RIYADH: Egypt is set to bolster its oil and gas production with plans to drill multiple new wells in the Zohr gas field throughout 2024 and 2025, according to a statement from the government.
The move aims to ramp up output, improve operational efficiency, and intensify research and exploration work, said Minister of Petroleum & Mineral Resources Tarek El-Molla.
This development signals an upswing in Egypt’s energy sector, with the Zohr gas field playing a pivotal role in the nation’s hydrocarbon landscape.
During the fiscal year 2022-2023, El-Molla explained that the average daily production of natural gas from the Zohr field stood at about 2.4 billion cubic feet, accompanied by about 3,700 barrels per day of condensates.
He highlighted that the gas field’s 12th well is set to commence production by the end of next October, bolstering the efforts to sustain these production rates.
The minister’s comments came during the General Assembly of Petrobel and Petro Shorouk via video conference, where business results for the fiscal year 2022-2023 were approved.
El-Molla stressed that the partnership between Petrobel, a subsidiary of the Egyptian General Petroleum Corp., and the Italian energy company Eni represents a successful model of cooperation and integration within Egypt’s petroleum industry.
Their combined expertise and capabilities have led to success stories and new discoveries, contributing to Egypt’s increased production rates and reserves of oil and gas, he highlighted.
El-Molla emphasized the need to intensify drilling activities, develop implementable engineering and technical solutions, and leverage cutting-edge technologies to further augment production rates.
He underscored the significance of sustainability, emphasizing the application of safety, occupational health, and environmental procedures to preserve human resources, assets, and equipment within the industry.
In the same assembly, Petrobel’s Chairman Khaled Mowafi disclosed that the company’s production of oil, natural gas, condensates, and butane during the past year amounted to about 93 million barrels of oil equivalent.
Additionally, investments in the exploration, development, and operation of gas and oil fields during the same period totaled about $737 million.
Established in 1978, Petrobel is considered one of Egypt’s largest companies operating in the petroleum and energy sector, making significant contributions to the nation’s energy landscape.