Egypt Gets Closer to Becoming Regional Energy Hub

Egypt’s Zohr field. Reuters file photo
Egypt’s Zohr field. Reuters file photo
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Egypt Gets Closer to Becoming Regional Energy Hub

Egypt’s Zohr field. Reuters file photo
Egypt’s Zohr field. Reuters file photo

Natural gas production at Egypt’s Zohr field, the largest gas field in the Mediterranean, has increased to 2.7 billion cubic feet per day (bcfd), speeding up efforts to turn the country into a regional energy hub, Egyptian Petroleum Minister Tarek al-Molla said on Wednesday.

In February, the field’s production stood at 2.1 bcfd.

Al-Molla said in a statement, a copy of which was received by Asharq Al-Awsat, that the current production level was reached four months ahead of schedule.

There are now 12 wells in production in the field, the statement said.

Higher output helped Egypt become self sufficient in natural gas in late 2018.

The government aims to raise production to 3 bcfd by the end of the year, the statement added.

Zohr was discovered in 2015 by Italy’s Eni and began output in late 2017. It holds an estimated 30 trillion cubic feet of gas.

Zohr’s discovery piqued investor interest in Egypt’s gas market and renewed the country’s hopes of becoming a regional energy hub.



Bitcoin Soars Past $109,000 Ahead of Possible Early Action on Crypto by Trump

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
TT

Bitcoin Soars Past $109,000 Ahead of Possible Early Action on Crypto by Trump

FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: Sparks strike representation of cryptocurrency Bitcoin in this illustration taken November 24, 2024. REUTERS/Dado Ruvic/Illustration/File Photo

The price of bitcoin surged to over $109,000 early Monday, just hours ahead of President-elect Donald Trump’s inauguration, as a pumped up cryptocurrency industry bets he'll take action soon after returning to the White House.
Once a skeptic who said a few years ago that bitcoin “seems like a scam,” Trump has embraced digital currencies with a convert’s zeal. He's launched a new cryptocurrency venture and vowed on the campaign trail to take steps early in his presidency to make the US into the “crypto capital” of the world.
His promises including creating a US crypto stockpile, enacting industry-friendly regulation and event appointing a crypto “czar” for his administration.
“You’re going to be very happy with me,” Trump told crypto-enthusiasts at a bitcoin conference last summer.
Bitcoin is the world’s most popular cryptocurrency and was created in 2009 as a kind of electronic cash uncontrolled by banks or governments. It and newer forms of cryptocurrencies have moved from the financial fringes to the mainstream in wild fits and starts.
The highly volatile nature of cryptocurrencies as well as their use by criminals, scammers and rogue nations, has attracted plenty of critics, who say the digital currencies have limited utility and often are just Ponzi schemes, The Associated Press reported.
But crypto has so far defied naysayers and survived multiple prolonged price drops in its short lifespan. Wealthy players in the crypto industry, which felt unfairly targeted by the Biden administration, spent heavily to help Trump win last November’s election. Bitcoin has surged in price since Trump's victory, topping $100,000 for the first time last month before briefly sliding down to about $90,000. On Friday, it rose about 5%. It jumped more than $9,000 early Monday, according to CoinDesk.
Two years ago, bitcoin was trading at about $20,000.
Trump’s picks for key cabinet and regulatory positions are stocked with crypto supporters, including his choice to lead the Treasury and Commerce departments and the head of the Securities and Exchange Commission.
Key industry players held a first ever "Crypto Ball” on Friday to celebrate the first “crypto president." The event was sold out, with tickets costing several thousand dollars.