Key facts
- A government official told Asharq Bloomberg the price of a single LNG cargo rose as much as 100% since September, to more than $100 million.
- Egypt asked suppliers to push five of its 15 November cargoes into 2027, on top of about 15 already deferred since July.
- Egypt set aside about $1 billion for November cargoes and EGPC bought six cargoes of high-sulfur fuel oil for November and December delivery.
- Egypt's gas output fell to 3.63 bcf/d in August, and existing fields lose about 120 mmcfd each month, per the Asharq Bloomberg report.
- The petroleum ministry extended the deadline for bids on 14 exploration blocks to December 14 after companies asked for more time.
- Chevron's Nargis-2 appraisal well encountered up to 35 metres of net gas pay, the petroleum ministry said on October 24.
Egypt's bill for imported liquefied natural gas has doubled since the war on Iran, and Cairo is deferring cargoes into 2027 and burning fuel oil in its power plants to hold down the cost, according to a report by Asharq Bloomberg published on November 4. A government official told the outlet that the price of a single LNG cargo has risen as much as 100% since September, to more than $100 million.
The petroleum ministry budgeted $10.1 billion for LNG imports in the fiscal year that began July 1 and had spent $5.8 billion of it by October 6. Egypt has set aside about $1 billion for November cargoes. Cairo has asked suppliers to push five of its 15 November cargoes into 2027, on top of about 15 cargoes it had already deferred since July. To cut the bill, EGPC bought six cargoes of high-sulfur fuel oil for delivery in November and December, and Egypt's fuel oil imports exceeded 640,000 tons in October.
Egypt's own gas output fell to 3.63 bcf/d in August as older fields declined faster than new wells came online. Output averaged 4.87 bcf/d in 2024, an eight-year low, and about 4 bcf/d in the second half of 2025. In July, Egypt imported more gas than it produced for the first time on record. Imports eased to 3.44 bcf/d in August, still almost half of what the country consumes: 2.24 bcf/d of LNG and 1.20 bcf/d by pipeline from Israel. Existing fields lose about 120 mmcfd of output each month, according to the report.
QatarEnergy has kept its LNG deliveries under force majeure since April, and on October 28 it extended that to the end of December. The petroleum ministry has extended the deadline for bids on 14 exploration blocks to December 14 after companies asked for more time. Petroleum Minister Karim Badawi pledged on September 16 to add about 330 mmcfd of domestic gas by the end of 2026, including about 250 mmcfd from the Zohr and West Mina fields and about 80 mmcfd from Meleiha. Eni's Nidoco N-2 well started producing about 55 mmcfd in July, BP brought the Fayoum-4 well online on August 31 at about 80 mmcfd, and Agiba Petroleum began start-up of the 100 mmcfd Meleiha Phase 2 plant on October 20. Shell's Mina West field, at about 120 mmcfd, is due to start before year-end, and Kpler says new wells and Mina West may hold production flat in early 2027 before the decline resumes.