Italian energy company Eni's executive has announced that Egypt will continue to export liquefied natural gas (LNG) even if the Israeli Tamar field is not operating at its full capacity.
The executive anticipates that Egypt will resume LNG exports by December or January, attributing the delay to a decline in domestic consumption.
Egypt currently receives gas from Israel and re-exports it to Europe, according to statements from Egyptian officials. A government official mentioned that Egypt expects to export shipments of LNG, totaling up to one million tons, before the end of the current year, 2023.
In an exclusive statement to "Al Arabiya Business," the official added that the ministry is currently working to secure quantities of gas for local consumption in addition to shipments from Israel. The goal is to export these quantities during the remaining months of this year.
In the past year, Egypt generated approximately $8.4 billion in revenue from LNG exports, marking a significant increase compared to $3.5 billion in 2021—an impressive surge of 140%.
Egypt is currently facing electricity shortages, despite achieving self-sufficiency in natural gas in September 2018. The power outages in Egypt are attributed to the reduced production of the Zohr field and the limited local production compared to the initial expectations upon its discovery in 2015.
Furthermore, Egypt's imports of Israeli gas have been impacted by the conflict in Gaza between Israel and Hamas.
In conclusion, Egypt's resilience in maintaining LNG exports, even amid challenges in domestic production and regional conflicts, underscores its strategic position in the energy market. The nation's efforts to balance local demand and international commitments contribute to its economic stability and the continued growth of its natural gas sector.
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