7 - 13 March 2002
Issue No.576
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Al-Ahram Weekly Online 7 - 13 March 2002 Issue No.576 |
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Gas concerns
LNG was all the rage at a conference on natural gas held in Cairo last week. Jasper Thornton reports
No one really likes to admit that gas excites them, so it was an unusual experience to visit a conference where people spoke about it with positive passion. The Middle East Economic Digest held the first Mediterranean Gas Congress at the Cairo Conrad Hotel on 26 and 27 February, in association with Gaz de France, who have recently signed a deal to buy natural gas from Egypt, and Commerce one. Delegates included BG, Burlington Resources, Egyptian LNG, Union Fenosa, Sonatrach and Egypt's petroleum minister, Sameh Fahmi.
Most of the passion came when delegates discussed the new plans to turn Egypt into an LNG (Liquefied Natural Gas) power. Philippe Casagne described the blistering growth in Europe's energy needs, and explained his company's plans to buy gas from across North Africa, using the market freeing of the Barcelona Process as the motor. Egypt is in the van, and Gaz de France sees it supplying 12-25 billion cubic metres a year between 2010-2020 to Europe's hungry energy markets. He also discussed how the Suez Canal could act as a route for long-term LNG transit for the region. He called Egypt an "attractive country for exploration and production" and said that his company intended to develop cooperation all along the gas chain.
Shell Egypt's Andrew Vaughan described different possible applications of technology in Egypt. He outlined Shell's Floating LNG programme, which would allow gas to be extracted offshore, even in deep water fields. The barge-mounted project would have little environmental impact (a concern for Egypt's renowned coastline), and would diversify Egypt's gas resources.
Updating conference-goers on the progress of the Egyptian LNG project, John Earl, managing director of Egyptian LNG, explained that the legal and financial team had already been appointed and that initial market soundings were positive. The project requires the construction of a liquefication plant, and establishment of shipping and regasification facilities, all at an estimated cost of two billion dollars. Seven buyers, said Earl, had expressed interest in buying the gas.
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