Declining gas fields, a lack of investment and soaring demand will see Egypt swing from being a 13 bcm/year net gas exporter in 2010 to an 8 bcm importer this year. Output is falling by 12%/year. But “cheap LNG first, and the development of newly-discovered resources later, help drive a remarkable turnaround,” the IEA says in its latest Medium Term Gas Market report.

Egypt began LNG imports in May 2015. Volumes rose rapidly to an average of a cargo a week by the end of the year....