{"id":578436,"date":"2022-12-28T04:00:07","date_gmt":"2022-12-28T04:00:07","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/market-volatility-in-2022-saw-big-chances-open-up-for-our-energy-sector\/"},"modified":"2022-12-28T04:00:07","modified_gmt":"2022-12-28T04:00:07","slug":"market-volatility-in-2022-saw-big-chances-open-up-for-our-energy-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/28\/market-volatility-in-2022-saw-big-chances-open-up-for-our-energy-sector\/","title":{"rendered":"Market volatility in 2022 saw big chances open up for our energy sector"},"content":{"rendered":"

<\/a> 2022 sent the energy markets on a wild ride: <\/strong>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 uncertain world. Meanwhile, the ongoing transition to greener forms of fuel exacerbated worries over a longer-term global imbalance between energy supply and demand.<\/p>\n

Volatility in the global markets had knock-on effects here at home<\/strong>, from rising prices at the pump to pricier fuel and raw materials costs for industry. But there were also silver linings, as the shifting geopolitical landscape to our north presented a chance for Egypt to accelerate long standing ambitions to become a regional energy export hub.<\/p>\n

The outbreak of war in Ukraine sent oil and gas markets spiraling: <\/strong>Russia had long been the dominant energy supplier to the EU, sending the bloc around a third of its crude oil<\/a> and 40% of its gas. That all changed with the invasion of Ukraine and subsequent breakdown of relations between Moscow and the West. By December, the EU and UK had put in place an embargo on Russian seaborne crude<\/a>, while the G7 had implemented a price cap that is expected to effectively halt the purchase of Russian crude by member states. Russia had already shuttered<\/a> the Nord Stream gas pipeline to Germany in preemptive retaliation. Brent crude futures shot up to approach USD 130 a barrel at the height of the uncertainty in the spring, before falling back to around USD 85 per barrel by the end of the year as Europe succeeded in securing winter energy supplies.<\/p>\n

As Europe scrambled to find alternatives to Russian gas, Egypt stepped up to the plate: <\/strong>As a net importer of oil but a net exporter of natural gas, Egypt looked to offset rising oil prices by capitalizing on Europe\u2019s supply crunch, ramping up shipments<\/a> of liquefied natural gas (LNG) from the Idku and Damietta liquefaction plants. Our LNG exports were expected to rise 14% y-o-y by the end of the year to 8 mn tons, 90% of which has been directed to Europe to meet growing demand as Egypt looks to replace Russian supply, Oil Minister Tarek El Molla said recently. Egypt wants to raise gas export revenues to USD 12 bn this year \u201cif [gas] prices remain elevated,\u201d up from USD 7-8 bn in 2021, he said<\/a>.<\/p>\n

To ramp up LNG exports at short notice, the gov\u2019t looked to curb domestic electricity <\/strong>demand: <\/strong>Spying the opportunity created by Russia\u2019s exit and looking to drum up much-needed FX, the Madbouly government in August moved to limit the country\u2019s use of electricity<\/a> in order to raise natural gas exports. Government buildings and sports facilities were asked to cut their consumption, including by turning the lights off outside daytime hours, a lower limit of 25\u00b0C was put in place for A\/C in malls, and retailers were asked to reduce bright lighting in storefront. The government hoped the measures, which remain in effect, would make available some 15% of the gas that is currently allocated to the nation\u2019s power stations, netting itself an extra USD 450 mn<\/a> a month in revenues. Price increases on natural gas supplied to cement producers<\/a> and brick kilns came into effect in October, in another move to dampen domestic demand and redirect more gas for export. And our burning of mazut fuel oil<\/a> in power stations soared to a five-year high, as the cheaper fuel was used in place of natural gas that was redirected for export.<\/p>\n

And prices at the pump continued to rise: <\/strong>The government\u2019s fuel pricing committee raised petrol prices in the first, second, and third quarters of 2022, extending a streak of price hikes to six consecutive quarters. Diesel prices also went up for the first time in years at the start of 3Q 2022<\/a>, as the state looked to reduce its subsidy bill amid rising global energy prices. There were no price hikes in the last quarter of the year as energy markets began to cool. Prices at the pump are now up 23-28% since April 2021, depending on which grade you\u2019re putting in the tank. Public transport fares \u2014 including taxis, microbuses and buses \u2014 had increased by 5-7% across the country as of July.<\/p>\n

These short-term measures helped us ride out volatility in 2022 \u2014 but the government <\/strong>also made progress on long-term energy export ambitions. <\/strong>To sustain the growth in energy exports, a serious infrastructure push is needed. We saw signs of that push coming to fruition this year, as Egypt looked to strengthen regional partnerships in a bid to position itself as the key link between energy suppliers across the Mediterranean and European buyers. Egypt signed a landmark nine-year agreement with the EU and Israel in June<\/a> to increase gas exports to Europe, which will see the three sides work together on the \u201cefficient utilization\u201d of infrastructure to increase gas shipments to the EU, as well as reduce methane emissions and explore carbon capture projects. Meanwhile, progress continued on plans to construct a pipeline connecting Cyprus\u2019 Aphrodite natural gas field to Egypt, which is expected to be up and running<\/a> by 2025.<\/p>\n

Major multinationals are on board to help ramp up Mediterranean flows:<\/strong> Italian energy giant Eni \u2014 which holds a 50% stake in the Damietta LNG plant and produces around 60% of the country\u2019s gas \u2014 this year said<\/a> it wants to develop LNG projects in the region, including in Egypt, under a plan to invest around EUR 4.5 bn in upstream activities every year until 2025. Chevron is also keen to tap Med gas, and is working with state-owned EGAS<\/a> to develop infrastructure to transport gas from offshore fields to Egypt and increase exports. London-headquartered Energean is also banging the drum<\/a> for more EastMed gas investment. Meanwhile, a contested merger between Capricorn Energy and Israel\u2019s NewMed could pave the way for closer energy ties between Israel and Egypt if shareholders give it the all-clear.<\/p>\n

