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Egypt is looking to bridge its chronic gas shortfall with imports and block awards.
Egyptian Oil Minister Sharif Isma’il this week announced that an initial agreement had been made with Russian state firm Gazprom to supply seven LNG shipments annually over the next five years. This equates to 525mn m³/year, or 51mn cfd of gas, just over 1% of Egypt’s domestic output, presuming a typical 125,000 m³ cargo size. A delegation from Moscow is expected in Cairo by the end of the month to put pen to paper. Egypt has already finalized a deal with Algeria to receive six LNG cargoes between April – when it is set to receive a FSRU under a 5-year lease – and September this year (MEES, 2 January). (CONTINUED - 1113 WORDS)