Prime Minister Mostafa Madbouly visited the Zohr natural gas field, located north of Port Said, to inspect the Saipem 10000 drilling rig. Accompanied by Minister of Petroleum and Mineral Resources Karim Badawi, he was welcomed by Francesco Gaspari, President of IEOC (ENI's subsidiary in Egypt), and Martina Opizzi, Head of North Africa and Levant Region at Eni. During his visit, Madbouly stated that the purpose was to assess the Saipem 10000 rig, which returned to the site at the end of January, marking the resumption of drilling and exploration activities in the field. He emphasized that this visit is part of ongoing efforts by the Ministry of Petroleum and Mineral Resources to increase oil and gas production rates across various locations in partnership with international collaborators. This initiative aligns with the government's plans to meet the energy needs of citizens and different sectors. Minister Badawi pointed out that the Prime Minister's visit reflects Egypt's commitment to enhancing production capacity and accelerating oil and gas output to satisfy both local and regional demands. He noted that the rig's return will enable the drilling of new wells at the Zohr field using advanced deepwater technology. These efforts aim to quickly add new production volumes once drilling operations are completed. Badawi also highlighted the hard work over the past six months by the petroleum sector as part of the new government's program to drive production growth. This has involved focusing on exploration, development, and production activities while expediting their implementation and introducing incentives to attract new investors and support existing partners. Additionally, the government has ensured the timely payment of partners' dues to maintain stable cash flows, helping companies resume exploration and production activities. These measures have contributed to reduced import costs, lower expenses related to energy supply, and a significant decrease in outstanding payments to foreign partners, thus revitalizing exploration, production, and development activities without obstacles. The Minister concluded by noting that these efforts have begun to show positive results, with the petroleum sector experiencing promising indicators in production, exploration, and drilling activities. A representative from the drilling rig company explained the rig's load capacity, highlighting its ample space for the necessary equipment and tasks essential for efficient drilling, saving both time and effort. He also discussed the capabilities of the rig's electrical system, emphasizing its robust performance and ability to operate effectively in various weather conditions. Moreover, he pointed out the rig's advanced technology, which enables precise control of pressure conditions during the drilling process. General Manager of Eni, Francesco Gaspari, delivered a presentation on Eni's operations in Egypt. He highlighted the company's major discovery at the Zohr field in 2015 and discussed activities in other locations. Gaspari reviewed the number of exploration licenses granted to Eni for oil and gas drilling and the actual operations that have commenced under these licenses, noting that production has already started in many of the company's concession areas. Gaspari emphasized Eni's strong reliance on Egyptian manpower, stating that the company provides over 21,000 job opportunities, including for contractors and service providers. He also underscored the company's dependence on local suppliers and discussed Eni's involvement in various developmental projects in health, education, and agriculture. Furthermore, he showcased Eni's efforts to reduce carbon emissions from its projects and reaffirmed its commitment to continuing collaboration with the Egyptian government. He expressed gratitude to the government for its dedication to settling the dues of foreign partners.
