Egypt: Zohr gas field development underway as Saipem 10000 begins drilling
Arab Finance: Minister of Petroleum and Mineral Resources Karim Badawi announced the resumption of development work at the Zohr gas field following the arrival of the Saipem 10000 drilling ship in Egyptian waters at the end of January, as per a statement.
Necessary preparations have been completed, and drilling began in mid-February on the first well of the new phase, in collaboration with Eni, Arcius Energy, Mubadala, and Rosneft to increase natural gas production and counter the natural decline in output.
The announcement came during the general assembly meeting of PetroShorouk and Petrobel to approve the planning budget for the fiscal year (FY) 2025/2026.
Badawi emphasized the importance of restoring and increasing production levels, urging a clear action plan with specific targets.
He also highlighted the role of the Zohr School of Applied Technology in Port Said as an example of industry-community partnership.
Petrobel Chairman Khaled Mowafi outlined the company's financial plan, with $320 million allocated for operations, including $122 million for well maintenance to sustain production.
Part of the budget is also designated for maintaining production platforms across all company sites.
The company aims to achieve daily production of 144,000 barrels of oil equivalent and 434 million cubic feet of gas in FY 2025/2026.
The crude oil target is 58,000 barrels per day, alongside 4,730 barrels per day of condensates and 130 tons per day of butane, while maintaining cost efficiency.
He also noted that Petrobel has achieved 5.5 million safe working hours during operations.
Mowafi confirmed the drilling of three wells, Zohr 13, Zohr 6, and Zohr 9, using coiled tubing technology in deep water for the first time globally.
© 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).
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