Oil companies bullish on Egypt, eyeing more investment, discoveries

15 Feb 2017   Egypt

Major international oil companies say they plan to step up their investments in Egypt, expecting to find more oil and gas now that ENI’s giant Zohr gas discovery has put its Mediterranean waters on the map. Once a net gas exporter, Egypt has turned into a major importer in recent years as growing domestic demand outstripped production, but the discovery of the 850 billion-cubic meter Zohr field in 2015 is expected to change that. The field is expected to come into production by the end of the year and will save Egypt billions of dollars in hard currency that would otherwise be spent on imports. The Egyptian government is also seeking to attract foreign investors as it seeks to transform itself into a gas trading hub for its own and other emerging Mediterranean producers. Marc Benayoun, chief executive of Italian energy group Edison, which is exploring areas near the […]

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