Over the past 12 months, investment in the Zohr field, the largest in the Mediterranean, totaled $677 million dollars
Egypt will drill two new gas wells in the Zohr field in the Eastern Mediterranean in the first three months of 2025. According to Egyptian Minister of Petroleum and Mineral Resources Karim Badawi (pictured), the drilling of the wells will be entrusted to Petrobel, a company that belongs to the state-owned Egyptian General Petroleum Corporation (EGPC) and Italy’s ENI. Petrobel is currently the largest oil and gas operator in the Mediterranean. Badawi made the statement on the sidelines of a meeting with representatives of ENI, BP, Russian oil company Rosneft, and Emirati Mubadala, invited to Cairo on the occasion of the general assembly of Petro Shorouk, operator of the Zohr concession.
Zohr is the largest natural gas field in the Mediterranean. The Zohr field has the potential to supply local gas needs for decades while allowing the construction of a regionally important liquefied natural gas (LNG) plant. The implementation of the Zohr project has placed Egypt among the strategic countries in the global energy industry. Zohr is a natural gas field offshore Egypt, about 200 km north of Port Said, in the Shorouk area. The field is classified as a “supergiant”: its potential has proven to be huge, capable of meeting Egypt’s energy needs and allowing the country to position itself as a benchmark for liquefied natural gas (LNG) exports to European countries.
According to Petro Shoruk president Khaled Mowafi, “the average production of the Zohr field reached 2 billion cubic feet of gas per day (58.6 million cubic meters) during the fiscal year from July 2023 to June 2024, while the investment in the project amounted to more than $677 million during the said period.”