Egypt gas exports set to rise 

Egypt’s natural gas exports are expected to rise to 7.5 million tonnes by the end of this fiscal year, Petroleum Minister Tarek El-Molla said today, Reuters reports.

Egypt’s gas exploration plan for the fiscal year 2022/2023 is expected to add 450 million cubic feet to gas production per day and 17,200 barrels per day of gas condensates, the minister added.

The country’s investments in gas exploration and production will exceed $1.6 billion both this year and next, El-Molla said.

Last year it was announced that Egypt will supply gas to Lebanon under a plan to help ease Beirut’s power crisis.

In November, Egypt and Israel signed a memorandum of understanding to increase natural gas supplies from Israel to Egypt, with the aim of re-exporting. However this brought into question whether the gas to be supplied will be that provided to Egypt by Israel – with whom Lebanon has no ties.

READ: Huge debt and a shrinking private sector marked Egypt’s economy in 2021