Minister of petroleum and Mineral Resources, Tarek El Molla approved the formation of the joint venture company, PetroShorouk Petroleum, for the development of the Zohr field. The joint venture is between the Egyptian Natural Gas Holding Company (EGAS) and IEOC, the Ministry of Petroleum issued in a press release.
Petrojet and Ennpi have been assigned as main contractors in addition to the Italian company Saipem to execute the project. Investments for the development of Zohr have been estimated at $12b.
Zohr field is planned to begin production before the end of 2017, reaching a peak production of 2.7 tcf by 2019.
Zohr field was discovered 30th of August 2015, and is considered to be one of the largest discoveries for Egypt and in the Mediterranean area.