gas sector in Egypt will exceed $1.6 billion, during the current and next two years.
Egyptian Gas Exports
OAPEC data showed that Egyptian liquefied natural gas exports during the first quarter of 2022 amounted to about 1.9 million tons.
Egypt’s preservation of the volumes of gas exported compared to the same period last year, thanks to the high levels of domestic production, comes after the development of gas fields in the eastern Mediterranean region, and the re-operation of the liquefaction plant in Damietta early last year 2021, which is now playing an important role in the export of several shipments of gas from liquefied natural gas to European markets.
The OAPEC report, which was seen by the Specialized Energy Platform, predicted that by continuing exports in this way, Egypt could achieve in 2022 a new record in the volume of liquefied natural gas exports that could reach 7-8 million tons.
Source: XglobalMarkets
