Egypt’s expected gas Production from giant Zohr gas field in the Mediterranean will reach 2.9 billion cubic feet per day by mid-2019، Italy's Eni Gas Company said on Monday.
In a conference held by the Petroleum sector in Egypt today Monday، Eni's Chief Executive Officer Claudio Descalzio said that the company targets reaching 1.8 billion and 2 billion cubic feet of gas production per day by the end of 2018. He added that Zohr gas production is estimated to reach 2.9 billion cubic feet per day by mid 2019. Eni currently holds 60 percent stake in the Shourouk Concession، which includes the Zohr field. Russia's Rosneft holds 30 percent، while British Petroleum (BP) holds ten.
The Italian company will take up 40 percent of the field’s output for the recovery of development and exploration costs.
Any excess production will be split between Egypt and Eni.
Egypt was a net exporter of LNG until 2014. However، the country became a net importer in recent years due to declining output and power shortages amid political turmoil.
In October، El-Molla announced that $27.3 million would be invested in three Egyptian natural gas fields – Zohr، North Alexandria، and Nooros – in the year 2018.
The three fields are expected to increase Egypt's natural gas output by 50 percent in 2018 and 100 percent in 2020، according to the ministry.