Investments worth $1.2bn planned for Zohr field in 2023-2024

Seeking to expand production from the largest Mediterranean gas field, Khaled Mowafi, chairman of Belayim Petroleum Co., has announced Egyptian authorities will invest $1.2 billion during the fiscal year 2023-2024 in the Zohr gas field.

The company, also known as Petrobel, is a joint firm between the Italian giant ENI and the state-owned Egyptian General Petroleum Corp..

The budget for the next fiscal year includes the implementation of an ambitious plan to intensify the development activities of the field through the expansion of drilling new wells and repairing and re-completing others, Mowafi said during a meeting of the General Assembly of Petroshorouk Co., which is operating in the Zohr gas field.

He went on to say that projects will be undertaken to increase the efficiency of the facilities at the onshore production plant.

Mowafi also reviewed the amended budget of the current fiscal year 2022-2023, noting that work will continue to develop the southern region of the field, the well “Zohr-18,” which was successfully drilled, completed and placed on the production map in December 2022.

Egyptian exports jumped 19.2% in first 11 months of 2022

Egyptian exports increased by 19.2 percent to hit $46.9 billion during the first 11 months of 2022, compared to $39.3 billion during the same period a year earlier, according to government data.