|21 August, 2019

New discoveries posit Egypt as attractive LNG investment destination – Report

Zohr offshore gas field produced 11.3bn CMs in H1

Image used for illustrative purpose. People are seen near a ship crossing the Suez Canal near Ismailia port city, 120 km (75 miles) northeast of Cairo, June 13, 2013.

Image used for illustrative purpose. People are seen near a ship crossing the Suez Canal near Ismailia port city, 120 km (75 miles) northeast of Cairo, June 13, 2013.

REUTERS/Stringer

Cairo –  Egypt has become an important investment destination for Liquefied Natural Gas (LNG), supported by new discoveries, according to a report released on Wednesday by Africa Oil & Power Conference.

In the first half of 2019, Egypt’s Zohr offshore gas field produced 11.3 billion cubic meters, 300.6% higher than the year before, the report said.

The recent boom in the Egyptian LNG output is expected to be boosted by Italy’s Eni new discovery in the Nour North Sinai concession.

In February, the Egyptian Natural Gas Holding Corporation awarded five new gas exploration concessions to Shell, ExxonMobil, Petronas, DEA, and Eni.

As per Africa Oil & Power Conference, African LNG sector is expected to attract $103 billion in investments in 2019.

The continent is forecast to contribute 10% of global LNG output growth by 2024.

Source: Mubasher

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