Arab Finance: The Italian company Eni intends to increase natural gas production in Egypt by about 200 million cubic feet per day next January by drilling 3 new wells in the deep-water Zohr field in the Mediterranean, according to what Al-Sharq Economy reported.
The cost of drilling the three wells is estimated at more than $300 million, and the current production volume of the Zohr field is about 1.6 billion cubic feet per day, compared to about 1.9 billion cubic feet during the past year.
It is worth noting that the Egyptian government paid $1.3 billion as a new batch of dues to foreign oil and gas companies operating in the country at the end of June. The dues of foreign companies working in the field of oil and gas exploration and extraction to the Egyptian General Petroleum Corporation amounted to about 5 billion dollars, according to the International Monetary Fund’s report the previous month.
The government also aims to increase natural gas production rates by the end of this year to about 5 billion cubic feet per day, compared to about 4.6 billion cubic feet currently.
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