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English news

26-Jun-2018

Egypt likely issued its last LNG tender

Egypt may have just issued its last LNG tender, setting the stage to resume exports next year, according to Petroleum Minister Tarek El Molla. He added that imports of LNG may stop in 4Q18, allowing for exports to start early next year. The final LNG import tender was issued to cover domestic requirements in 3Q, while that of 4Q should be “import-free” El Molla said. He added that the Zohr field will increase gas production to 1.7bcfd by August from 1.2bcfd currently. Egypt’s total output is 6bcfd, and that should increase to 6.5bcfd by September. Egypt will start compensating companies that have rights to operate the country’s LNG export terminals, including Royal Dutch Shell Plc and Union Fenosa SA, El Molla said. The country is expecting to attract USD10bn both this year and next year in foreign investment in its oil and gas industry, according to El Molla. 

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