Eni Is Committed to Increase Exploration, Development and Production Activities in Egypt
6/7/2011
Eng. Abdullah Ghorab, Minister of Petroleum and Mineral Resources, discussed with Mr. Claudio Descalzi, COO of the Italian company Eni, its working programs in Egypt , ways of enhancing joint cooperation and reviewing of new domains of the Italian company's investments in oil and gas exploration, development and production.
For his part, Eni's COO renewed the company's commitment to increase exploration, development and production activities in Egypt and that the coming period will witness additional activities in the areas of the Western Desert ,the Mediterranean and Sinai, and will cover both development, through the drilling of additional wells and the acceleration of production from new discoveries, and exploration, by drilling 12 exploratory wells, and to speed up putting new discoveries on stream.
He added that the investments of ENI in Egypt for the current and subsequent years will amount to approximately US$3 billion. He added that Eni will also sponsor a training plan for national staff working in the Petrobel and Agiba joint ventures with EGPC, with a commitment of US$4.5 million. Furthermore, in accordance with the Ministry of Petroleum, Eni will support the Sinai community with social activities.
It is worth mentioning that the Italian company Eni, is the leading International company ,starting its activity in Egypt in the early fifties and is ranked the first in the list of International companies operating in Egypt, where it achieved through its joint ventures Petrobel and Agiba a total production estimated at 500 thousand boe/day of crude oil , condensates and natural gas .