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New York

Wed, 13 Nov 2019 18:20 GMT

Egypt: Zohr Natural Gas Output Soars with Major Investment Ahead


7Dnews London

Wed, 06 Feb 2019 16:34 GMT

Egypt’s giant Zohr offshore gas field has raised output to 2.1bn cubic feet per day. Partners in the project will invest $1.2bn in the fiscal year 2019/2020 to "intensify development activities in the Zohr area," the petroleum ministry said on Wednesday, February 6th.

The largest gas field in the Mediterranean, Zohr was discovered in 2015 by Italy's energy company, Eni, and began output in late 2017. It contains an estimated 30 trillion cubic feet of gas. Zohr development costs in fiscal 2018/2019 (to end-June) are expected to be around $3.2bn, the ministry said.

On Tuesday, February 6th, Petroleum Minister, Tarek El Molla, said that Egypt plans to raise its natural gas output by 400m cubic feet per day within three days. The ministry will hold an exploration bid round for concessions in the Red Sea "within weeks", Molla added.

Eni discovered Egypt's giant Zohr gas field in 2015. In December 2017, the company delivered the first gas production from the field estimated at 30 trillion cubic feet, which makes it the biggest gas field in the Mediterranean region.

Egypt is expected to become a regional hub for natural gas following the booming natural gas production from Zohr gas field.

Middle East