Eni to invest $12 bln in Egypt over 5 years

Reuters
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Italian oil company Eni intends to invest $12 billion in natural gas operations in Egypt over the next five years, the Egyptian Ministry of Oil said in a statement on Thursday. Eni, which is already the largest oil and gas producer in Egypt, also intends to access an extra 180 million barrels of oil reserves in its Balaim onshore field in the Gulf of Suez by using advanced extraction techniques, it said. The extra oil would be extracted over 12 years and would be worth about $9 billion, of which the Egyptian state s share would be about $6 billion, it added. The ministry released the statement after two Eni executives explained their development plans to Oil Minister Sameh Fahmy. Eni is a partner in a liquefied natural gas plant in the Egyptian port of Damietta and will take part in a plan to expand the plant s capacity to about 14 billion cubic meters a year.

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