A press release to Egypt Oil&Gas stated that the Egyptian Minister of Petroleum and Mineral Resources, Tarek El Molla, chaired PetroShorouk’s general assembly to review the company’s budget for the fiscal year of 2017/2018. The general assembly was attended by First Undersecretaries of the Ministry of Petroleum, CEO of the Egyptian National Gas Holding Company (EGAS) and CEO of the Egyptian General Petroleum Corporation (EGPC), along with Eni’s Regional Director in North Africa, Adriano Mongini, and IEOC’s CEO, Fabio Cavanna.

The Minister pointed out that Zohr’s Development project in the Shorouk Concession is moving according to the project’s plan. This plan aims to put the first phase of Zohr field to production by end of 2017 with production capacity 1bcf/d of gas. The plan further goes on to produce 2.7bcf/d of gas by the end of 2019.

Belayim Petroleum Company (Petrobel)’s CEO, Atef Hassan, stated that the company allocated $3.8b in the 2017/2018 budget for exploration activities and for executing the first phase of Zohr development project. He added that the total investments of Zohr development will reach $8b by the end of 2017/2018 and will hit a total of $16b throughout the project’s cycle.

Hassan said that the company has finished drilling 7 wells and tested their production, adding that the fiscal year 2016/2017 will witness additional exploration activities in Zohr.