Italian giant Eni is investing an estimated US$5 billion dollars for the development of oil and gas resources in Egypt, including the development of 200 MMbbl and 1.3 TCF of gas.
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Image from Eni. |
Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail and Eni CEO Claudio Descalzi signed the agreement to boost foreign investments in the country, which will be utilized through the realization of projects to be implemented in the next four years, are directed to the development of 200 MMbbl and 1.3 TCF of gas.
The agreement sets the basis for the improvement of some contractual parameters, including the application of a new gas price where necessary, as well as the extensions of some permits in order to ensure adequate levels of profitability to some of Eni’s initiatives in the country like those in the Gulf of Suez, Mediterranean offshore and in the Western desert.
