Egypt is growing bigger and more enlightened every day in all fields, and international forecasts say that the Egyptian monster is coming in energy, manufacturing, export, ports, trade, tourism and development.. And take the big one, Egypt is once again at the forefront of the countries that will control the gas market.. Let us know how and why.
Prime Minister Dr. Mostafa Madbouly revealed a very pleasant surprise in the last few hours when he said that production rates in the Greater Zohr field in the Mediterranean Sea will return to their previous levels about 6 months from now, meaning in the middle of next year, 2025.
As we know, this Zohr field appeared at a very important time when Egypt was taking off economically, and President Sisi at the time said, I wish we had 100 fields like Zohr, because Egypt still has a long way to go on the long road to development, and if you remember, Egypt exported more than $8 billion in gas from the field. It appeared one year before local consumption increased insanely with heat waves, and production rates in the field coincided with a decline after 6 years, although foreign companies had Late dues and temporarily halting field development operations.
But what happened was that the government paid most of these dues to foreign companies in the field of oil exploration, which began working again in the fields, the first of which was the Zohr field, and the companies began developing the old field and also digging new wells around it, which contains a very important field.
So that we may know, the Zohr field is a joint project between Eni, BP, the Russian Rosneft, and the Emirati Mubadala Energy, in addition to the Egyptian Natural Gas Holding Company (EGAS), and is managed by Petrobel, a joint venture between the Italian Eni and the state-owned Egyptian General Petroleum Corporation.
Minister of Petroleum and Mineral Resources Karim Badawi said that the Zohr natural gas field in the Mediterranean will witness new well drilling work through the Italian company Eni during the coming period.
In numbers, the total investments in the Zohr field have reached 12 billion dollars so far, and it is expected to reach 15 billion dollars during the next 3 years, and work has begun to drill well No. 20 in the field with investments of 70 million dollars.
Away from the Zohr field, the Egyptian Ministry of Petroleum adopted the largest plan in the history of Egypt to explore for oil and gas in areas covering the entire republic from the beginning of Alexandria to Aswan, and there are international companies that have obtained exploration rights. There are very good signs that have appeared in more than one region, and every day we hear about new and certain discoveries. When the production map is completed, Egypt will once again control the energy market in the Mediterranean.
