Offshore wells, stronger grids: Egypt’s plan to tame LNG costs
- Egypt's falling gas output is manageable as long as new discoveries are made to replace lost production, according to former Minister Tarek El Molla.
- Egypt's gas import costs nearly tripled due to the war, escalating from $560 million to about $1.65 billion by March.
- The country is currently focusing on offshore drilling and exploration to significantly boost local gas production and reserves.
- Eni's April discovery of an estimated 2 trillion cubic feet of gas offshore Egypt highlights potential for restoring production levels.
- Egypt aims to have renewables constitute 42% of its energy mix by 2028, while emphasizing the need for upgrades to the electricity grid.
- Leveraging its strategic geography, Egypt is positioned as an energy hub for crude and LNG transport, maximizing throughput and revenue.
