By Eman Rashed
Minister of Petroleum “Tarek El Molla” has announced that Italy’s “Eni” will start this week drilling at “the Zohr” natural gas field that is located in the Shorouk concession of the Mediterranean Sea.
Eni will begin drilling 20 wells over 26 months at a cost of USD 12 billion, which the company will pay in full. It is expected that the field will produce approximately 2.7 billion cubic feet of gas daily once the drilling project is complete.
During the first quarter of the current fiscal year 2015-2016, Egypt’s expenditure on petroleum subsidies hovers around EGP 14bn ($1.8bn), according to the state –owned Al-Ahram newspaper citing petroleum minister Tarek El Molla on Sunday.
