Italian Eni and British Petroleum (BP) announced that over the next five years, they will invest in Egypt more than in other parts of the world, reported Bloomberg.
According to Eni’s CEO, Claudio Descalzi, the company is going to invest $10b as Egypt will be Eni’s top country for investment in the next two years, informed Benchmark Monitor. Descalzi added that the production plans for Zohr are on schedule.
Similarly, BP’s CEO, Bob Dudley, pointed out that BP has confidence in the Egyptian government and that it is investing more money in Egypt than any country in fiscal year 2016/2017.
Egypt’s Minister of Petroleum and Mineral and Resources, Tarek El Molla, explained that Egypt plans to increase its gas production by 50% by the end of 2018, up from 3.8bcf at the end of 2016. The minister added that the government is committed to repaying arrears owed to international oil companies (IOCs) and it is optimistic that it can attract more investments in exploration, production, and distribution.