Zohr field has succeeded in bringing four wells on stream so that the total number of wells reached 14 wells, whereas a new one is expected to begin production in March to bring the total production capacity to 3 billion cubic feet (bcf), according to a press release.
This was announced during the general assembly meeting of Petro Shorouk where Minister of Petroleum and Mineral Resources, Tarek El Molla, approved the budget for the fiscal year (FY) 2020/2021.
The company said that the natural gas produced from Zohr field has increased to 2.7 billon cubic feet (bcf) of natural gas in November 2019.
Atef Hassan, the Chairman of Petro Shorouk, said that his company’s investment plan for the FY 2020/2021 budget reached $408 million, which will continue the exploratory and developing activities of Zohr field to sustain the rate of production and save the company’s asset.
Hassan also announced the Belayim Petroleum Company (Petrobel) planned budget for FY 2020/21, which will target investments worth $812 million, noting that the company has put an ambitious crude oil production plan to preserve the rate of production and overcome any natural decline in the wells’ production.