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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
NATURAL GAS
Egypt’s natural gas production declined to a three-year low, according to figures from JODI, sparking concerns for the nations ambitions to become a regional energy hub.
- Between January and May, gas production fell 9% on the year and 12% compared to 2021.
- Reuters sources said water infiltration issues at Zohr, a gas field operated by ENI with an estimated 30 tcf of gas reserves and a design capacity of 3.2 bcfd, have held back production. The field accounts for 40% of Egypt's natural gas output.
- Egypt is also currently in the midst of power shortages as a heatwave boosts cooling demand. Rolling blackouts this summer have also been a cause for concern regarding gas supply, which comprised 77% of Egypt's power generation in 2022, according to BMI Research.
- Egypt offers cargoes of LNG, either its own gas or from re-exported Israeli gas, on an ad-hoc basis.
- In 2022, the government announced a decision to ration electricity so it could export more gas. However, it said last month it would halt exports until the autumn to meet domestic demand.
Source: Reuters
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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