The wheel has turned for Egypt's gas market, shifting from deficit to surplus in record time. Further monetisation options are becoming critical to deal with the influx of new volumes. Negotiations are still underway for exporting additional gas via LNG, while the domestic market faces risks of saturation in the near term. However, significant new volumes will be needed to offset declining output at maturing fields over the next decade. The government is pushing for diversification to bridge the energy gap. We expect coal and nuclear to enter the power mix. The official targets on renewables will be hard to reach but our outlook remains positive for solar and wind which make up for an increasing share of the energy mix.