Tarek El Molla, Minister of Petroleum and Mineral Resources, met with Marc Benayoun, CEO of Edison International Group and President of the Board of Directors, to discuss the development of the second phase of Abu Qir gas production field in its concession areas in the Mediterranean.
It is estimated that investments in the concession area amounted to more than $220m. The development is projected to add 150mcf of natural gas, 4,000 barrels of condensates, and 1,500 b/d of crude oil to the current output, Egypt Oil&Gas reported.
In addition, they discussed the agreement signed for the establishment of a power plant between Edison and the Egyptian Company, El Qalaa Holdings, by which Edison will inject additional investments to increase gas production from the Abu Qir field for generating power.
El Molla pointed out that his meetings with heads of major international petroleum companies operating in Egypt confirms that there is a strong will to increase the aspects of joint cooperation and the expansion of investments needed to speed up the implementation of these projects.
He added that Egypt is still attractive with its various petroleum activities, emphasizing the success of the existing partnership between the two sides.