In an infographic published Tuesday, the IDSC said that Egypt’s liquefied natural gas exports rose 35.7 percent year-on-year in the second quarter of 2022, recording 1.9 million tons.
The figures reflect a growth as the country exported seven million tons of LNG to European markets in 2021.
The declaration of intent was signed by the Egyptian side, Tarek El-Molla, Minister of Petroleum and Mineral Resources, by the German side, Robert Habeck, German Vice-Chancellor and Federal Minister for Climate Action and Economic Affairs.
The Egyptian state supports the trend towards maximizing the use of clean energy and attaches great importance to it, he added.
The government has implemented a plan to rationalize electricity consumption in order to provide natural gas used in the stations in order to export it abroad in light of the high global prices.
He said the plant was re-opened after eight years of closure following a settlement agreement reached in December 2020 by Eni, the Egyptian General Petroleum Corporation (EGPC), the Egyptian Natural Gas Holding Company (EGAS) and Naturgy.
The deal aims at making the optimal use of Egypt's natural gas reserves by maximizing production capabilities in a way that enables EGAS to explore new opportunities to increase production.
This came in a report published Monday by the Cabinet media center including an infograph shedding light on Egypt's efforts to join the list of the biggest LNG suppliers to major markets consuming gas after it achieved self-sufficiency rates.
“This is the first LNG cargo produced by the terminal after it was shut down in 2012.” it clarified in a statement.
The company's annual report of the fiscal year 2018/2019 said that 45 gas shipments were exported during the last fiscal year.
The deal signed early last year will bring natural gas from Israeli offshore fields Tamar and Leviathan into the Egyptian gas grid.
Egypt’s Minister of Petroleum Tarek el-Molla clarified that LNG exports from Idku rose to put Egypt back to international markets strongly after achieving self-sufficiency locally.
“Many countries’ current account deficits have been affected by high oil prices,” IEA chief Fatih Birol said at an energy conference in Singapore.
Egypt said on Saturday it will stop importing natural gas after its final liquefied shipments arrived last week.
International oil prices fell to below $40 from over $100 per barrel four years ago. Currently, Brent Oil is traded at around $70.
“The whole projectwill be completed in the third quarter of 2019 with an output of 400 million cubic feet per day,” the source added.
U.S. President Donald Trump and the European Union's chief executive, Jean-Claude Juncker.
The minister added that exports of Zohr gas field as well as other gas fields’ production will start early next year.
Estimated prices for the cargoes range upward of $11 per million British thermal units (mmBtu), or around 15 percent of a barrel of Brent crude oil.
Egypt plans to boost production from its giant offshore Zohr gas field to 700 million cubic feet a day (cfd) in May and to 1.8 billion cfd in September.