Oil Minister Tarek El Molla called on European development partners to match the private <\/strong>sector\u2019s enthusiasm<\/strong> and helpfund new drilling<\/a> in the Mediterranean, arguing that accelerating hydrocarbon flows could help tame Europe\u2019s energy crisis as well as accelerate the green transition.<\/p>\n

There\u2019s no shortage of local assets to tap: <\/strong>The year closed out with news of a large gas find<\/a>by Chevron<\/a> in the Eastern Mediterranean, with MEES reporting that the field could contain as much as 3.5 tn cubic feet of gas. December also brought a fresh international tender by EGAS<\/a>, which this week opened bids on 12 new oil and gas exploration blocks in the Mediterranean and Nile Delta.<\/p>\n

Don\u2019t think the year in energy was all about oil and gas: <\/strong>The COP27 climate summit brought major developments in cleaner fuels, green hydrogen, and renewable energy \u2014 including initial agreements worth a total USD 117 bn for at least 29.5 GW of fresh local wind power developments and nine green hydrogen and green ammonia facilities. We cover the year in green energy in detail in Part II of our Going Green Year in Review, here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 uncertain world. Meanwhile, the ongoing […]<\/p>\n","protected":false},"author":1,"featured_media":578437,"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":[10533],"tags":[1953,244,93,72,91,6485],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-578436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-year-in-review-energy","tag-eastern-mediterranean-gas-forum","tag-electricity","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-year-in-review-energy","wpautop","entry"],"acf":{"mongo_id":"e0924942-d112-4dc1-9d44-4618c4dd9026","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/580.jpg","photo_position":"above","related_issue":[578422],"teaser":"","voice_url":""},"yoast_head":"\nMarket volatility in 2022 saw big chances open up for our energy sector - 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\/12\/28\/market-volatility-in-2022-saw-big-chances-open-up-for-our-energy-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market volatility in 2022 saw big chances open up for our energy sector\" \/>\n<meta property=\"og:description\" content=\"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. 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The division has sent formal requests to the energy and oil ministries\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":545901,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/17\/were-paying-more-at-the-pumps\/","url_meta":{"origin":578436,"position":1},"title":"We\u2019re paying more at the pumps","author":"enterpriseam admin","date":"17 April 2022","format":false,"excerpt":"The government raised fuel prices by c. 3% over the weekend amid a rise in global oil prices on the back of Russia\u2019s invasion of Ukraine. In its latest quarterly meeting, the fuel pricing committee decided to raise prices at the pumps by another EGP 0.25 per liter for 95,\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/285.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":572812,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/07\/09\/govt-keeps-fuel-prices-on-hold-across-the-board\/","url_meta":{"origin":578436,"position":2},"title":"Gov\u2019t keeps fuel prices on hold across the board","author":"enterpriseam admin","date":"9 July 2020","format":false,"excerpt":"The government\u2019s fuel pricing committee left the price of all fuel grades unchanged during its quarterly meeting this week, according to an cabinet statement on Wednesday. The price of 95-octane remains EGP 8.50 per liter, 92-octane is EGP 7.50 per liter, and 80-octane is EGP 6.25 per liter. Gas oil\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/57.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578518,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/03\/egypt-set-to-hedge-against-rising-oil-prices\/","url_meta":{"origin":578436,"position":3},"title":"Egypt set to hedge against rising oil prices","author":"enterpriseam admin","date":"3 January 2023","format":false,"excerpt":"The Madbouly government agreed in December to purchase hedging contracts to guard against volatility in the oil markets, Bloomberg Asharq reported yesterday, citing two government sources. \u201cThe oil and finance ministries are waiting for the appropriate timing to contract and implement hedging contracts,\u201d one of the sources told the news\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/36.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545084,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/02\/the-ukraine-war-is-forcing-a-rethink-of-energy-supply-markets\/","url_meta":{"origin":578436,"position":4},"title":"The Ukraine war is forcing a rethink of energy supply markets","author":"enterpriseam admin","date":"2 March 2022","format":false,"excerpt":"The EU is preparing to redraw its energy supply map as war rages in Ukraine. Europe is reliant on Russia for around a third of its natural gas \u2014 but given Russian President Vladimir Putin\u2019s new status as an out-and-out warmonger, the bloc is now looking to change that state\u2026","rel":"","context":"In "Macro picture"","block_context":{"text":"Macro picture","link":"https:\/\/enterpriseam.com\/egypt\/category\/explainers\/macro-picture\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/415.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":544647,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/14\/egypt-lobbies-for-african-climate-finance-continued-fossil-fuel-use\/","url_meta":{"origin":578436,"position":5},"title":"Egypt lobbies for African climate finance, continued fossil-fuel use","author":"enterpriseam admin","date":"14 March 2022","format":false,"excerpt":"Egypt pushes green finance for Africa alongside continued oil + gas exploration: Oil minister Tarek El Molla repeated the call for more climate finance to African countries ahead of COP27 in Sharm El Sheikh, while also stressing \u201cthe right of African countries to exploit their natural gas and petroleum resources\u2026","rel":"","context":"In "Diplomacy"","block_context":{"text":"Diplomacy","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/diplomacy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578436","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=578436"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/578436\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/578422"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/578437"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=578436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=578436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=578436"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=578436"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=578436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}