Petrobel and Petro Shorouk have allocated $1.029bn in new investments for exploration and production activities during fiscal year 2024/25, according to results presented at the companies’ general assemblies, attended by petroleum sector leaders and representatives of international partners Eni, BP, Rosneft, Arkeus Energy, and Mubadala.
Petroleum and Mineral Resources Minister Karim Badawi affirmed the continuation of the Zohr gas field production enhancement programme, carried out in cooperation with global partners. He highlighted that the addition of the Zohr-6 well has already brought on stream around 65 million cubic feet of gas per day, with further drilling underway.
“Zohr is an integral part of every Egyptian household, securing a vital share of the domestic natural gas supply,” Badawi said, praising both partners and field employees for their commitment to boosting production while maintaining safety and environmental standards.
The assemblies also reviewed plans to expand oil and gas exploration into deeper geological layers, based on seismic studies. The minister instructed that comprehensive studies and long-term development scenarios be drawn up to maximise potential output.
Representatives of the foreign partners commended Zohr’s performance, stressing that production growth has been achieved in a safe and efficient operating environment despite intensified activity.
At Petro Shorouk’s general assembly, Chairperson Khaled Mowafi reported that the company invested $569m in the Zohr work programme last year. This included bringing the Zohr-6 well into production, with preparations now underway for Zohr-9 and two new development wells in FY2024/25.
Meanwhile, Petrobel channelled more than $460m into exploration and production. The company produced around 56,000 barrels of crude oil per day from its Nile Delta and Sinai operations, despite challenges in ageing fields, some more than 70 years old.
Three new wells in Sinai added 4,700 barrels per day, while an intensive maintenance programme covering 96 wells boosted output by nearly 6,000 barrels per day. Studies are also being conducted to increase production at the Abu Rudeis Sidri field in the Gulf of Suez, in cooperation with Italy’s Eni, alongside intensified geological surveys in the Gulf of Suez and Mediterranean.
