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Egypt's Zohr Gas Field Daily Output Hits 2 Bln Cubic Feet

via Reuters
via Reuters
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Egypt's Zohr Gas Field Daily Output Hits 2 Bln Cubic Feet

via Reuters
via Reuters

Production at Egypt's Zohr gas field hit 2 billion cubic feet per day (bcf/d), Egyptian oil ministry said in a statement Friday.

"Nearly 7.7 billion US dollars have been invested in Zohr so far," it added.

"The high production will contribute strongly to self-sufficiency of natural gas in the country," Egypt's Petroleum Minister Tarek al-Molla said.

On December 16, 2017, the Ministry of Petroleum and Mineral Resources announced the start of the operation of gas pumping from the offshore wells in Zohr field to the new offshore station in El Gamil region in Port Said with an initial production rate of about 350 million cubic feet of gas per day.

That was possible after the success of the technical operation tests for the processing units and the gas transmission lines from the field’s well to the processing station.

Discovered in 2015 by Italy's Eni, Zohr contains an estimated 30 trillion cubic feet of gas.

Egypt has been seeking to speed up production from recently discovered fields, with an eye to halting imports by 2019 and achieving self-sufficiency.

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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
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Putin Says Recession in Russia 'Must Not Be Allowed to Happen'

Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP
Putin wants officials to keep a 'close eye on all indicators of the health of our industries, companies and even individual enterprises'. Olga MALTSEVA / AFP

President Vladimir Putin on Friday urged officials not to let Russia fall into recession "under any circumstances", as some in his own government warned of a hit to economic growth.

Economists have warned for months of a slowdown in the Russian economy, with the country posting its slowest quarterly expansion in two years for the first quarter of 2025, reported AFP.

The Kremlin has said this was to be expected after two years of rapid growth as it ramped up military expenditure to fund the Ukraine campaign, but officials including the country's economy minister have raised alarm about possible pain ahead.

"Some specialists and experts are pointing to the risks of stagnation and even a recession," Putin told attendees at Russia's flagship economic forum in Saint Petersburg.

"This must not be allowed to happen under any circumstances," he said.

"We need to pursue a competent, well-thought-out budgetary, tax and monetary policy," he added.

The Russian economy grew in 2023 and 2024 despite the West's sweeping sanctions, with massive state spending on the military powering a robust expansion.

But analysts have long warned that heavy public investment in the defense industry is no longer enough to keep Russia's economy growing and does not reflect a real increase in productivity.

At his address to the forum on Friday, Putin was upbeat about Russia's economic prospects and denied the economy was being driven solely by the defense and energy industries.

"Yes, of course, the defense industry played its part in this regard, but so did the financial and IT industries," he said.

He said the economy needed "balanced growth" and called on officials to keep a "close eye on all indicators of the health of our industries, companies and even individual enterprises."