Egypt secures LNG deals with Shell and TotalEnergies for 2025
LONDON, Feb 6 (Reuters) - Egypt has signed deals worth around $3 billion with Shell and TotalEnergies to secure 60 cargoes of liquefied natural gas (LNG) to cover demand for 2025, three trading sources told Reuters.
The most populous Arab country last year returned to being a net importer of natural gas, buying dozens of cargoes and abandoning plans to become a supplier to Europe amid a steep decline in domestic output.
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Egypt's domestic supplies fell to a seven-year low in September 2024, according to data from the Joint Organizations Data Initiative, mainly due to declining production from Zohr gas field and higher power consumption.
"The deals shall cover most of the country's demand in 2025," the sources said.
(Reporting by Marwa Rashad; Editing by Susanna Twidale, Kirsten Donovan)