EGPC, Eni Sign $1B Agreement for Oil Exploration in Gulf of Suez, Nile Delta

Friday, 24th December 2021
by Nader Ramadan

The Egyptian General Petroleum Corporation (EGPC) and Italian energy company Eni have signed an agreement worth at least $1 billion for oil exploration activities in the Gulf of Suez and the Nile Delta, according to a statement from the Ministry of Petroleum and Mineral Resources.

The agreement was signed by Minister of Petroleum and Mineral Resources Tarek El Molla, EGPC Chairman Abed Ezz El Regal, and Eni CEO of Natural Resources Activities Alessandro Politi.

According to the agreement, Eni will pump a minimum of $1 billion in investments and will also spend an additional $20 million to drill four wells. The Ministry elaborated that this deal is part of its effort to boost production and to tackle the natural decline in wells by using the latest technologies.

The Ministry said that it also seeks to encourage its partners to invest more in oil and gas exploration and research activities.

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Nader Ramadan 67 Posts

As a seasoned media professional who has been practicing journalism since 2009, Nader covered a wide range of different issues from economics to art and culture throughout his career. Joining Egypt Oil & Gas in 2021 has given Nader the exciting opportunity to dive deep into the world of energy and its global implications. He has a B.A. in Journalism and Mass Communication from the American University in Cairo.