BMI, the research company affiliated with Fitch Solutions, expects a limited recovery in Egypt’s natural gas production by 2% to 60.51 billion cubic meters (bcm) in 2024 from 59.3 bcm in 2023, Al Arabiya citing a report from BMI.

The expected growth in gas production will come largely as a response to a significant decline in production recorded by Egypt in 2023 by 11.5% from 67 bcm in 2022.

BMI expects Egypt to export 4.9 bcm of gas in 2024, which is much less than the record level of 11.3 bcm that the country exported in 2022.

The report stated that Egypt has not exported any liquefied natural gas (LNG) since March and plans to halt exports during the summer to give priority to meeting domestic energy needs.

As for Egypt’s crude oil production, BMI expects it to witness a modest increase of 1% in 2024 to reach an average of 669,730 barrels per day, supported by the start of operations in the North Safa field.