- In the first two months of this year, Egypt's petroleum trade balance turned into a deficit of 1.1 billion dollars, compared to a surplus of about 1.73 billion dollars in the same period last year.
- Petroleum exports continued to decline for the second month in a row during February, recording $321 million, compared to about $526 million in January.
- In the first two months of the year, Egypt produced 8.9 billion cubic meters of gas, compared to 10.3 billion cubic meters in the same period in 2023, a decrease of about 13.5%, while it consumed 9.8 billion cubic meters, compared to 9.4 billion cubic metres.
- Egypt returned to exporting gas during October in limited quantities, which gradually increased until December, but declined since the beginning of the year.
- The decline was driven by a decline in natural gas exports to $76 million from $114 million in January, crude oil to $85 million from $122 million, and petroleum products to $160 million from $290 million.
- During the first two months, Egypt's petroleum exports decreased to $847, compared to $4.1 billion during the same period last year.
- The decline in exports coincided with a decline in gas production during last February to the lowest level in 6 years, according to the joint energy database “GODI”, which led to the consumption of most of the production locally, according to what a government source told Al Borsa Market earlier.
- In terms of petroleum imports, they declined during February to $853 million, compared to $1.08 billion in January, and about $974 million in February 2023.
- During the first two months of the year, the country imported petroleum products worth $1.9 billion, compared to $2.3 billion during the same period last year. Natural gas accounted for $476 million and petroleum products accounted for $1.45 billion, compared to $401 million and about $1 billion, respectively.
- The Ministry of Petroleum is seeking to import quantities of natural gas in a step that has not occurred on a large scale since the discovery of the Zohr field and the start of its production in 2018. The Egyptian Natural Gas Holding Company “EGAS” contracted with the Norwegian “Hoge” Liquefied Gas Company to rent a floating unit for liquefied natural gas with the aim of securing additional needs for consumption. local during the summer.
- According to what an official source told Al Borsa, the Ministry of Petroleum and Mineral Resources requested 15 shipments of natural gas to mitigate the decrease in load shedding in the summer from 4 hours to 2 hours.
