Egypt’s Engineer Khaled Mowafi, Chairman of Petrobel, said Wednesday that new investments in the Zohr gas field in the Mediterranean are estimated to reach 1.2 billion dollars during the fiscal year 2023-2024.
The budget for the next fiscal year includes the implementation of an ambitious plan to intensify the development activities of the field through the expansion of drilling new wells and repairing and re-completing others, Mowafi said during a meeting of the General Assembly of Petroshorouk Company, which is operating in the Zohr gas field.
Projects will be implemented to raise the efficiency of the facilities at the onshore production plant, Mowafi said, citing two ventures to improve operating efficiency and water treatment.
He also touched upon long-term projects, such as the establishment of the compressor station in the Zohr treatment plant and linking it to the compressors of the Al-Jamil station.
He also reviewed the amended budget of the current fiscal year 2022-2023, noting that work will continue to develop the southern region of the field, the well “Zohr-18”, which was successfully drilled, completed and placed on the production map in December 2022.
Mowafi also reviewed the most important features of the budget of the next fiscal year 2023-2024, with investments exceeding 800 million dollars per year, explaining that the plan is to increase exploration activities in concession areas in the Nile Delta, Abu Dis, South Sinai and Port Fouad.
