Egypt achieved a record of 8 million tons of natural gas exports in 2022, at a value of $8.4 billion, an increase of 140% over 2021, taking advantage of the increase in liquefied gas export prices globally.
According to a report by the Ministry of Petroleum and Mineral Resources, Egypt’s total production of natural gas reached 50.6 million tons in 2022, 1.1 million tons of butane gas, and 27.8 million tons of crude oil and condensate. According to (CNN) in Arabic.
Experts confirmed that Egypt is seeking to exploit the energy shortage crisis in the European Union countries due to the Russian-Ukrainian war by increasing the volume of its gas exports, expecting a continued increase in the volume of exports during the coming period after the new discoveries and the signing of a joint agreement with the European Union.
Medhat Youssef, former deputy head of the Petroleum Authority, said that Egypt achieved a record in natural gas exports as a result of following a plan to rationalize the consumption of gas used in electricity production and operating factories by using lower-priced alternatives, such as diesel fuel in electricity production, and saving surplus gas for export to European Union countries. And achieving success in this plan until the increase in the value of exports reached 140% last year.
Last August, the Egyptian government announced a plan to rationalize electricity consumption with the aim of providing natural gas for export abroad and increasing foreign exchange earnings.
Youssef expected, in exclusive statements to CNN in Arabic, that Egypt would succeed in increasing its natural gas exports to achieve its target of $12 billion in 2023, relying on the continued rationalization of gas consumption used in electricity production, and the development of gas production fields, provided that Gas exports are directed to the markets of the European Union countries, Turkey, Pakistan, India, and Indonesia.
Youssef said that Egypt was one of the important alternatives for the European Union countries to compensate for the flow of Russian gas to the old continent. Egypt took advantage of this opportunity to increase the volume of liquefied gas exports. An agreement was signed during the European Commission’s visit to Egypt to increase the share of Egyptian gas exports to Europe.
