Bloomberg is reporting that Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest US10 billion in the North African country over the next five years.
Production plans for Zohr are on schedule, and Egypt will be Eni’s top country for investment in the next two years.
Egypt was a net exporter of LNG until 2014, when declining output and power shortages resulting from political upheaval turned it into a net importer. Egypt will buy as many as 108 cargoes of LNG this year and has run up a debt of US$3.6 billion to international energy companies.
Egypt plans to boost its gas output by 50% by the end of 2018, from 3.8 billion ft3 at the end of last year.
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