Egypt’s gas production at 5.7b cf per day
- 02 Jul 2024
Egypt’s gas production is currently at 5.7 billion cubic feet (cf) per day, the state news agency Mena quoted the spokesperson of the petroleum ministry as saying on Monday.
The spokesperson also said that it was agreed that 21 liquefied natural gas cargos are to arrive in Egypt during the summer, in addition to shipments of mazut fuel.
The first gas shipment arrived on Monday, and it is currently being discharged for supply into the national gas grid, the ministry spokesperson said. “With the third week of July the national gas grid’s supply will be sufficient,” he added. In June, Egypt fully awarded 20 cargoes of LNG in its biggest purchase of the seaborne fuel, aimed to cover heavy summer demand from July through September.
Supplies of the natural gas that helps Egypt generate electricity have been dwindling at a time when an expanding population and urban development have been pushing up electricity demand. When temperatures rise, air conditioning use drives up power consumption.
Egypt needs to import around $1.18 billion worth of natural gas and mazut fuel oil to end persistent power cuts exacerbated by consecutive heatwaves, Prime Minister Mostafa Madbouly said last month.
Meanwhile one of Egypt’s largest petrochemicals companies plans within a consortium to import US shale gas to address a shortage in natural gas supplies that forced several chemicals factories to temporarily shut down twice in June.
Sidi Kerir Petrochemicals Co SAE (Sidpec) said in a bourse disclosure on Monday that it will hold a 25 per cent stake in a $663 million company that will be established this year through a consortium to import US shale gas, liquefied ethane gas.
Sidi Kerir is one of several major companies in the fertilisers and chemicals sector that had to halt production after suffering from short gas supplies that coincided with a worsening of regular blackouts that Egyptians have experienced since last year, due to a surge in summer power consumption and the shortage of gas.
