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Egypt plans to import an average of almost 5.8mn tons per year of LNG until 2020, head of state firm EGPC Tarek El Molla says. This implies average imports of 780mn cfd of gas, some 17% of current output.
Hitting these volumes will require the installation of a second floating storage and regasification unit (FSRU), following the installation of a first earlier this year. But uncertainty over where it will be moored, and even if any bids have been received means that, at least as far as the coming months are concerned, these import targets will be missed.
Egypt’s gas output fell to a mere 4.54bn cfd for the first quarter of 2015, the lowest quarterly figure in nine years. With supplies way below demand and no near-term prospect of a sharp rebound in the country’s output – Egypt has turned to LNG imports. Longer-term the upstream situation looks more encouraging given a slew of recent exploration commitments. (CONTINUED - 568 WORDS)
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