CAIRO (Reuters) -
Egypt is planning to import 80
cargoes of liquefied natural gas during the 2017-18 financial year that
began in July, Petroleum Minister Tarek El Molla told Reuters on Sunday,
down from the 118 cargoes imported last year.
Egypt has been trying to speed up the development of recent gas discoveries with a view to halting imports by 2019.
"We
were planning to import 154 cargoes of LNG in 2016-17 but we only
imported 118 cargoes because of the increase in local gas production,"
Molla said.
Egypt expects to increase its LNG
production by 1 billion cubic feet per day by the end of the current
financial year to reach 6.2 billion cubic feet per day.
Gas
production will get a big boost from Italian national oil company Eni's
Zohr field, discovered in 2015 with an estimated 30 trillion cubic feet
of gas in place.
That field is expected to
come into production at the end of 2017 and will save Egypt billions of
dollars in hard currency that would otherwise be spent on imports.
Source,
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