Eni to pump $3B investments in Egypt during upcoming period

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Thu, 21 Jun 2018 - 05:55 GMT

FILE – Works on Zohr Field on the Mediterranean- Eni website

FILE – Works on Zohr Field on the Mediterranean- Eni website

CAIRO – 21 June 2018: Eni seeks to pump investments of $3 billion in Egypt during the upcoming period, Eni CEO Claudio Descalzi said.

Descalzi added that the total investments pumped in Noras and Zohr fields so far reached $8.4 billion, noting that 70 percent of the company’s investments exist in Egypt.

This came during the meeting of Petroleum Minister Tarek el-Molla with Eni CEO, Chief Upstream Officer, Antonio Vella and General Manager of the Italian-Egyptian Oil Company (IEOC), affiliated to the Italian oil company Eni, Fabio Cavanna.

For his part, the minister of petroleum said that there is full cooperation and coordination with Italy's ENI, Egyptian oil companies Petrobal, Petrojet, ENPI and Petroleum Marine Services to accelerate the implementation of the remaining of the projects.

The meeting also included discussing the latest developments in Zohr gas field and the completed construction work in the gas treatment plants in Port Said.

Minister of petroleum Molla announced earlier that production of Zohr gas field is going to be increased to reach 1.75 billion cubic feet per day in August after the completion of the third unit of gas treatment plant 10 days ahead of schedule.

Molla added that the completion of the third unit of the plant came in line with the implementation of the 30-inch marine pipeline from the wells to the land treatment plant, which is scheduled to be completed by the end of next July.

The minister added that the field development, the entry of the accelerated production stage and the first and second production lines on the national network of gases, in addition to other development projects, contributed to increasing the rates of domestic production to about 6 billion cubic feet of gas per day.

Molla said that Zohr gas field production would rise to 900,000 million cubic meters per day before the holy month of Ramadan.

In 2015, Eni discovered Zohr gas field, the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet.

The second phase of Zohr gas field will add around two billion cubic feet per day to Egypt's production and will be completed before the end of the year, according to Minister of Petroleum Molla.

On the other hand, Cavanna said in April that gas production from the Noras gas field increased to around 1.2 billion cubic feet per day (bcf/day).

Egypt plans to stop importing liquefied natural gas (LNG) by the end of fiscal year 2017/2018 by adding 1.6 million cubic feet to its production from its latest gas discoveries, including West Delta’s Taurus and Libra fields, as well as the Atoll and Zohr gas fields.

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