Eni SpA (E), Italy's biggest energy company by market value, said Tuesday it agreed with Egypt for additional activities in the North African country, bringing its total investments there in the coming years to around $3 billion.
Eni SpA (E),
Italy
's
biggest energy company by market value, said Tuesday it agreed with
Egypt
for
additional activities in the North African country, bringing its total
investments there in the coming years to around $3 billion.
In a statement, Eni said the new activities will take place in the western
desert, the
Mediterranean
and in the Sinai.
This will cover both development, through drilling additional wells and the
acceleration of production from new discoveries, and exploration by drilling 12
exploratory wells.
Eni's head of exploration and production division Claudio Descalzi met in
Cairo
the
Egyptian Minister of Petroleum Abdallah Ghorab, said the Rome-based company.
Eni's daily production in
Egypt
totals around 500,000 barrels of oil equivalent, it added.
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