Eni enhances its commitment to Egypt

abarrelfullabarrelfull wrote on 12 Jul 2011 12:06
Tags: egypt eni upstream

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The Egyptian Prime Minister HE Essam Sharaf and Eni CEO Paolo Scaroni met today in Cairo confirming the commitment of Eni to Egypt, following the recent agreements.

The new activities will take place in the Western Desert, in the Mediterranean and in the Sinai, and will cover both exploration and development, through the drilling of additional wells and the acceleration of production from new discoveries.

With these additional activities, Eni's investment in Egypt in the years 2011 and 2012 will amount to approximately US$3 billion. Eni will also sponsor a training plan for national staff working in the Petrobel and Agiba joint ventures with EGPC. Furthermore, in accordance with the Ministry of Petroleum, Eni will support the Sinai community with social activities.

Eni is the first international operator in Egypt with total operated production of round 500 thousand boe/day.

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