{"id":546890,"date":"2022-06-01T03:45:24","date_gmt":"2022-06-01T03:45:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/"},"modified":"2022-06-01T03:45:24","modified_gmt":"2022-06-01T03:45:24","slug":"gas-export-revenues-double-january-april-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/","title":{"rendered":"Gas export revenues double January-April 2022"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <strong>Our gas exports are riding the squeeze in energy markets: <\/strong>Gas export revenues almost doubled to USD 3.9 bn in the first four months of 2022, according to Oil Ministry data seen by <a href=\"https:\/\/www.reuters.com\/business\/energy\/egypts-jan-april-natural-gas-lng-export-revenues-reach-3892-bln-data-2022-05-31\/\">Reuters<\/a>.<\/p>\n<p><strong>This is almost as much as we made in the whole of 2021:<\/strong> Gas receipts totalled almost USD 4 bn last year, jumping more than eightfold (from USD 456 mn) from 2020 when <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9c0ac814-b962-4593-8678-a9c81beca39c\">exports tanked<\/a> in response to the collapse in global gas prices due to the covid-19 pandemic. The restarting of the Damietta LNG plant also helped boost exports, and both of Egypt\u2019s LNG terminals were <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b05357d8-d636-4372-a069-cf77d948b1e7\">running at full capacity by December<\/a>.<\/p>\n<p><strong>Global gas prices have surged over the past yea<\/strong><strong>r:<\/strong> Gas prices in Europe and Asia \u2014 where Egypt sells its gas \u2014 have hit record highs over the past 12 months on the back of tightening supply post-lockdown and, more recently, Russia\u2019s invasion of Ukraine. European gas futures have quadrupled in price over the past 12 months, while front-month contracts on the JKM Asian benchmark are up 130% from a year ago.<\/p>\n<p><strong>It\u2019s the same story across the Atlantic:<\/strong> US gas prices hit a 14-year high yesterday, tripling over the past year and rising more than 20% in May, according to the <a href=\"https:\/\/www.wsj.com\/articles\/natural-gas-prices-surge-as-summer-cooling-season-switches-on-11653537481\">Wall Street Journal<\/a>.<\/p>\n<p><strong>HOLD YOUR HORSES, THOUGH- Rising gas revenues doesn\u2019t necessarily = net gain. <\/strong>Egypt is a net importer of oil, and with prices at their highest levels in more than a decade, the amount the government is spending on oil <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/287f8f5f-1c15-486c-8b24-b856c06781dd\">could cancel out<\/a> the extra gas revenues.<\/p>\n<p><strong>We\u2019re keen to up LNG exports to Europe: <\/strong>\u201cWe have ambitious plans to coordinate with neighboring eastern Mediterranean countries on meeting the increased demand from the EU \u2014 and the world \u2014 for LNG over the next few years,\u201d Oil Minister Tarek El Molla <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d3e83f43-ae59-490e-961f-2ffbeef74788\">said recently<\/a>.<\/p>\n<p><strong>And the government wants to boost export capacity:<\/strong> Prime Minister Moustafa Madbouly is trying to court foreigin investors to finance <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/248f9feb-5ba0-4777-b6a8-e910c3e8cc67\">new LNG terminals<\/a> to boost Egypt\u2019s gas exports.<\/p>\n<p><strong>Now there\u2019s an opening to do so:<\/strong> The east Mediterranean <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d89110c-6632-4594-a785-54b9b0122a75\">could become<\/a>one of the EU\u2019s most important sources of natural gas in the coming years as the bloc looks to wind down imports of Russian gas, which currently provide 40% of its consumption. In a plan released earlier this month, the EU said it will invest EUR 12 bn in pipelines and LNG facilities to increase gas supplies from other producers such as Egypt and Israel.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Our gas exports are riding the squeeze in energy markets: Gas export revenues almost doubled to USD 3.9 bn in the first four months of 2022, according to Oil Ministry data seen by Reuters. This is almost as much as we made in the whole of 2021: Gas receipts totalled almost USD 4 bn last [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":546891,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,72,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546890","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"31d58707-0113-4b92-889c-90386bf5f8a0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/6\/94.jpg","photo_position":"above","related_issue":[546882],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gas export revenues double January-April 2022 - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gas export revenues double January-April 2022\" \/>\n<meta property=\"og:description\" content=\"Our gas exports are riding the squeeze in energy markets: Gas export revenues almost doubled to USD 3.9 bn in the first four months of 2022, according to Oil Ministry data seen by Reuters. This is almost as much as we made in the whole of 2021: Gas receipts totalled almost USD 4 bn last [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-01T03:45:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/94.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gas export revenues double January-April 2022\",\"datePublished\":\"2022-06-01T03:45:24+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\"},\"wordCount\":405,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2022\/6\/94.jpg?fit=%2C&ssl=1\",\"keywords\":[\"energy\",\"EnterpriseAM\",\"oil and gas\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/06\/01\/gas-export-revenues-double-january-april-2022\/\",\"name\":\"Gas export revenues double January-April 2022 - 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than 50% y-o-y","rel":"","context":"In &quot;Trade&quot;","block_context":{"text":"Trade","link":"https:\/\/enterpriseam.com\/egypt\/category\/trade\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546487,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/18\/rising-oil-import-prices-could-cancel-out-gas-export-gains-el-molla\/","url_meta":{"origin":546890,"position":1},"title":"Rising oil import prices could cancel out gas export gains -El Molla","author":"enterpriseam admin","date":"18 May 2022","format":false,"excerpt":"Egypt\u2019s rising oil import bill could cancel out any gains from higher gas export revenues this year, Oil Minister Tarek El Molla told CNBC Arabia yesterday (watch, runtime: 11:49). \u201cIt\u2019s possible that the extra [income] we get from our gas exports could be canceled out by the increase in the\u2026","rel":"","context":"In 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&quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578436,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/market-volatility-in-2022-saw-big-chances-open-up-for-our-energy-sector\/","url_meta":{"origin":546890,"position":5},"title":"Market volatility in 2022 saw big chances open up for our energy sector","author":"enterpriseam admin","date":"28 December 2022","format":false,"excerpt":"2022 sent the energy markets on a wild ride: The outbreak of war in Ukraine sent energy to the front pages of the global press this year. Europe\u2019s loss of Russian fossil fuels helped drive up inflation and raised thorny questions over how to ensure energy security in an increasingly\u2026","rel":"","context":"In &quot;YEAR IN REVIEW: ENERGY&quot;","block_context":{"text":"YEAR IN REVIEW: ENERGY","link":"https:\/\/enterpriseam.com\/egypt\/category\/year-in-review-energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/580.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546890","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=546890"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546890\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546882"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546891"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546890"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546890"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546890"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546890"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546890"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}