Egyptian gas market sees seasonal surplus, says Wood Mac - WORLD OIL

1/16/2017

LONDON/HOUSTON/SINGAPORE -- Egypt's gas market is poised to undergo profound changes in the next five years, and these could have an impact on the global LNG market, seeing Egypt position itself as a prominent seasonal player, research from global natural resources consultancy Wood Mackenzie shows.

After five years of falling gas production and switching from a net exporter to a net importer, Egypt's fortunes look set to change. As a number of major offshore gas developments come on stream in the next few years, including BP's West Nile Delta and Atoll fields, and Eni's massive Zohr find, the North African country will add a cumulative 41 Bcm a year of gas production by 2022. These new volumes will push the country's gas market back to surplus.

WoodMac: Egypt’s gas market faces more changes - LNG WORLD NEWS

Egypt’s FSRU’s in the port of Ain Sokhna (image: Höegh LNG)

Egypt’s FSRU’s in the port of Ain Sokhna (Image courtesy of Höegh LNG)

Egypt’s gas market would undergo significant change over the next five years, impacting global LNG market, according to a research by the natural resources consultancy WoodMackenzie.

After five years of falling gas production and switching from a net exporter to a net importer, the new production capacity coming on stream over the next few years will push the country’s gas market back into surplus.

From being the world’s eight largest LNG exporter in 2009, the country turned to the world’s eight largest LNG importer in 2016, however the market could swing to surplus as soon as 2019.