LNG cargo purchases to drop to 80 in the current fiscal year -El Molla

Egypt plans on buying just 80 LNG cargoes in FY2017-18, down from 118 in FY2016-17, Oil Minister Tarek El Molla said, according to Reuters. The initial projection for FY2016-17 was to buy 154 LNG cargoes, but an increase in domestic production drove the actual purchases down to 118, he says. Egypt expects natural gas production to reach 6.2 bcf/d by the end of FY2017-18 as Eni’s supergiant gas field Zohr begins production. First gas from Zohr is expected by the end of the year.