The Egyptian Ministry of Petroleum agreed with the Italian company “Eni” to resume drilling in the Egyptian “Zohr” gas field Next December.
Egyptian Minister of Petroleum Karim Badawi announced that “the company will drill two wells, with production rates of about 220 million cubic meters per day, ensuring a return to the production plan before the rig’s work stops.”
He pointed out, “It was agreed with BP to accelerate all efforts to enter the second phase of the Raven field, with production rates of about 200 million cubic feet per day, during January 2025, to reduce the import bill.”
According to the Egyptian newspaper Al-Shorouk, he referred to “the agreement with Apache Company to assign 4 exploration areas in the Western Desert to quickly put them on the production map, and to agree on the proposed incentive package to increase gas production.”
He added: “Every barrel of locally produced oil is important for Egypt, and every cubic meter of local gas is important because it contributes to reducing the import bill.”
Egypt raised fuel prices by between 11 and 17 percent last week, and Badawi said, “Despite the increase, the government is still spending about 10 billion Egyptian pounds ($205.34 million) per month on fuel subsidies.”
Last updated: October 24, 2024 – 15:44
Suggest a correction