Cairo-Mubasher: The Egyptian Natural Gas Holding Co. (EGAS) has completed the legal procedures of establishing a joint venture with IEOC, a subsidiary of Italy’s Eni, with investments of $12 billion, said Tarek El Molla, Egypt’s minister of petroleum.
He added that the new entity - Petro Shorouk – aims to develop Zohr natural gas field through Petrobel.
The field discovery was unveiled on 30 August 2015, with reserves estimated at nearly 30 trillion cubic feet of gas.
Petrojet, Enppi and Italy’s Saipem were selected as the main contractors in the project, El Molla said.
He added that the field will likely start production before the end of 2017, and is expected to operate at the maximum daily production capacity of 2.7 billion cubic feet of gas.
The minister noted that the production will be fully directed to the local market.
