The Egyptian Natural Gas Holding Company (EGAS) plans to boost its liquefied natural gas (LNG) exports through Idku liquefication plant in November, MENAFN reported citing a source in EGAS.
The company has decided to increase the exports of LNG through Idku to reach 1 billion cubic feet per day (bcf/d), up from 300 million cubic feet per day last month.
The source told Daily News Egypt that the main reasons behind the increase in exports through Idku is the completion of the maintenance of one of the plant’s units, as well as the stability in worldwide LNG prices.
Moreover, the source noted that LNG quantities that are exported through Idku are determined periodically based on contracted shipments, with regular pumping through the national gas network. Additionally, those quantities increased gradually after the increase in domestic production and the decline in consumption.
It is worth noting that the contractual share of Idku is estimated at around 1.13 bcf/d. Furthermore, the plant’s ownership structure is divided into 12% for the Egyptian General Petroleum Corporation (EGPC), 12% for EGAS, 35.5% for Shell, 35.5% for Petronas, and 5% for Gaz de France.
Egypt is projected to increase the natural gas production to 7 bcf/d in 2019, up from 6.5 bcf/d last year after linking natural gas production from the second phase of the West Nile Delta field, Zohr field, and 9B Phase field’s new wells.
Additionally, Egypt is sparing no effort to become a regional hub, which is considered a remarkable change for a country that spent around $3 million on LNG imports in 2016, according to Reuters.