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Egypt's natural gas exports down 86% y-o-y in August

Natural gas exports continue to drop as more production is used to meet Egypt's rising electricity demands

Ahram Online , Sunday 19 Oct 2014
(Photo: Reuters)
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Views: 1435

Egypt's exports of natural gas in August witnessed an 86 percent drop compared to the corresponding month of the previous year, the state-run Information and Decision Support Centre (IDSC) reported on Sunday.

The value of exports totalled $26.1 million, compared to $192 million in August 2013.

Meanwhile, natural gas production fell 14 percent lower than its August 2013 level, totalling 3.04 thousand tonnes of natural gas, compared to 3.5 thousand in the same month of the previous year.

Electric power generation accounted for some 67 percent of natural gas consumption, up from 60 percent a year before, reflecting Egypt's efforts to meet rising domestic demands for electricity.

Egypt has been in negotiations with US-based Apache Corp and other international gas companies to offer higher gas prices to encourage exploration, Reuters reported last week.

Gas producers currently receive about $2.65 per 1,000 cubic feet, far below the prices paid in the North Sea and elsewhere, says Reuters.

Earlier in October, Egypt paid $1.5 billion of its debts to foreign oil and gas firms, with a promise to pay a total of $2-3 billion by the end of the calendar year.

Last month, Egypt signed oil and gas exploration deals worth $187 million with several western companies and a Tunisian firm.

Exports of crude oil and other petroleum products were valued at $402 million, up 1.5 percent from $396 million in August 2013.

Meanwhile, domestic consumption of petroleum products rose 9.2 percent year-on-year to 31.8 thousand tonnes.

Billions of dollars in petroleum aid from sympathetic oil-rich Gulf nations have helped Egypt's government keep up necessary imports.

The United Arab Emirates pledged $9 billion worth of petroleum products starting in September, to be sent over a year.

Egypt's production of Brent crude and petroleum condensates such as gas oil and naphtha dipped by 1.8 percent year-on-year in August to reach 2.9 million tonnes, according to the IDSC.

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