Egypt, Italy sign 1-bln-USD oil exploration agreement
Date
12/26/2021 12:23:22 AM
(MENAFN- Famagusta Gazette)
Egyptian General petroleum Corporation has signed an investment agreement with Italian energy group Eni for oil exploration in the Gulf of Suez and Nile Delta regions, which is worth no fewer than 1 billion U.S. dollars, the Egyptian Petroleum Ministry said Friday.
The deal is part of the ministry's strategy to increase productivity and to face the natural decline in the wells by using the latest technologies in oil-producing sectors, the ministry said.
“The ministry's strategy also aims at encouraging partners to pump more investments into oil and gas exploration and to boost the country's oil reserves,” it added.
MENAFN26122021006374013804ID1103447336
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.