SHARM EL SHEIKH, Egypt --Egypt's Petroleum Ministry and Eni have agreed new joint initiatives to develop hydrocarbon reserves.
These include an extension of the license for the Belayim oil field in the Gulf of Suez, which Eni operates, for a further 10 years through 2030. Eni says this will lead to a series of investments in exploration, development and production in the Sinai area.
The company has committed to spending $1.5 billion over five years on various new schemes, operating costs and interventions aimed at sustaining production and enhancing reserves recovery. The two parties may also intensify co-operation in advanced production technologies.
Eni claims to be the main foreign energy player in Egypt, where its equity oil and natural gas production last year averaged around 240,000 boe/d.