Egyptian state-owned gas company EGAS has reached an agreement with the Norwegian BW Gas, under the terms of which BW Gas will provide EGAS with a 750 mcf/d (21 mcm/d or 7.7 bcm/year) floating storage and regasification unit (FSRU). The FSRU will arrive in the last week of September 2015 and will be the second FSRU in the country, after the commissioning of a 5.7 bcm/year FSRU in Ain Sokhna in April 2015.
Egypt, a traditional gas exporter, has turned into a net energy importer in the last few years, due to declining oil and gas production and soaring consumption, forcing the country to divert energy supplies to the domestic market. Egypt expects to import a total of 7.79 Mt of LNG in the fiscal year 2015-2016 (July 2015-June 2016), plus 6.37 Mt of crude oil; LNG imports should reach US$3.55bn and crude oil imports US$3.51bn. The country aims to produce 695,000 bbl/d of crude oil and condensates, to reach a production of 30.5 Mt of crude oil in the fiscal year. Egypt also aims to stop importing LNG by 2020, once the recent energy agreements on gas production with foreign companies will come to fruition.
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