El Molla and his American counterpart talked about ways of boosting cooperation in the oil and gas sector between Egypt and the US, and possibilities of increasing American petroleum companies' investments to prov ...
The company is interested in the bid rounds launched by the Egyptian oil and gas sector for exploration in the Mediterranean and Red Sea.
The meeting reviewed available opportunities for the company to pump new investments in the E&P field.
Investments in the oil and gas sector's E&P recorded $2.6 billion, the report noted, revealing that exploration and development in the South Valley recorded $4.7 million.
Egypt has achieved highest production of crude oil and natural gas in its history during February 2019, producing 1.8 mmboe/d.
El Molla met with the Australian Ambassador to Egypt, Glenn Miles, to discuss new cooperation scopes between the two countries, especially in the field of mining.
Petroleum Intelligence Weekly announced Egypt to be a must-have petroleum investment destination for IOCs due to the Zohr giant gas discovery made by Eni in 2015.
The company collected seismic data that revealed natural gas reserves up to 20 trillion cubic feet, which will make it second to the Zohr mega field in production.
The company will drill and complete five development wells, adding around 5,000 boe/d to its production.
The company plans to drill 35 exploratory wells and 44 development wells and to complete wells to achieve an average production of 134,000 barrel per day (b/d) of crude oil, 28,000 b/d of condensates, 106 tons of ...
