MILAN: Italian power company Edison SpA said Tuesday it has signed a $1.4 billion agreement with Egyptian energy officials for the exploration and development of the Abu Qir oil fields off the coast of Alexandria.
Edison said in a statement it planned to invest $1.7 billion to increase reserves and the area s production.
The fields that make up the Abu Qir concession produce approximately 1.5 billion cubic meters of gas per year and 1.5 million barrels of oil through three platforms.
Edison said the concession will be subject to governmental approvals. It lasts 20 years and can be extended for 10 years, the company said. -AP
