Italy’s Edison to complete seismic survey of area around Egypt’s Zohr field next month

Italian energy group Edison will complete its seismic survey of the area surrounding Egypt’s Zohr gas field next month, the head of the Egyptian General Petroleum Corp (EGPC) told reporters Tuesday.

“The discovery of the Zohr gas field helped accelerate the companies’ research and exploration,” Mohamed al-Masry said on the sidelines of a conference in Cairo. The seismic survey was previously expected to be completed after 1-1/2 years.

Al-Masry also said EGPC had met with ENI, which discovered the Zohr gas field in August, to negotiate the price of the gas that will be extracted.

“The price is linked to a price formula with a minimum of $4 per million BTU and a limit of $5.88 per million BTU, and the price will not exceed that,” he said.

Source: Reuters