Investing.com -- The Zohr gas field in Egypt, operated by ENI (BIT:ENI), is set to resume production and expand drilling within the next two years, according to Prime Minister Mostafa Madbouly. The announcement was made on Thursday, indicating that the drilling activities will resume in the coming weeks.
Production at the Zohr field had been previously limited due to outstanding debts owed to foreign oil companies. To address this, a drilling ship arrived in Egypt in January to help increase production from the offshore field, as reported by Egypt’s petroleum ministry last month.
The Zohr field’s average production in the first half of 2024 stood at 1.9 billion cubic feet per day (bcf/d), a figure that falls significantly short of the peak reached in 2019. With the resumption of drilling and the planned expansion, it is expected that the production rate will increase, although specific targets were not indicated in the announcement.
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