Egypt signs $1 billion agreement with Italy’s Eni

Egypt signs $1 billion agreement with Italy’s Eni
Egypt signs $1 billion agreement with Italy’s Eni

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The Egyptian Ministry of Petroleum said in a statement today, Friday, that the Egyptian Petroleum Corporation signed an agreement with the Italian company Eni to explore for oil in the Gulf of Suez and Nile Delta region, with a total investment of not less than one billion dollars.

The statement added that the agreement obliges the Italian company Eni to spend at least an additional $20 million to drill four wells.

“The agreement comes within the framework of the new methodology of the Ministry of Petroleum and Mineral Resources regarding increasing production rates and confronting the natural decline of wells,” the statement said.

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