Dolphinus Holdings2من اصل2
It found the answer in Egypt, which diverted exports for domestic use when gas production fell after the revolution of 2011. I hot left two liquefaction terminals sitting idle. In February an Egyptian firm,
Dolphinus Holdings, signed a deal for $1 5bn to buy Israeli gas and prepare it for export, Cyprus, too, wants Egyptian firms to liquefy gas from its Aphrodite field. Zohr did not change the equation, because most of its production will stay at home to meet ravenous demand. More than three quarters of Egypt electricity comes from gas-fired plants, and power consumption grew by 14% last year,
If Egypt keeps finding new reserves. though, it will need those terminals to export its own gas. New finds seem inevitable. Eni alone plans to invest more than $10bn in Egypt by 2022, It and other firms have struck onshore gas in the western desert, where the government is keen to explore further. “All the offshore works in the Mediterranean are east of the [Nile] delta. The west is unexplored,” says Iorek or-Moue. the petroleum minister.
Mediterranean gas will have no shortage of buyers. Demand is soaring in developing countries. Consumption in China alone grew by 15% last year, But it would be particularly attractive to Europe, which depends on Russian gas, European imports from Russia hit a record high in 201 7, Former Soviet states fear this gives Vladimir Putin, the president of Russia, leverage over them, His country has cut off supplies in the past, Egypt and its neighbors could help Europe diversify its sucolers.
More than three-quarters of Egypt’s electricity comes from gas-fired plants, and power consumption grew by 14% last year.