Italian producer Eni intends to invest $12 billion in natural gas operations in Egypt over the next five years, the Egyptian Ministry of Oil said today.
Eni also intends to access an extra 180 million barrels of oil reserves in its Balaim onshore field in the Gulf of Suez by using advanced extraction techniques; Reuters quoted the ministry as saying in a statement.
The extra oil would be extracted over 12 years and would be worth about $9 billion, of which the Egyptian state’s share would be about $6 billion, it added.
The ministry released the statement after two Eni executives explained their development plans to Oil Minister Sameh Fahmy.
Eni is a partner in a liquefied natural gas plant in the Egyptian port of Damietta and will take part in a plan to expand the plant’s capacity to about 14 billion cubic meters per year.