Egypt plans to increase its petroleum exports by 15% this year to reach around $21 billion, with the aim of increasing it by the same percentage to approximately $24 billion in 2024, magazine. The discovery of the Zohr gas field in 2015 opened the appetite for investors to work in the Egyptian gas sector, leading to an increase in the number of discovered wells. As a result, Egypt completely stopped importing gas by the end of September 2019, and even became an exporter, aiming to become a major energy hub in the region through gas liquefaction and re-export.
Egypt's current total production of natural gas ranges between 6.5 to 7 billion cubic feet of natural gas per day. The government is seeking to achieve an annual surplus in the petroleum balance of up to $3 billion, according to the document.
Egypt also has agreements with Cyprus and Greece regarding pipelines to supply gas to Egypt for re-export through its liquefaction facilities. The document revealed that Egypt is studying the establishment of a new liquefaction station and pipelines to enhance the energy capacity of refineries and develop its liquefied gas exports. It also examines ways to increase liquefied gas exports to promising regions that are expected to have a growing demand for gas over the next two years.
Egypt has two natural gas liquefaction stations with a production capacity of 2.1 billion cubic feet per day, with the aim of exporting it abroad. Exports depend on the surplus production and gas received from neighboring countries.
