Egypt said Wednesday its natural gas exports surged by 14.3 percent in 2022 to hit $8.4 billion.
In a statement, the Ministry of Petroleum and Mineral Resources said Egypt exported 8 million tons of natural gas in 2022, up from around 7 million tons a year earlier.
In 2021, Egypt earned $3.5 billion from its gas exports.
The leap in the Arab country’s revenues from natural gas sales was attributed to higher liquefied natural gas (LNG) prices globally.
Egypt achieved self-sufficiency in gas in 2018, with an annual average of 64 billion cubic meters.
“The petroleum sector succeeded in investing in the government's plan to rationalize electricity consumption to provide additional quantities of gas for exports,” the ministry said.
Last August, the Egyptian government approved a plan to reduce gas and electricity consumption, in an effort to provide enough quantities for export to Europe.
Following Russia's war against Ukraine earlier this year, the European Union has sought to reduce its dependence on energy supplies from Moscow by reaching energy agreements with other countries, including Egypt.
On Tuesday, Egypt launched an international tender to search for natural gas and crude oil in the Mediterranean Sea and the Nile Delta, in an effort to boost the country’s gas production to meet local market needs and for export, AA reports