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PERFORMANCE
Egypt’s LNG exports

in 8M 2022 exceed
volume and value of

exports for all of 2021

Egypt’s LNG exports for the first eight months
(January-August) of the current year exceeded
the volume and value of exports for all of 2021,
Petroleum Minister Tarek El Molla has said.
Egypt exported 8mn tonnes of LNG generat-
ing $5.08bn in revenues in the first eight months
of 2022, compared to 7mn tonnes of LNG ($3.9
revenues) exported in the full year 2021. The
European Union was the primary overseas
destination for Egypt’s LNG, absorbing 90% of
exports in the first eight months of the current
year, up from 80% over 2021. mainly carrying bulk steel products, coal, resin is operated by Eni. It is located west of the Atoll
Egypt has become a major LNG exporter chips (used in the packaging industry), palm oil, field and North Tabya blocks. It covers an area
over the past few years, with export volumes sorghum, vegetable oil and used motor vehicles of approximately 3,440 square km with water
increasing by 44% y/y in fiscal year (July-June) among others, according to The Star. depths ranging between 100 metres and 1,200
2021/22 as 84 shipments of liquefied natural gas China and India remained the country’s metres.
were exported from the gas liquefaction plants in biggest import sources, and Asia accounted for In addition to the two new blocks, in 2022 BP
Idku and Damietta. 65.7% of the country’s total import bill, CNK was also awarded: the King Mariout Offshore
bna/IntelliNews, November 29 2022 data show. Area (100% BP), the North El Fayrouz offshore
The value of imports from China increased area (50% BP and 50%; Eni, the operator) and
Higher fuel prices help to KES441.4bn up from KES361.4bn while the North El Tabya area extension (100% BP).
imported goods from India were valued at KES-
bna/IntelliNews, November 29 2022
widen Kenya’s current 230.9bn, up from KES188.6bn a year before. Eni begins drilling at Egypt’s
bna/IntelliNews, December 01 2022
account deficit to widen potentially huge Thuraya

to five-year high PROJECTS & COMPANIES

The Central Bank of Kenya (CBK) has projected BP awarded two large offshore gas concession
that the country’s current account deficit will Italy’s Eni started drilling at the potentially lucra-
hit a five-year high, mainly as a result of higher exploration concessions tive Thuraya gas project in the Northeast Arish
prices for imported fuel outstripping gains made block in Egypt’s offshore Mediterranean waters,
in horticulture and tea exports. in Egypt’s offshore Al Ahram daily reported. The Thuraya conces-
The deficit as a%age of GDP is expected to sion east of El Arish on the maritime border with
widen to 5.6% this year, the CBK said in its lat- Mediterranean Gaza was awarded to Eni in 2022 and drilling
est economic outlook data, compared to 5.9% operations started in November 23 at 953 metres
previously estimated, “on account of improved Egyptian Natural Gas Holding Co. (EGAS) below sea level with a potential depth of 6,100
receipts from service exports and resilient remit- awarded the UK-based oil major BP two explo- metres.
tances,” CBK governor Patrick Njoroge said last ration blocks in the Mediterranean Sea, offshore Eni has chartered the Saipem 10000 drillship
week. Egypt, the company said in a press release. for Mediterranean drilling until the third quarter
According to the central bank, cumulative One of the exploration blocks is the North- (July-September) of 2023, with an option until
12-month fuel imports reached $5.4bn in Sep- west Abu Qir Offshore Area in which BP is first quarter (January-March) 2024.
tember, up from $2.9bn in the same period last the operator holding 82.75% interest and the Thuraya was previously owned by UAE’s
year. remaining 17.25% is held by Wintershall Dea. Dana Gas, which flagged up the concession as
It also revealed East Africa’s largest economy It is located west of the recently awarded North huge but was unable to develop it due to being
spent $3.6bn on imported manufactured goods King Mariout block (BP 100%) and north of the unable to secure a farm-in partner for such a
(up from $3.5bn) and $3.4bn on chemicals (up Raven field. It covers an area of approximately large and complex operation.
from $2.8bn). Imports of machinery and trans- 1,038 square km with water depths ranging The company reportedly said that Thuraya’s
port equipment rose to $4.3bn (from $4.2bn). between 600 metres and 1,600 metres. prospective reserves were split between two
Meanwhile, the Kenya Ports Authority (KPA) The other exploration block, the Bella- plays with a total “mean potential of 17-plus
has reported a high number of ships at Mom- trix-Seti East block, is jointly owned by BP and trillion cubic feet (481bn cubic metres)” of gas
basa in the wake of an easing global supply chain, Italy’s Eni, with each holding a 50% share, but in place.

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