Israeli hopes of exporting large quantities of natural gas to Egypt were dealt a blow Monday by the declaration of Egyptian Minister of Petroleum Tarek el-Molla that his country expects to supply all of its own natural gas needs within two years.
The Egyptian minister’s remarks, carried by the Reuters-owned Zawya news website, and quoted by Globes, follow two approvals granted by Egypt for liquefying Egyptian gas for export at the country’s liquefaction facilities.
According to the report, in addition to its own production, Egypt is currently spending $250 million a month on imports of liquefied gas, which is enough to meet the country’s needs.
Egypt’s self-sufficiency has yet to be established, however. It depends on the continued development of resources. These include the beginning of gas production from the huge Zohr reservoir, increased production at existing fields, in the northern Alexandria field, starting in mid-2017, and the Noras gas field.