After the announcement of the discovery, the first calculations begin. The initial investment for the Zohr gas field, in the Egyptian offshore of the Mediterranean Sea discovered by Eni, amounts to approximately 3,5 billion dollars.
The head of Egypt's state oil company, Egyptian Natural Gas Holding Company (Egas), Khaled Abdel Badie told Reuters.
“I estimate that Eni's investment for the extraction of natural gas discovered yesterday will be around 3,5 billion dollars,” he explains. The discovery of the mega field was carried out through the 'Zohr 1X' well in the Shorouk block, a contract signed in January 2014 with the Egyptian Ministry of Petroleum and with the Egyptian Natural Gas Holding Company following an international competitive tender and of which Eni , through its subsidiary Ieoc Production Be, holds 100% of the license and is its operator. "With the full completion of the development of the field, investments will be 7 billion," the head of Egas told Reuters.
