Egypt, that currently imports ten cargoes of liquefied natural gas per month is set to cut its imports down to seven monthly deliveries by September.
Speaking to Reuters, an official at the Egyptian Natural Gas Holding Company (EGAS) said the imports will be further reduced to five monthly deliveries with the start-up of production at the Zohr gas field which is expected by the end of the year.
It was earlier reported that Egypt is looking to cut down on LNG imports with growing domestic production.
A report by Wood Mackenzie noted that the Egyptian market is set to undergo change over the next five years, as new gas discoveries and production start-ups push the country’s gas market back into surplus.
With BP’s West Nile Delta and Atoll fields and Eni’s massive Zohr find, the North African country will add a cumulative 41 billion cubic meters a year of gas production by 2022, according to WoodMackenzie.
The Egyptian company recently decided to relocate one of the FSRU BW Singapore, one of the floating storage and regasification units deployed in Ain Sokhna as import terminals. The FSRU provided by the Singapore-based BW was relocated to the port in Sumed.
LNG World News Staff