IHS Markit

Declining demand and oversuply of LNG in east Mediterranean region due to COVID-19

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Egypt and Israel continue to show remarkable success in upstream development as Israel’s Leviathan has begun production and exports and Egypt’s Zohr reaches its targeted capacity. However, limited regional demand has left project sponsors in need of new customers. Low global prices have also prevented Egypt from harnessing its domestic surplus to rejuvenate its LNG exports as planned, leading to shut-in production capacity at Egyptian fields. This webinar explored the prospects for regional gas to find buyers in the near term, and for new Israeli and Cypriot gas to reach market via Egypt’s liquefaction plants or new infrastructure amid a new wave of expected global LNG oversupply in the late 2020s and early 2030s.