FILE- Petroleum investment in Egypt around $39 B
CAIRO – 26 November 2017: Egypt’s Petroleum Ministry is targeting a raise in its production from natural gas and crude oil via 10 projects to be accomplished in cooperation with a number of foreign firms at a value of $39.2 billion.
The largest project is Zohr Field that was discovered in 2015 by the Italian energy company Eni and is expected to save Egypt some $1 billion annually in gas imports.
The field has an area of 100 square meters at a depth of 1,450 meters. Investing around $10 billion in the project; Eni is estimating total output of the field to be approximately 30 trillion cubic feet of gas.
Production from Zohr is expected to start before the end of 2017 with a total production capacity at 350 million cubic feet per day with expectations to increase that figure to 1.2 billion cubic feet per day before the middle of 2018.
The project is being implemented by Petro Shorouk and Eni’s Ieoc Production BV.
The plan also includes developing Northern Alexandria and West Delta fields for Natural Gas. Production of phase two is projected to be launched by the end of 2017 with production capacity at 500 – 700 million cubic feet. The project is being accomplished by British Petroleum Co (BP).
The project’s phase one was inaugurated at end of May with a production capacity at 600 – 700 million cubic feet per day.
Another project is Atoll Gas Field lying in the North Damietta Concession offshore Egypt in the East Nile Delta and being developed by BP, In addition to developing Al Amal field by Amal Petroleum Co, and Muzhil Field by PetroZenima CO.
Merit and Aten fields are other two fields that are being developed by ENI’s Ieoc Production BV. Shell company is developing Burullus fields and BP develops Salamat field and there is another one developing at northern Sinai field, phase two B.
Official data from the Ministry of Petroleum says the volume of Egypt's natural gas production ranges between 5.1 to 5.3 billion cubic feet per day, while Egypt's crude oil production is about 630 thousand barrels per day.