The Italian company Eni, the largest foreign investor in the energy sector in Egypt, intends to drill two new wells in the Zohr field in deep Mediterranean waters, with investments estimated at $160 million, in the second half of next year.

This step is among Egypt’s efforts to boost its natural gas production and meet the growing demand locally.

These investments from Eni come after the Egyptian government paid $1.3 billion as a new installment of dues to foreign oil and gas companies operating in the country at the end of June, and Eni is one of the largest companies with dues to Egypt.

By drilling the two new wells, Eni aims to increase gas production from the Zohr field and enhance Egypt’s energy security.

Zohr field production has witnessed a decline in recent years, falling from 2.8 billion cubic feet per day in 2021 to 2.2 billion cubic feet in 2023. While Egypt seeks to enhance its production of natural gas to meet the growing local demand, it began importing liquefied gas during the current year due to the decline in production and the rise in local demand.