EGAS Chairman Khaled Abdel Badie told Daily News Egypt that the agreement with Italy’s Eni will see Egypt’s share of gas production from the Shorouk franchise increase to over 60%. this will occur after the foreign partner recovers their financial expenses, with the agreement stating that the foreign partner will receive 40% of production throughout the recovery period.
The cost of the project is approximately $7bn worth of investments over three years.
A meeting with Eni is to be held within days to discuss speeding up the gas production phases.
Abdel Badie added that a development plan for Shorouk will be produced in several stages over the next three years. Adding that the price of the gas produced from Shorouk will be decided after the completion of preparations for the development plan and the stages of production. Abdel Badie noted that Eni is free to sell any amount of its natural gas stake production.