Zohr field production set to return to pre-crisis levels by mid-2025: Madbouly
Updated 11/21/2024 3:55:00 AM
Arab Finance: Zohr gas field’s production volume is expected to return to pre-crisis levels by mid-2025, which would significantly bode well for Egypt by reducing the import bill and boosting exports, Prime Minister Mostafa Madbouly announced.
During his weekly press conference, Madbouly explained that the primary issue with the Zohr field had been delays in paying dues owed to the Italian company managing the field, which had halted further investment.
However, he assured that the main drilling rig would return to service by the end of this year, restoring the field’s high productivity levels.
On other matters, the Prime Minister confirmed that the government is making steady progress on the electrical connection project with Greece, noting that the European Union (EU) has prioritized the initiative and allocated dedicated funding for its completion.
Regarding the second phase of Egypt's comprehensive health insurance system, Madbouly revealed that starting from the fiscal year (FY) 2025/2026, funding for the development and rehabilitation of five new governorates set to join the program will begin.
The total cost for this phase is estimated at approximately EGP 115 billion, with the work slated for completion within three years.
Additionally, Madbouly reaffirmed the government’s strong commitment to supporting Egyptian exports, emphasizing that more than EGP 60 billion has been allocated in recent years to support and refund export burdens.
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