edited by|paul Mitchel
economic section Editor - CJ
Cairo-Egypt-February 9, 2023

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The Ministry of Petroleum and mineral resources of Egypt announced

Its approval of planned new investments in the Zohr gas field in the Mediterranean Sea during the next fiscal year 2023/2024 is estimated at about 1.2 billion dollars

The Egyptian Ministry explained that the investments include the implementation of an ambitious plan to intensify the field's development activities by expanding the drilling of new wells and repairing and re-completing some existing wells

The statement pointed out that projects will be implemented to raise the efficiency of facilities at the field's onshore production plant, including two projects to improve operating efficiency and associated water treatment, in addition to long-term projects such as the construction of the compressor station at the "Zohr" treatment plant and linking it to the compressors of the "Gemayel" station, in addition to the research and exploration activities that will be carried out.

The budget for the next fiscal year 2023/2024 and the amended budget for the current fiscal year include investments worth more than USD 800 million per year, aimed at implementing field development works and increasing exploration activities

The Egyptian Ministry of Petroleum and mineral Revolution announced in early February that the natural gas liquefaction plant in Damietta had exported 7.2 million tons of liquefied natural gas during 2021 and 2022, of which about 4 million tons were exported last year, the largest amount the plant has exported at all since it started operating in 2005

At the end of last December, the Ministry announced that Egypt had produced about 50.6 million tons of natural gas during 2022

According to the ministry's statement at the time, Egypt achieved a record in natural gas exports of about 8 million tons in 2022, compared to about 7 million tons the previous year

The value of natural gas exported during the year amounted to about 8.4 billion dollars compared to about 3.5 billion dollars during 2021, an increase of 140 percent over 2021, due to the increase in LNG export prices globally