A few days before the global climate talks in Sharm El-Sheikh, a group of African energy senior officials stressed the necessity of unifying the African voice during COP27 to achieve climate justice, which would allow them to make effective use of their resources. In one way or another, the African energy sector leaders have expressed a common position that sees fossil fuels as necessary for expanding their economies.
Despite the economic reforms implemented in 2016, Egypt is facing a hard time due to external pressures. The economy was hit by the Russia-Ukraine war even before recovering from the COVID-19 shock. The severe hike in global inflation has widened Egypt’s financing gap. The government is seeking to secure extra foreign exchange liquidity as soon as possible. Natural gas exports become on top of the government’s potential tools in light of its increasing global prices. However, can natural gas alone narrow the financing gap?
European dependence on gas imports is only set to increase. Between 2007 and 2017, European natural gas production declined by 39.4%. Although European gas consumption is set to remain almost flat in the coming years, domestic production is expected to fall at an average rate of 3.5% per year.
In the global chess game of energy, international relations tend to have the first hand. When looking into the power of the Eastern Mediterranean region, one cannot side-step the central role of Cyprus. In an effort to steer away from Egypt’s angle of the equation, Egypt Oil & Gas conducted an interview with Nicholas Papadopoulos, the Presidential candidate of Cyprus and the Head of the country’s Democratic Party.
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