Egypt's natural gas exports down 86% y-o-y in August

Egypt's exports of natural gas in August witnessed an 86 percent drop compared to the corresponding month of the previous year, the state-run Information and Decision Support Centre (IDSC) reported on Sunday.

The value of exports totalled $26.1 million, compared to $192 million in August 2013.

Meanwhile, natural gas production fell 14 percent lower than its August 2013 level, totalling 3.04 thousand tonnes of natural gas, compared to 3.5 thousand in the same month of the previous year.

Electric power generation accounted for some 67 percent of natural gas consumption, up from 60 percent a year before, reflecting Egypt's efforts to meet rising domestic demands for electricity.

Egypt has been in negotiations with US-based Apache Corp and other international gas companies to offer higher gas prices to encourage exploration, Reuters reported last week.