CAIRO – 5 September 2024: Eni, the Italian company, plans to boost natural gas production in Egypt by approximately 200 million cubic feet per day starting next January, as confirmed by a government official speaking to Asharq Bloomberg.
This expansion will be facilitated by the drilling of three new wells in the deep-water Zohr field in the Mediterranean, a venture expected to cost over $300 million.
The decision aligns with the recent visit of Egypt's Minister of Petroleum and Mineral Resources, Karim Badawi, to Italy, aimed at strengthening collaboration between Egypt and Eni.
During the visit, both parties agreed to expedite development activities at the Zohr field by commencing drilling on the new wells next week and integrating them into the production process.
Moreover, the Egyptian government has committed to covering the monthly dues for Eni's share and resolving outstanding debts as per the agreed-upon schedule. Recently, Egypt settled a $1.3 billion payment for dues owed to foreign oil and gas companies operating in the country by the end of June.
In August, the International Monetary Fund reported that outstanding payments to foreign companies engaged in oil and gas exploration and extraction, alongside the Egyptian General Petroleum Corporation, totaled approximately $5 billion.
By the close of 2024, Egypt aims to elevate its daily natural gas production to around 5 billion cubic feet, an increase from the current output of roughly 4.6 billion cubic feet per day.
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