Eng. Tarek Al-Molla, Minister of Petroleum and Mineral Resources, headed a meeting of Petro Shorouk Company’s general assembly to present business outcomes of the financial year 2015/2016. The company is supervising the development of Zohr gas field in the Mediterranean. Eng. Mohamed Taher, Eng Mohamad Moans, both are first deputies of the Ministry of Petroleum and Mineral Resources, Tarek Al-Hadidy, CEO of Egyptian General Petroleum Corporation (EGPC), and Mohamed Al-Masry, Head of Egyptian Natural Gas Holding Company (EGAS).
During the meeting, the minister praised the performance and accomplishments of Zohr field, adding that it has witnessed significant development. He also stressed on the necessity of meeting the timelines of the project’s stages which ensures that gas production will start by the end of next year.
Al-Molla pointed out the significant cooperation the petroleum sector and the Italian company Eni that helped achieve significant outcomes. Zohr field, along with other gas projects, will contribute to fill the gap between production and consumption and meet the local market needs. Zohr field investments are estimated at $12bn and could reach up to $16bn on the long term. The field has a positive influence on the investments in the Egyptian petroleum sector and it will attract more investors and global petroleum companies.
Eng. Atef Hassan, Head of Petrobel, which is a Petro Shorouk subsidiary, presented the business outcomes and accomplishments of Zohr since the project started. He added that 5 wells, among 6, were drilled in deep water; the field’s production will start at the end of next year and is expected to produce 1 billion cubic ft. of gas daily. Furthermore, Zohr’s production is expected to creep up to its peek (2,7 billion cubic ft daily) by the end of 2019.
