Economic Updates – Follow-Up
Egyptian Prime Minister Mustafa Madbouly has announced that Eni’s leadership has reaffirmed the company’s commitment to expand operations in the back field over the next two years. This initiative is anticipated to yield new discoveries and enhance production levels.
A decline in production has been attributed to outstanding debts owed to foreign oil companies.
According to the Ministry of Petroleum, a vessel has recently arrived in Egyptian waters to support the resumption of plans for marine field development and to boost production output.
Currently, the average production rate from the noon field stands at 1.9 billion cubic feet per day for the first half of 2024, a figure significantly below the peak production levels recorded in 2019.
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