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Egypt and Italy’s Eni sign updated heads of agreement

by ChemOrbis Editorial Team - content@chemorbis.com
  • 28/07/2015 (14:35)
According to local media sources, an update has been signed between Egypt and Italy’s Eni regarding the head of agreement reached in March following the discovery of gas reserves of up to 15 billion cubic meters in Egypt’s Nile Delta. The updated agreement was signed between Egyptian Minister of Petroleum Sherif Ismail and Eni’s CEO Claudio Descalzi.

Back in March of this year, during Egypt’s economic development conference, Eni had signed a heads of agreement with the Egyptian government worth $5 billion over a period of 4-5 years. Eni has been operating in Egypt since 1954 with a production of 180,000 barrels of oil equivalent per day.
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