ANNO XIV Novembre 2020.  Direttore Umberto Calabrese

Sabato, 25 Luglio 2015 15:39

Italy's Eni signs Nile gas deal with Egypt

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Rome - Italian oil and gas giant Eni and Egypt have updated an agreement made in March on a significant gas discovery made by Eni in the Nile Delta concession. Egyptian Minister of Petroleum and Mineral Resources, Sherif Ismail, and Claudio Descalzi, CEO of ENI, on Friday signed an update to a Head of Agreement which

sets out their commitment to evaluate the development of the discovery by renegotiating terms and by extending the contract for the concession. The ceremony was attended by Egyptian Prime Minister Ibrahim Mahlab and Italian Prime Minister Matteo Renzi. Preliminary estimates of the discovery, in the Abu Madi West licence offshore of the Nile Delta, showed there could be 15 billion cubic metres of gas, plus condensates. Eni will focus on fast track exploitation to take up the entire processing capacity of the Abu Madi gas plant. The update reaffirms and strengthens the commitments in the Head of Agreement which, following the revision of the contractual parameters and temporary extensions of some concessions, envisages total investments of about five billion dollars. It was signed at the Egyptian Economic Development Conference in Sharm El Sheik. The investment will back projects over four years to develop production of 200 million barrels of oil and 1.3 TCF of gas. This will make a significant contribution to increasing local energy needs. Eni has worked in Egypt since 1954, where it operates through its subsidiary IEOC and is the market leader with an equity production of approximately 180,000 barrels of oil equivalent a day.(AGI)

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