The Ministry of Petroleum and Mineral Resources announced the signing of an agreement with the Italian company Eni to explore for oil in the Gulf of Suez and the Delta, with a total investment of one billion dollars.
The ministry explained in a press statement that the agreement signed between the Egyptian General Petroleum Corporation and Italy’s Eni is related to oil exploration, development and extraction in the Suez Canal and the Nile Delta. The agreement requires the Italian company to invest at least $1 billion in oil exploration, in addition to allocating at least an additional $20 million to drill four wells.
The signatories to the agreement: Tarek El Molla, Minister of Petroleum and Mineral Resources, Abdel Ezz El Regal, CEO of the Petroleum Administration, and Alessandro Politi, CEO of Eni’s natural resources activities.
The new agreement comes within the framework of the Ministry of Petroleum’s strategy, which aims to increase productivity and keep pace with the natural deterioration of oil wells through the use of the latest technologies in some of the current oil-producing areas, and the pursuit of a difficult equation. It balances these areas. According to the ministry’s statement, the partners are invited to increase investment in various fields of research, exploration and development of oil and natural gas.
The statement indicated that the new agreement is related to increasing the productivity of the Egyptian Ministry of Petroleum and keeping pace with the natural deterioration of oil wells through the use of the latest technologies in some of the existing production areas, and striving to achieve a difficult equation to reach a balance.
With partners, encouraging them to engage in oil and gas production. More investment has been invested in various fields of natural gas research and development to support the proven reserves, and efforts have been made to confirm the potential reserves shown by earthquakes. Various research and assessments are being conducted by international companies operating in Egypt.