Eni’s Egyptian subsidiary, IEOC, has signed 3 new amendments to its agreements with the Egyptian government. In a November 12th press release, the company announced the amendments for their concessions of Sinai 12 and Abu Madi, North Port Said, and Baltim. The company also announced a new concession agreement named “Ashrafi,” which will be a partnership with French electric utility company Engie.
Eni states that these agreements will lead to more than $2b in investment for projects to be implemented over the next four years. According to the press release, Eni is currently the leading producer in Egypt, which is currently producing around 180,000 boed.
The agreements were first reached at the March Egypt Economic Development Conference in Sharm Sheikh.