The Ministry of Petroleum and Mineral Resources in Egypt has debunked rumors regarding the supposed collapse of the Zohr gas field, describing such reports as “entirely baseless,” according to local media.
The sources instead highlighted investments to boost the giant field’s production.
Petro Shorouk, the company responsible for operations in the Mediterranean Zohr gas field under the umbrella of Petrobel, said the investments earmarked for the development of the Zohr field for the fiscal year 2023-24 stand at around $1.2 billion. The new plan is based on increasing production while simultaneously reducing costs and maximizing resources. It also aims to improve energy efficiency and minimize losses, while continuing to devise necessary solutions to increase production amid current global challenges.
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