Eni CEO Claudio Descalzi has said that the company is investing a further $3 billion into the sector on top of the $8.4 billion it is already investing, Egypt Oil & Gas reports.
The statements came during a meeting between Descalzi and oil minister Tarek El Molla.
El Molla and Descalzi discussed the company’s progress on the Zohr project and the newly-discovered Noor gas field. Eni recently discovered the field in the Shorouk offshore concession. Some initial reports have suggested that Noor may hold sizeable reserves, however there has not yet been any official statements about the field’s reservoirs.
Eni recently reduced its holdings in the Shorouk concession to 50% after selling a 10% stake to the Emirati company Mubadala in July 2018.