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Tag: Zohr field

CBE: Egypt pays Italy's Eni $630 million for Zohr gas field development

Posted: February 9, 2017 at 7:00 pm   /   Oil & Gas

The Central Bank of Egypt (CBE) said on Tuesday it has paid the government’s financial obligation to Italian energy company Eni for the development of the giant Zohr gas field discovered off the Mediterranean coast in 2015. In statements to state news agency MENA, CBE Assistant Subgovernor Rami Aboul Naga said the bank paid $630 […]

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Eni’s Egypt Growth Plan: Interview with Claudio Descalzi, Eni's CEO

Posted: February 6, 2017 at 4:27 pm   /   Oil & Gas

Pipeline Magazine spoke exclusively to Eni’s CEO, Claudio Descalzi, about the importance of Egypt to the Italian firm’s oil and gas business and how it is coping with the new oil price environment. Since taking over at Eni two years ago what has been your main focus? Since the beginning, my main focus has always […]

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El Molla chairs Petro Shorouk's General Assembly, follows up on Zohr development plan

Posted: January 29, 2017 at 1:13 pm   /   Oil & Gas

Minister of Petroleum, Eng. Tarek El Molla, chaired the General Assembly for Petro Shorouk Company to review the company’s budget for the fiscal year 2017/2018. The General Assemby was held in the attendance of First Undersecretaries of the Ministry of Petroleum, CEO of the Egyptian Natural Gas Holding Company (EGAS) and Executive President of the […]

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El Molla dismisses talk of Egypt bid round in 2017

Posted: January 28, 2017 at 12:51 pm   /   Oil & Gas

Some surprise at delay given popularity following giant Zohr discovery. Egypt Oil Minister Tarek El Molla said this week that state-owned Egyptian Natural Gas Holding Company (EGAS) will not launch a fresh licensing round in the Mediterranean Sea until next year at the earliest. “I’ve told them no, not until we deal with and finalise […]

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Egypt to increase gas production up to 50% by mid-2018

Posted: January 28, 2017 at 12:07 pm   /   Oil & Gas

Egypt’s Petroleum Minister Tarek El-Molla said that Egypt is aiming to increase its natural gas production up to 50 percent by mid-2018, as well as completing the infrastructure development projects of Misr Fertilizers Production Company (MOPCO) and The Egyptian Company for Ethylene Production (ETHYDCO) petrochemicals factories. El-Molla’s statement came during his participation in the Egyptian-British […]

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El Molla: Egypt committed to repaying $3.5 billion to foreign oil firms

Posted: January 26, 2017 at 12:11 pm   /   Oil & Gas

Egypt is committed to repaying the $3.5 billion it owes in arrears to foreign oil companies but a foreign currency shortage has made the drawing down of those debts more difficult, Petroleum Minister Tarek El Molla said on Tuesday. “We are committed and we will continue decreasing the numbers as we have done over the […]

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Total to begin drilling in Egypt, Cyprus in regional growth push

Posted: January 22, 2017 at 3:11 pm   /   Oil & Gas

France’s Total is preparing to drill for gas off Cyprus, close to Eni’s huge Zohr discovery off the Egyptian coast which in 2015 renewed interest among oil majors for exploration in the Mediterranean. Cyprus awarded Eni, Total and ExxonMobil exploration licences near the Zohr field in December, while neighbouring Lebanon plans to restart its delayed […]

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Mediterranean Sea: from gas new opportunities for integration (

Posted: January 20, 2017 at 7:47 pm   /   Oil & Gas

By Costanza Concetti. The new found hydrocarbon resources in the Mediterranean may represent the pretext for long-awaited regional integration. With Eni’s discovery offshore Egypt of the Zohr Field, whose 850 bcm of lean gas make it the largest gas trove in the Mediterranean to date, the Eastern Mediterranean has officially become a viable supply basin […]

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Wood Mackenzie: Egypt’s gas market set to undergo major change

Posted: January 13, 2017 at 2:41 pm   /   Oil & Gas

Egypt’s gas market would undergo significant change over the next five years, impacting global LNG market, according to a research by the natural resources consultancy Wood Mackenzie. After five years of falling gas production and switching from a net exporter to a net importer, the new production capacity coming on stream over the next few […]

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IHS Markit: Total’s Offshore Cyprus Block 11 Could Rival Egypt’s Zohr Natural Gas Discovery

Posted: January 12, 2017 at 8:29 pm   /   Oil & Gas

Total to drill one of E&P industry’s most critical wells in 2017, as interest grows in region. Driven by the success of Eni’s major Zohr Field gas discovery offshore Egypt in 2015, companies are rethinking the Eastern Mediterranean region’s gas potential, according to new analysis from IHS Markit , a world leader in critical information, […]

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