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).

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Gulf Today

a day ago

• Gulf Today

DP World Egypt receives LNG vessel, iron ore shipment

DP World Egypt announced that it received a Floating Storage Regasification Unit (FSRU), the country's largest iron ore shipment and the Aroya cruise ship this month at its Ain Sokhna Port, showcasing its ability to manage diverse vessel types while advancing Egypt's trade, energy and tourism goals. Energos Eskimo, a Floating Storage Regasification Unit (FSRU) operated by New Fortress Energy (NFE), docked at the Sokhna facility for a series of specialised technical upgrades, including modifications to its high-pressure gas manifold in preparation for its forthcoming call at SUMED Port, where it will begin injecting natural gas into Egypt's national grid. The Port also welcomed the Berge Kuju, a 300-metre dry bulk vessel arriving from Brazil with 180,008 tonnes of iron ore destined for Ezz Steel, marking the largest iron ore shipment ever received at an Egyptian port. The delivery forms part of a long-term strategic agreement and supports more than 6 million tonnes of annual iron ore throughput at Sokhna. Sokhna Port also welcomed the Aroya cruise ship with 2,300 passengers, on its second scheduled visit under an annual agreement with Cruise Saudi. 'DP World Egypt continues to prove its ability to manage diverse vessel types with efficiency and precision, from LNG carriers and dry bulk ships to cruise liners,' said Mohammad Shihab, Chief Executive Officer, DP World Egypt 'Sokhna Port's strategic location and advanced infrastructure make it a vital connector between Egypt, East and North Africa, Asia and beyond. WAM

Zawya

2 days ago

• Zawya

Gold prices in Egypt record collective drop on Wednesday

Arab Finance: The gold prices in Egypt dropped on Wednesday after the 24-karat retreated to EGP 5,485.75 per gram for purchasing and EGP 5,508.5 for selling, according to iSagha's data. Likewise, the 22-karat gold price hit EGP 5,028.5 for buying and EGP 5,049.5 per gram for selling. The 21-karat gold also declined to EGP 4,800 per gram for purchasing and EGP 4,820 for selling. The 18-karat gold price dropped to EGP 4,114.25 per gram for buying and EGP 4,131.5 for selling. Meanwhile, the gold pound's price recorded EGP 38,400 for purchasing and EGP 38,560 for selling. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (

Zawya

2 days ago

• Zawya

Egypt: EGX ends Wednesday's trading session up

Arab Finance: The Egyptian Exchange (EGX) closed Wednesday's trading session with collective gains, with the EGX30 index going up by 0.37% to 30,838.98 points. The Sharia-compliant index, EGX33 Shariah index, rose by 0.63% to 3,214.17 points. Both the EGX70 index and the EGX100 index closed the session higher by 0.54% at 9,040.23 points and by 0.56% at 12,302.61 points, respectively. EGX's turnover stood at EGP 3.033 billion through the trading of 1.155 billion shares in 105,349 transactions, while the market cap hit EGP 2.183 trillion. Retail investors controlled 70.65% of the total trading, while the institutions equaled the remaining 29.34%. Arab and foreign traders accounted for 4.82% and 4.67% of the trading transactions, respectively. The Egyptian investors took over 90.52%. The Egyptian investors were sellers with EGP 199.243 million. Foreign and Arab traders were buyers with EGP 143.335 million and EGP 55.908 million, respectively. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (