PetroShorouk earmarks $524mnn to develop Egypt's Zohr gas field in FY 2026/27

PetroShorouk, the venture responsible for managing and developing Egypt’s Zohr gas field, has allocated investments worth $524mn to develop and expand the field during FY 2026/27, Economy Plus reported on March 7.

Founded in early 2016, PetroShorouk acts as the contractor entity that coordinates between international investors and the Egyptian government. The company’s current projects include expanding the Zohr onshore plant capacity and launching an offshore treatment project using a Floating Power/Processing Unit (FPU) to sustain gas output.

PetroShrouk is owned by Eni (BIT: ENI) (50%), Rosneft (MOEX: ROSN) (30%), BP (LSE: BP) (10%) and Mubadala Energy (10%). It operates as a joint venture with the state-owned Egyptian Natural Gas Holding Company- EGAS (EGX: EGAS).

Tharwat El-Gendy, the company’s chairman, said during the firm’s general assembly that an additional $77mn had been injected during the current FY 2025/26 to intensify development activities at the Zohr field. The investments will also support ongoing well maintenance works and efforts to improve operational efficiency.

El-Gendy noted that the additional funding is part of the company’s broader strategy to sustain production levels and enhance the field's long-term performance, which remains one of Egypt’s most significant natural gas assets.

Meanwhile, Petroleum Minister Karim Badawi urged the company’s investment partners to maximise the potential of the field’s concession area by adopting advanced technologies, particularly four-dimensional seismic surveys.

According to a government statement, the technology would improve the accuracy of imaging subsurface resources in deep-water areas beneath the seabed, helping identify additional gas reserves within the field.

Badawi added that applying such advanced seismic techniques could support more informed investment decisions and facilitate the development of newly identified gas resources. This comes as part of the Egyptian government's efforts to strengthen the long-term productivity of the Zohr field and contribute to the country’s broader energy strategy.