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2018-02-02 12:08:00

ZOHR INCREASES OUTPUT

ZOHR INCREASES OUTPUT

BLOOMBERG - Egypt is working with Eni SpA, operator of the giant Zohr gas field, to fast-track output and end the country's need to import liquefied natural gas as early as this year, Oil Minister Tarek el-Molla said.

Zohr, the largest undersea gas discovery in the Mediterranean, will pump 1.7 billion cubic feet per day before the end of 2018, el-Molla said in a televised ceremony to inaugurate the field. Egypt is talking with Rome-based Eni to increase output to reach the 2019 production target this year instead, he said.

"God willing, by the end of the year when we reach the second phase of production, we can stop importing LNG," el-Molla said Wednesday.

Zohr's reserves -- estimated at about 30 trillion cubic feet -- may offer a permanent solution to the power shortages of the most populous Arab nation. The field's output will also help ease pressure on Egypt's economy, which has struggled with a shortage of foreign currency since a 2011 uprising. Egypt now imports liquefied natural gas, or LNG, at a high cost to meet its energy needs, and Zohr's production could put an end to the tenders that suppliers from Glencore Plc to Trafigura PTE Ltd. have won in past years.

LNG Savings

"The 350 billion cubic feet that we're now producing can save us from buying three cargoes of LNG, which means we can save $60 million per month -- about $720 million a year," el-Molla said. "By the end of 2018, when the country reaches self-sufficiency, it will be able to save $250 million a month."

Zohr, which Eni discovered in August 2015, has had a target of pumping 2.7 billion cubic feet per day by the end of 2019. Russia's state-owned producer Rosneft PJSC closed a deal in October to acquire 30 percent of the field, and BP Plc bought a 10 percent stake last year.

Zohr's output is not only moving Egypt closer toward achieving energy self-sufficiency. It might also restore the nation as a gas supplier for the eastern Mediterranean region.

"I want 10 Zohrs," Egypt's President Abdel-Fattah El-Sisi said at the televised ceremony, prompting laughter from other officials.

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Earlier:

BP: ZOHR HAS STARTED
2017, December, 20, 19:20:00

BP: ZOHR HAS STARTED

BP - BP confirmed that production has started from the super-giant Zohr gas field, offshore Egypt. The field is operated by Eni, through its joint venture with The Egyptian General Petroleum Corporation (EGPC), and is the largest natural gas discovery yet to be made in the Mediterranean Sea.

 

 EGYPT'S ZOHR WILL COME
2017, December, 11, 10:05:00

EGYPT'S ZOHR WILL COME

Gas from Zohr will also help ease pressure on the economy of the most populous Arab nation, which has been plagued by a shortage of foreign currency since a 2011 uprising. Zohr, which Eni discovered in August 2015, has an estimated reserve of about 850 billion cubic meters of natural gas in place.

 

 СДЕЛКА ENI И РОСНЕФТИ
2017, October, 13, 12:35:00

ROSNEFT - ENI GAS DEAL

Rosneft closed the deal to acquire a 30% stake in the concessions agreement for the development of Zohr field, the largest gas field in the Mediterranean Sea, from Italian company Eni S.p.A.

 BP BUYS 10%
2016, November, 28, 18:30:00

BP BUYS 10%

BP announced that it has agreed to buy from Eni a 10% interest in the Shorouk concession offshore Egypt, which contains the super-giant Zohr gas field, for $375 million.

 

 

 SAIPEM CONTRACT: $1.5 BLN
2016, July, 7, 18:00:00

SAIPEM CONTRACT: $1.5 BLN

Eni engineering and construction subsidiary Saipem on Thursday announced the award of offshore engineering and construction contracts with a combined value of more than USD 1.5 billion, including work related to the Zohr gasfield development project in Egyptian waters.

 

 ENI DISCOVERS EGYPT
2015, August, 31, 18:55:00

ENI DISCOVERS EGYPT

Eni has made a world class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt. The discovery could hold a potential of 30 trillion cubic feet of lean gas in place covering an area of about 100 square kilometres.

 

 

 

Tags: ZOHR, GAS, EGYPT, ENI

Chronicle:

ZOHR INCREASES OUTPUT
2018, August, 17, 11:30:00

U.S. INDUSTRIAL PRODUCTION UP 0.1%

U.S. FRB - Industrial production edged up 0.1 percent in July after rising at an average pace of 0.5 percent over the previous five months. Manufacturing production increased 0.3 percent, the output of utilities moved down 0.5 percent, and, after posting five consecutive months of growth, the index for mining declined 0.3 percent. At 108.0 percent of its 2012 average, total industrial production was 4.2 percent higher in July than it was a year earlier. Capacity utilization for the industrial sector was unchanged in July at 78.1 percent, a rate that is 1.7 percentage points below its long-run (1972–2017) average.

ZOHR INCREASES OUTPUT
2018, August, 17, 11:25:00

NORWAY'S PETROLEUM PRODUCTION: 1.911 MBD

NPD - Preliminary production figures for July 2018 show an average daily production of 1 911 000 barrels of oil, NGL and condensate, which is an increase of 64 000 barrels per day compared to June.

ZOHR INCREASES OUTPUT
2018, August, 17, 11:20:00

ПРИБЫЛЬ ГАЗПРОМ НЕФТИ БОЛЬШЕ НА 49.6%

ГАЗПРОМ НЕФТЬ - Выручка** «Газпром нефти» за 6 месяцев 2018 года увеличилась на 24,4% по сравнению с аналогичным показателем прошлого года и составила 1 трлн 137,7 млрд руб. Положительная конъюнктура рынка нефти и нефтепродуктов, увеличение добычи на новых проектах компании и эффективные действия менеджмента «Газпром нефти» обеспечили рост показателя скорректированная EBITDA (прибыль до уплаты процентов, налога на прибыль и амортизации) на 49,8% по сравнению с уровнем первого полугодия 2017 года — до 368,2 млрд руб. Чистая прибыль, относящаяся к акционерам ПАО «Газпром нефть», за 6 месяцев 2018 года составила 166,4 млрд руб., увеличившись на 49,6%. Рост операционного денежного потока компании, а также завершение основных инфраструктурных инвестиций на новых проектах в добыче обеспечили получение положительного свободного денежного потока за первое полугодие 2018 года в размере 47,5 млрд руб.

ZOHR INCREASES OUTPUT
2018, August, 15, 11:10:00

OIL PRICE: NEAR $72

REUTERS - Front-month Brent crude oil futures LCOc1 were at $72.34 per barrel at 0648 GMT, down by 12 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 23 cents, or 0.3 percent, at $66.81 per barrel.

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