Madbouly emphasized the government's commitment to addressing the issue by ensuring the regular payment of monthly dues.
Prime Minister Mostafa Madbouly revealed during a press conference that delays in settling dues to the Italian company operating the Zohr gas field had stalled further investments in the project.
Madbouly emphasized the government's commitment to addressing the issue by ensuring the regular payment of monthly dues.
This led to a visit by the company’s CEO and a subsequent meeting with President Abdel Fattah El-Sisi, where an agreement was reached to restart operations of the main drilling rig and boost the field’s production.
According to the Prime Minister, the drilling rig is expected to resume operations by the end of 2024, with production levels projected to return to pre-crisis levels by mid-2025.
This recovery is anticipated to significantly lower Egypt's natural gas import costs and strengthen its export capabilities.
Zohr, located in the Mediterranean, is a joint venture involving Eni, BP, Russia’s Rosneft, UAE’s Mubadala Energy, and the Egyptian Natural Gas Holding Company (EGAS).
The field is operated by Petrobel, a partnership between Italy’s Eni and the state-owned Egyptian General Petroleum Corporation (EGPC).
