Minister of Petroleum Tarek El-Molla said on Monday that the gas fields of Zohr, Atul, and North Alexandria will start the first phase of production this year. Egypt imports petroleum products worth about $700m per month, at a time when the country is suffering from the scarcity of hard currency. Saudi Aramco stopped supplying Egypt with petroleum products since October, despite the agreement between Egypt and Saudi Arabia stating that the latter will secure Egypt’s requirements for petroleum products for five years. Italy’s Eni discovered the Zohr field, the largest natural gas field in the Mediterranean Sea, in Shorouk offshore concession back in August 2015. Hassan said that these investments have increased oil and gas production rates of the company’s fields by 30% and they also contribute to conducting new explorations.

Source: Daily News Egypt January 16, 2017 15:03 UTC