The Arab world is blessed with some of the most impressive hydrocarbon reserves in the world, but despite impressive domestic reserves, production has failed to keep pace with rising consumption. Because of this, the Middle East and North Africa region or MENA will become the world’s second largest importer of LNG in the coming years according to the International Energy Agency , with consumption rising from 480 bcm in 2015 to 738 bcm in 2040 . Algeria was a pioneer in using LNG technology with the world’s first liquefication plant in 1964. The MENA has come a long way since the early days of the industry. Until 2015 almost 50 percent of the worldwide nominal LNG production came from the region. Resources, however, are unevenly distributed. While some countries possess significant reserves, such as Qatar, others rely on imports to meet demand. Egypt went from the world’s eighth largest exporter of LNG in 2009 to the world’s eighth largest importer in 2016. However, Cairo’s fortunes have changed again due to the discovery of a massive gas field off its coast in the Eastern Mediterranean. Others, such as the UAE, possess significant reserves, but rely on LNG to meet peak […]
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