Eni SpA (E), Italy's biggest energy company by market value, said Tuesday it has agreed to two new hydrocarbon projects in Egypt that would involve a financial commitment of $1.5 billion over the next five years.
The projects will enable Eni and Egypt's Ministry of Petroleum to develop hydrocarbon reserves in the country and train personnel, Rome-based Eni said in a statement.
The deal includes the extension of the license for the giant Belayim field in the Gulf of Suez for a further 10 years through the end of 2030.
Under the new agreement, Eni is committed to seek alternatives for the development of natural gas at low depths.