CAIRO - 10 July 2024: Eni, an Italian company, has announced plans to invest approximately $160 million in the second half of 2024 for drilling two new wells in the Zohr field situated in the deep waters of the Mediterranean, according to a government official who spoke to Asharq Bloomberg.
This decision follows a recent visit by a delegation of high-ranking Eni officials to Egypt. The official also mentioned that Eni is currently in the evaluation phase of research and development operations for the Shorouk concession area, where the Zohr field is located.
This significant increase in investment and the prospect of drilling new wells were discussed during the Eni delegation’s visit to Egypt.
It is worth noting that the Egyptian government recently fulfilled a payment of $1.3 billion in dues to foreign oil and gas companies operating in the country by the end of June.
According to a report from the International Monetary Fund (IMF) in March, the outstanding dues from foreign companies engaged in oil and gas exploration and extraction in Egypt amounted to approximately $4.5 billion.
Over the past six months, the daily production of Zohr gas has averaged two billion cubic feet, accompanied by around 3,700 barrels per day of condensates.
The Zohr field, known as the largest gas field in the Mediterranean, currently contributes about 35 percent to Egypt’s total gas production, which stands at an average of 5 billion cubic feet per day.
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