Egypt eyes energy breakthroughs as Iran war deepens gas crunch
Among countries outside the Gulf conflict's direct line of fire, few have felt the shockwaves as acutely as Egypt.
Egypt has been busy striking oil and gas deals in the shadow of a historic global energy supply shock fueled by the US-Israel-Iran war.
On April 9, Cairo agreed to purchase all future gas recovered from a major field in Cyprus. Days earlier, news surfaced that Egypt is set to import at least 1 million barrels per month of Libyan crude to offset lost Kuwaiti supplies.
Cairo has made a breakthrough in efforts to revive its own waning gas production. On April 7, Italian energy giant Eni announced a major offshore gas discovery in Egyptian waters, estimated at roughly 2 trillion cubic feet.
While overshadowed by war headlines, these developments reflect a broad scramble among countries seeking solutions to energy vulnerabilities exposed by a conflict that has disrupted roughly 20% of global oil and liquefied natural gas flows through the Strait of Hormuz. For Egypt, the stakes are particularly high.
