Eni to Resume Zohr Gas Field Operations by January 2025

Prime Minister, Mostafa Madbouly, confirmed that Eni will resume operations in the Zohr gas field by the end of January 2025, during a press conference held after the Cabinet’s weekly meeting.

Over the past six months, 105 new oil wells have been drilled, adding 64,000 barrels per day to production, Madbouly added.

These discoveries are expected to save Egypt billions of dollars in energy imports.

Madbouly announced that oil companies operating in Egypt are expanding their exploration efforts, resulting in new discoveries of oil wells.

 Prime Minister Madbouly outlined the Egyptian government’s recent achievements and strategic objectives.

He emphasized the government’s commitment to enhancing the productivity of Egypt’s local car manufacturing industry and increasing exports to international markets.

This initiative is part of a broader plan to strengthen the country’s industrial base and reduce reliance on imports.

Madbouly noted that the inflation rate has decreased on an annual basis and remains stable month-to-month. This stability reflects the government’s ongoing efforts to manage economic challenges and stabilize the market.

To improve trade and logistics efficiency, the government aims to reduce customs clearance times to no more than two days in the near future.

The Prime Minister highlighted a significant increase in non-oil commodity exports over the past period, signaling progress in diversifying Egypt’s export portfolio and enhancing global trade competitiveness.

Madbouly identified the communications and information technology sector as a key driver of employment for young people in Egypt.

The government aims to leverage this sector’s potential to create job opportunities and foster innovation.

The government is focused on advancing and developing the private sector’s role in the economy, encouraging greater investment and collaboration. Madbouly emphasized the importance of this approach for sustainable economic growth.

Looking ahead, Madbouly announced Egypt’s participation in the 2025 Davos Forum, a global economic platform.

 This participation will provide an opportunity to promote the country and attract new investments, reinforcing Egypt’s position as an investment destination.