Reports

Egyptian LNG Exports Climbing as Europe Demand Fueling Supply Growth

Published on : 2023-01-14

Naturalgasintel - Egypt ramped up LNG exports last year to maximize use of its terminals and further its role as a hub of Mediterranean and Middle Eastern supply to Europe.

Minister of Petroleum and Mineral Resources Tarek El-Molla said in a press briefing Wednesday that Egypt exported around 8 million tons (Mt) of liquefied natural gas during 2022, worth around $8-8.5 billion.

Based on the ministry’s report, Egypt’s LNG exports grew by almost 1 Mt from 2021 levels and more than 6 Mt compared to 2020, according to data from Kpler.

Turkey was the leading destination for gas exported from Egypt at 1.6 Mt. Spain was a close second destination, with 1 Mt landed. As a whole, export to European destinations more than doubled year/year.

Egypt’s overall export volumes have been growing exponentially since 2016, when LNG shipments resumed after a brief hiatus. The country has two plants, the Eni SpA-operated 5 million metric tons/year (mmty) Damietta plant and the Shell plc-operated 3.6 mmty Egyptian LNG facility.

In the wake of Russia’s invasion of Ukraine, which interrupted Europe’s supply of natural gas, Eni announced a series of projects and partnerships to boost its portfolio with Egyptian production.

Egypt has also been targeted as a key partner with Israel and other Mediterranean gas producers looking for efficient ways to bring growing volumes to market. In June, European Union, Israeli and Egyptian officials outlined a framework agreement to collaborate on infrastructure projects that could boost LNG shipments to Europe.

Israel started gas exports to Egypt last year. Since then, Israel has delivered an average of 5 billion cubic meters/year to Egypt via the Ashkelon-Arish subsea Eastern Mediterranean Gas pipeline.

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