The development of the giant Zohr gas filed offshore Egypt, recently discovered by Italian oil company ENI, is 80% complete less than two years after the discovery was made, a record in the oil industry, ENI CEO Claudio Descalzi said during his meeting with Egyptian Prime Minister Sherif Ismail in Cairo on August.
According to ENI, the meeting, which was also attended by Egypt’s Petroleum and Mineral Resources Minister Tarek El Molla, focused primarily on the future of Zohr’s mega field and the positive impact it will have on the national energy economy, with Descalzi outlining the progress being made with the rapid development of the project.
Zohr’s massive assets could help Egypt deal with its energy shortage and save the country reduce energy imports.
With a potential of 850 billion cubic metres of gas in place, not only will Zohr be able to satisfy almost all of the total domestic gas demand for the coming decades, it will also allow Egypt to return to being a net energy exporter, ENI said in a press release.
ENI has been present in Egypt since 1954, operating through its subsidiary IEOC. The company is the main producer in the country with production reaching approximately 230,000 barrels of oil equivalent per day.