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Predator prepares
Moroccan FSRU bid
NORTH AFRICA UK-BASED Predator Oil & Gas has said in an MOU-1 well pad platform and the improvement
update that it is preparing to submit a bid to and extension of access roads to local company
build and operate a floating storage and regasi- Skayavers Sarl. Civil works are anticipated to
fication unit (FSRU) for the importing of LNG start immediately, allowing drilling activity to
in Morocco. begin next month.
The company’s Predator Gas Ventures “The [Moroccan] FSRU project is envisaged
Morocco Branch (PGVMB) subsidiary is pre- to be a much longer-term project that does not
paring to submit the bid in response to a call compete with the company’s short and medi-
for expressions of interest (EoIs) issued by the um-term plans to explore for, appraise and
Moroccan government, with a deadline of May develop gas in its Guercif licence onshore north-
31, 2021. ern Morocco,” Predator stated. “It is potentially
The FSRU project would initially have the a complementary addition to the company’s
capacity to import 1.1bn cubic metres of gas by business development strategy for Morocco to
2025, rising to 1.7 bcm in 2030 and 3.0 bcm in increase both materiality and the potential for
2040, Predator said in a May 24 update. The com- future gas exports to Europe once the domestic
pany cited a proposed FSRU-based LNG import Moroccan gas market reaches capacity.”
project it is also developing in Ireland, saying it The company added that it was continuing
hoped to tap into the know-how gained from negotiations on three potential collaboration
its work on that plan to move forward with its agreements with European companies in rela-
Moroccan bid. tion to the FSRU concept both in Ireland and
Predator already has upstream operations in Morocco.
Morocco and also said in its update that it had These could result in further announcements
awarded the contract for the construction of the in the coming weeks, Predator said.
PERFORMANCE
Rising gas exports, reduced
imports see Egyptian deficit narrow
NORTH AFRICA THE rise in natural gas exports and reduction But since the turn of the year 46 vessels have been
in energy imports were a significant driver of shipped from Egypt and LNG export volumes
the narrowing of Egypt’s current account deficit, in the year-to-date are up 130% compared with
Capital Economics said in a research note. 2020 as a whole.
It cited the swing in Egypt’s natural gas trade Looking forward, there are reasons to be
balance from a deficit of 1% of GDP in mind- optimistic about Egypt’s gas sector, Capital Eco-
2017 to a surplus of 0.2% of GDP in the fourth nomics said. The petroleum ministry recently
quarter of 2020. estimated that natural gas production would rise
Egypt’s natural gas exports received a boost by 9% by the end of FY2021/22 on the back of
in 2021 from a recovery in global demand further exploration and resumption of output at
and higher energy prices. In response, Egypt key facilities, boosting GDP by around 1%.
re-opened the Damietta LNG facility that had Although, Egypt’s natural gas production
sat idle for nine years and increased operations and exports will continue to strengthen over the
at Idku to full capacity. coming years and support the economic recov-
Overall natural gas production has already ery from the COVID-19 crisis.
returned to its pre-pandemic levels and natural The research group sounded a word of cau-
gas exports have picked up. tion that stronger natural gas exports will put
Over the course of 2020, Egypt exported only further upwards pressure on the Egyptian pound
seventeen cargoes of LNG, equivalent to 1.7bcm. and could lead to so-called ‘Dutch Disease’.
Week 21 27•May•2021 www. NEWSBASE .com P9
