{"id":588462,"date":"2023-06-12T00:00:00","date_gmt":"2023-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/the-govt-wants-to-increase-oil-and-gas-exports-by-15-this-year\/"},"modified":"2023-06-12T00:00:00","modified_gmt":"2023-06-12T00:00:00","slug":"the-govt-wants-to-increase-oil-and-gas-exports-by-15-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/the-govt-wants-to-increase-oil-and-gas-exports-by-15-this-year\/","title":{"rendered":"The gov\u2019t wants to increase oil and gas exports by 15% this year"},"content":{"rendered":"

<\/span>New oil + gas export targets: <\/span>The Madbouly government is targeting oil and gas <\/span>exports of USD 21 bn for the year, up 15% from <\/span>USD 18.2 bn<\/a><\/span> in 2022, <\/span>Asharq Business<\/a><\/span> reported, citing a <\/span>government document<\/span>. The state is targeting another c.15% increase in 2024 to USD 24 bn. <\/span><\/p>\n

2022 was a good year for our natural gas exports:<\/span> Oil and gas export revenues jumped more <\/span>than 40%<\/span> during 2022 due to rising gas exports.<\/span><\/p>\n

LNG exports had a good first quarter: <\/span>LNG exports <\/span>rose 6% y-o-y<\/a><\/span> to 1.9 mn tons in 1Q 2023, according to Kpler data cited by Mees. <\/span>The increase was triggered by a 49% jump in Israeli gas deliveries in 2022, which reached a record 606 mn cf\/d. The <\/span>two sides <\/span>signed<\/a><\/span> a landmark gas export agreement last year that will see increased volumes of Israeli gas exported to Europe via Egypt\u2019s LNG facilities as the continent looks to replace Russian fossil fuels.<\/span><\/p>\n

New LNG plant in the pipeline: <\/span>The government is considering building a third LNG facility as <\/span>it looks to ramp up gas exports, according to the document. Egypt currently has two terminals at Damietta and Idku with a capacity to produce 2.1 bn cubic feet of LNG per day. Plans for new LNG terminals have been floating around <\/span>since at least last year<\/a><\/span>.<\/span><\/p>\n

More gas is going to be heading our way in the coming years:<\/span> As well as increased <\/span>shipments of Israeli gas, plans are afoot to lay a pipeline connecting Cyprus\u2019 giant Aphrodite field to Egypt\u2019s LNG facilities. One of the developers of the field, NewMed, <\/span>recently confirmed<\/a><\/span> that it has submitted plans for the pipeline to the Cypriot government.<\/span><\/p>\n

Gas is a key source of hard currency for Egypt:<\/span> The government has sought to maximize <\/span>gas proceeds to alleviate the FX crunch triggered by the war in Ukraine, and last year began <\/span>rationing domestic consumption<\/a><\/span> in order to increase exports.<\/span><\/p>\n

Remember:<\/span> The discovery of the Zohr gas field in 2018 helped Egypt wean itself off gas <\/span>imports and turned it into a net natural gas exporter. The field, which accounts for more than a third of the country\u2019s total gas production, saw output <\/span>fall 11% y-o-y<\/a><\/span> to 2.5 bn cf\/d last year.<\/span><\/p>\n

More exploration efforts are underway: <\/span>Eni will <\/span>soon start drilling<\/a><\/span> an exploration well at its <\/span>Mediterranean North East Hap\u2019y concession, while energy giant Chevron is preparing to explore for more natural ga<\/span>s off Egypt, Cyprus, and Israel. The two firms also <\/span>announced<\/a><\/span> a \u201csignificant\u201d gas discovery at their Nargis offshore block last year. Authorities are yet to provide an estimate of the field\u2019s size though an unconfirmed report suggested that it could hold 3.5 tcf of gas.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A third LNG terminal is under consideration<\/p>\n","protected":false},"author":1,"featured_media":588463,"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":[93,72,91,371],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-oil-and-gas","tag-oil-ministry","wpautop","entry"],"acf":{"mongo_id":"3d033de5-c20a-4e94-946f-6bf3215007b0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/520.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt targets 15% increase in oil and gas exports in 2023","related_issue":[588450],"teaser":"A third LNG terminal is under consideration","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.c99a6f7a-c8ea-4d74-81cf-b150974c890f.mp3"},"yoast_head":"\nThe gov\u2019t wants to increase oil and gas exports by 15% this year - 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FY2019-2020, compared to USD 580 mn in the past year, the local press reported, citing an\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":673580,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/10\/15\/oil-ministry-unveils-usd-5-7-bn-plan-to-drill-hundreds-of-exploration-wells\/","url_meta":{"origin":588462,"position":3},"title":"Oil Ministry unveils USD 5.7 bn plan to drill hundreds of exploration wells","author":"enterpriseam admin","date":"15 October 2025","format":false,"excerpt":"ALSO- Petrochemical exports are planned to increase to USD 4.2 bn by 2030","rel":"","context":"In 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"Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/1151.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":588462,"position":5},"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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