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| Africa North |
| Egypt’s supergiant gas field Zohr officially begins production: Eni |
| 2017-12-21 |
| [AlAhram] Italian oil and gas company Eni said on Wednesday that it had begun producing gas from Egypt's giant offshore gas field Zohr, the Mediterranean's largest ever gas discovery. The mammoth gas field began production in record time, less than two-and-a-half years since its discovery in 2015, with potential gas reserves of 850bn m3, the company said on its website. Once Zohr has reached full production, it will transform Egypt from a net importer to a net exporter of natural gas, helping the country achieve its aim of becoming a regional energy hub. Experimental production from Zohr began last Saturday at an initial 350 million cubic feet per day (mcf/d), with gas transported from the field to the refinery in Port Said. Zohr is a deepwater offshore gas field located in the 3,752km² Shorouk block in the Mediterranean Sea, 150km from the north coast of Egypt. It was discovered by Eni in August 2015. In February of the following year, the Egyptian Natural Gas Holding Company (EGAS) granted Eni approval for the Zohr Development Lease. In February 2017, BP acquired a 10 percent stake in Zohr from Eni subisidary IEOC Production for $375 million. Eni now holds a 60 percent stake in the Shorouk offshore concession, BP 10 percent, and Rosneft 30 percent, an acquisition the latter signed in October. Zohr is being developed and operated by Belayim Petroleum Company (Petrobel), a joint venture between Eni subsidiary IEOC and the Egyptian General Petroleum Corporation (EGPC). The first phase of the project is set to be completed by mid-2018, by which time production will have gradually increased to 1 bcf/d. It is set to reach 2.7 bcf/d by the end of 2019. Investments in the field are estimated to be at least $12 billion in the first and second stages, petroleum ministry spokesperson Hamdy Abdel-Aziz told Ahram Online. |
| Posted by:trailing wife |
| #1 Can we stop sending the money now? |
| Posted by: Abu Uluque 2017-12-21 19:20 |