After countless denials, Egypt admits that natural gas production from its main field is in significant decline.
According to the announcement of the Egyptian Ministry of Petroleum, the average daily output of the huge Zohor field in the Mediterranean Sea decreased by about 11% in the fiscal year that ended last June. In total, daily output from the field reached 2.4 billion cubic feet compared to 2.7 billion cubic feet a year earlier. To compensate for the drop in output, Egypt increased natural gas imports from Israel by 21% in the first half of this year.
The Zohor field was discovered in 2015 and it helped Egypt completely stop importing gas during September 2019 and to become an exporter. However, exports stopped last June due to the sharp increase in demand due to the heavy heat wave during the summer months.
From the discovery until the end of last June, 12.7 billion dollars were invested in the field.