Eni inks $5-billion Egypt investment accord

Eni CEO Claudio Descalzi has signed a heads of agreement with Egypt’s Minister of Petroleum and Mineral Resources Sherif Ismail.

Mar 16th, 2015

Offshore staff

SHARM-EL-SHAIKH, Egypt – Eni CEO Claudio Descalzi has signed a heads of agreement with Egypt’s Minister of Petroleum and Mineral Resources Sherif Ismail.

This concerns an estimate investment of $5 billion in new projects over the next four years to develop 200 MMbbl of oil and 1.3 tcf of gas, in part to satisfy local energy demand.

The agreement establishes the basis for improving certain contractual parameters, including the application of a new gas price, and extending some of Eni’s permits in the Gulf of Suez,Mediterranean offshore, and the Western desert.

Eni subsidiaryIEOC currently has equity production in Egypt of around 210,000 boe/d.

03/16/2015

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