Some of the key points raised include:
- There is no immediate and, surely, no single alternative to Russian gas for Europe in the short term.
- Egypt’s gas exports to Europe are relatively small, especially when compared with Algeria.
- Still, Egyptian gas can support Europe’s quest to reduce its dependence on Russian gas.
- The discovery of Zohr field gave a much needed boost for Egyptian gas production and exports after the country experienced a peak in production in 2009.
- Egypt is best positioned to be a gas hub for the region, particularly for Eastern Mediterranean countries which lack the extensive infrastructure Egypt has.
- Egypt is the biggest market for natural gas in Africa and a continuous increase in domestic demand without an expansion in production will crowd out a share of exports.
“Sanctions and the Economic Consequences of Higher Oil Prices“, Christof Rühl, Apr 2022
“Energy Markets and the Design of Sanctions on Russia“, Christof Rühl, Mar 2022
“EU Talks to Ban Russian Oil“, Dr Carole Nakhle, May 2022
“The West and Russian Hydrocarbons: Towards an end to this dependency?“, Dr Carole Nakhle, May 2022
“Can Europe completely cut its reliance on Russian energy supplies?“, Dr Carole Nakhle, Mar 2022