Petroleum Africa
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Tuesday, June 24, 2014
Egypt’s growing domestic demand has limited the country’s natural gas exports. According to a recent report from the state-run Information and Decision Support Center, its gas exports were down 80.94% in April compared to the same period the year before. The report put the value of exports at just $30.5 million in April compared with $160 million a year earlier.
The country’s gas production has also taken a dip, falling almost 15% in April compared with a year earlier. Declining production and the government’s diversion of production meant for export to the domestic market is deterring investment in the sector.
In a statement in mid-June Egypt’s oil minister, Sherif Ismail, said that it was in continuous communication with its foreign partners to increase production rates. There is a bit of light at the end of the tunnel in the near-term as several gas fields are due to come onstream before the end of the year. While that will not help generate new investment, as it will most certainly be diverted to the domestic market, it does help keep the lights on.
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