In an interview with Al- Sharq, Minister of Petroleum and Mineral Resources Tarek El Molla disclosed plans with the East Mediterranean countries to increase liquefied natural gas (LNG) exports to Europe during the upcoming period.
During the interview on the sidelines of the World Economic Forum in Davos, the minister said that Egypt currently is exporting 1 billion cubic meters of natural gas per day (bcm/d) and it is expected to increase to more than 1.5 bcm/d over the next two years.
El Molla also added that he expects the start of the construction works for the gas pipeline from Cyprus at the end of 2022 and it should be ready to start operation by 2025. The pipeline is based on an agreement signed between the two countries in 2018.
Furthermore, Egypt will post a bid round for oil and gas exploration and production (E&P) by H2 of 2022, the minister said, highlighting that the state’s agenda has a bid round offering every year for E&P in the Mediterranean, Eastern Desert and the Western Desert.