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Less LNG coming our way: The Oil Ministry plans to reduce the number of agreed-upon LNG shipments scheduled for shipment this month to six, from an initially planned 19, a government source told EnterpriseAM.
For the second month running: Egypt welcomed only 14 LNG shipments last month, marking a dip from initially-planned shipments amid falling domestic consumption, the source said.
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Egypt is now expected to import between 20 and 24 shipments during the final quarter of the year, compared to a previous target of 40 shipments, the source said. The reduction in imports comes amid strong indications of growing local output, the source added, pointing to additional volumes being added from newly discovered wells, foreign partners ramping up field development and injecting significant new investments that will strengthen domestic production.
REMEMBER- Last week, we reported that the country has been left with a queue of LNG vessels looking to unload their supplies and get on their way after energy demand fell. Unnamed sources told Bloomberg at the time that Egypt is “struggling to correctly assess its demand and schedule deliveries.”
The issue will soon be resolved with the accumulated vessels at Ain Sokhna Port currently being unloaded, the source added.
Local natural gas output has risen to 4.2 bn cubic feet per day, marking an increase of 110 mn cubic feet per day compared to June, according to the source.
IN OTHER ENERGY NEWS-
QatarEnergy has acquired a 27% stake in the North Cleopatra offshore concession in the Mediterranean pending government approval, according to a statement. Shell will remain the operator with a 36% stake, while Chevron holds 27%, and state-owned Tharwa Petroleum owns the remaining 10%. Shell plans to funnel USD 160 mn into drilling exploratory wells in the North East Amriya and North Cleopatra concessions in 2H 2026.
Not QatarEnergy’s first venture: The company acquired a 40% working interest in ExxonMobil’s Cairo and Masry offshore concessions under a farm-in agreement inked last year. QatarEnergy also holds 40% of the Mediterranean’s North Marakia offshore concession, while Exxon holds the remaining 60%.
