Eni steps up commitment to Egypt E&P

Offshore staff

CAIRO, Egypt – Eni and Egyptian officials have reaffirmed their commitment toward exploration and development offshore and onshore Egypt.

Minister of Petroleum Abdallah Ghorab met with Eni COO Claudio Descalzi to discuss the continued cooperation, underlining the importance to state-owned EGPC as well as Eni.

This will lead to additional activities in the Mediterranean Sea, Sinai, and the Western Desert. These will span development, via additional wells and the acceleration of production from new discoveries, and exploration through drilling of 12 exploratory wells.

Eni's investments in Egypt over the next few years will total around $3 billion. The company will also commit $4.5 million to sponsoring a training plan for national staff working in the Petrobel and Agiba joint ventures with EGPC.

The company claims to be the leading international operator in Egypt with total operated production of around 500,000 boe/d.

06/07/2011

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