Egypt intends to stop importing liquefied natural gas (LNG) by the end of fiscal year (FY) 2017/2018, which ends late June, Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, announced on January 27th, Reuters reported.
The country will reach its LNG imports halting plans as it speeds up output at newly discovered natural gas fields, the minister said, which will enable the North African country to save $250 million per month, informed CNBC.
Egypt has previously stated that it will stop LNG imports by 2019.
The country’s BTE2 well, which is operated by Royal Dutch Shell’s Joint Venture in Egypt, Badr El Din Petroleum Company (BAPETCO), started production phase on January 7th, increasing the country’s natural gas output by 25 million standard cubic feet per day (mscf/d), which is planned to be increased to 50 mscf/d after completing the drilling of BTE1 well, Badr 3 Wells’ Manager, Anton Artes, previously told Al-Ahram Gate.
