Eng. Tarek El Molla, Minister of Petroleum and Mineral Resources, has surveyed Saipem 1000 maritime saw rig that drills into wells of Zohr field at a drilling distance of 4,100 meters, 200 km away from the coast of Port Said, Egypt Oil&Gas reported.

In the framework of drilling six wells, El Molla has surveyed the drilling activity of the fourth well to be included in the production map as early as the end of 2017. The estimated production rate of 1bcf/d of gas. It is expected to contribute to the total production amounting to 2.7bcf/d upon the completion of drilling the other 14 wells by the end of 2019.

The investments stand at $12b that will likely increase to $16b during project implementation.

The minister pointed out that drilling the first three wells revealed positive results as it was confirmed that the exploration was conducted in a new geological structure which encompasses hydrocarbons within. This unprecedented discovery in the coastal area is envisioned to further stimulate foreign investments.

The minister further explained that the role of Egypt’s local companies in Zohr field development has been maximized with Petrojet, ENNPI, and SIPEM working together.