The Egyptian Ministry of Petroleum said in a statement, today, Friday, that the Egyptian Petroleum Authority signed an agreement with the Italian company Eni to explore for… Oil in the Gulf of Suez And the Nile Delta with a total investment of not less than one billion dollars.
The statement added that the agreement obliges the Italian company Eni to spend at least an additional $20 million to drill four wells.
The statement stated: “The agreement comes within the framework of the new methodology of the Ministry of Petroleum and Mineral Resources regarding increasing production rates and confronting the natural decline of wells.”
And the Egyptian Ministry of Water Resources said in a statement, Monday, that the government had approved a license to develop the Al-Amal oil field in the Gulf of Suez.
Last October, Italy’s Eni announced three new discoveries in the Mleiha concession areas, southwest of Mleiha, in the Western Desert in Egypt, including oil, gas and condensate discoveries in the Mleiha development contract, and an oil discovery in the Mleiha South concession.
