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Eni has approved development of its giant 23 tcf Zohr gas field in Egypt’s offshore Mediterranean. “We reached FID [final investment decision] only 6 months after discovery, a remarkable result, and we are well on track to start production by the end of 2017,” Eni CEO Claudio Descalzi said during the firm’s 18 March presentation of its “2016-19 Strategy.”
The field, only discovered in August 2015, has rapidly become a key element of the firm’s strategy of boosting output while cutting costs by focussing on relatively low cost “near field” developments (MEES, 4 March).
Eni revealed on 18 March that it completed the authorization process for the development of Zohr in late February after Egyptian state firm gas firm EGAS granted Eni a development lease, “[which] allows for the development of the gas field, located in the Shorouk Concession, offshore Egypt.”
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