Egypt's 2021-2022 natural gas and LNG export revenue hits $8 billion - REUTERS

September 25, 20221:27 PM

Sept 25 (Reuters) - Egypt's natural gas and liquefied natural gas (LNG) export revenue reached $8 billion in its 2021/22 fiscal year after volumes increased by 7.2 million tonnes, the Egyptian cabinet said on its Facebook page on Sunday.

The statement did not include comparative numbers for the previous fiscal year. Egypt's fiscal year runs from July 1 to June 30.

Egypt earns about $500 million monthly from natural gas exports and aims to raise that figure to $1 billion "in the coming period", Finance Minister Mohamed Maait said in a statement last week.

Egypt has been pushing to maximise its exports of natural gas to generate foreign currency revenue after coming under financial pressure due to the impact of the war in Ukraine.

The government says gas exports have been boosted after the it introduced an electricity rationing plan in August.

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The roadmap to resolve the dispute with Israel is welcome but Europe is still phasing out gas

The news this week that the energy ministers of Cyprus and Israel agreed to a roadmap for future negotiations on how to resolve the long-standing dispute on how to share the Aphrodite gasfield that Israel claims extends into the adjacent Ishai block. This is long-overdue and is a welcome development. The two ministers have made significant progress on the principles of a unitization agreement and the terms for an expert to be appointed to advise on the Ishai share.

Teams from the two sides will continue the discussions “over the coming weeks,” but no firm timetable was given. However, with terms still to be agreed, an expert to be appointed, review the geological, survey and all drilling data and make recommendations for the two sides to agree, this will take months.