BG Group Expects Little LNG from Egypt This Year

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British oil and gas company BG Group does not expect more than one or two liquefied natural gas (LNG) cargoes out of Egypt this year, Chairman Andrew Gould told BG’s annual shareholders’ meeting on Thursday.

Gould also said he did not expect BG to make any significant progress in its talks with Egypt on higher prices for gas which Egypt is diverting to its domestic market before presidential and parliamentary elections later this year.

Gas is in short supply in Egypt due to declining domestic production, forcing the government to cut into LNG earmarked for export.

Source: Reuters