CEO of the Egyptian Natural Gas Holding Company (EGAS), Mohamed El Masry, said at Egypt Petroleum Show (EGYPS 2017) that Egypt hopes its gas market will be balanced in 2018 and expects to begin exporting gas by 2020, Reuters reported.
El Masry added that BP’s North Alexandria field is on a fast track and will be ahead of schedule by six months.
The average Egyptian production of natural gas was about 4bcf/d in the financial year 2015/2016 and it is expected to reach 5bcf/d during the current financial year 2016/2017.
EGAS’ Head, El Masry, also mentioned that 2018 will be the last year for Egypt to import gas for the domestic market. Egypt has gone from exporting energy to being a net importer as domestic output has failed to keep pace with rising demand.
Additionally, Egypt has reached an agreement to import between 43 and 45 cargoes of liquefied natural gas (LNG) from Oman, Russia, and France from March through to the end of 2017. The agreements include terms that allow for payments within 6 months, said El Masry earlier, Al Arabiya informed.