On 21 February, Eni announced that the Egyptian Ministry of Petroleum had given approval for the Zohr development lease, with an ambitious plan for first gas by the end of 2017. We expect Zohr to be the biggest project sanctioned globally in 2016, with an estimated budget of over US$14 billion. Eni plans a fast track phased development with around 800mmcfd of production in the first phase, from late 2017, ramping up to 2.6 bcfd by 2019. Meeting this ambitious timeline will be challenging.
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Egypt approves fast-track development of Zohr
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