Egypt hopes to stop importing LNG in Q4: minister

Egypt may stop importing liquefied natural gas (LNG) within the fourth quarter of this year, Petroleum Minister Tarek el-Molla told Bloomberg.

The minister added that exports of Zohr gas field as well as other gas fields’ production will start early next year.

He said that the final LNG import tender was issued to cover the third quarter’s domestic requirements, and the fourth quarter should be imports-free.

“I don’t think there will be more tenders; I think this is it,” Molla said in an interview. “Local production should cover our needs.”

Molla clarified that once Egypt has a sufficient surplus, it will start compensating companies that have rights to operate the country’s LNG export terminals, including Royal Dutch Shell Plc and Union Fenosa SA.

Egypt expects to attract $10 billion both this year and next year in foreign investment in its oil and gas industry, he said.

In 2015, Eni discovered Zohr gas field, the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet.

The second phase of Zohr gas field will add around 2 billion cubic feet per day to Egypt’s production and will be completed before the end of the year, according to Minister of Petroleum Molla.

Egypt plans to stop importing liquefied natural gas (LNG) at the end of fiscal year 2017/2018 by adding 1.6 million cubic feet to its production from its latest gas discoveries, including West Delta’s Taurus and Libra fields, as well as the Atoll and Zohr gas fields.

Source: Egypt today