Eni inks Heads of Agreements with Egypt worth $5 billion over 4-5 Years

Italian oil major Eni signed heads of agreement with Egypt worth US$5 billion over 4-5 years, the Egyptian oil minister and the company announced on Saturday at a weekend investment summit in Sharm El-Sheikh.

Oil Minister Sherif Ismail said he expected the investment in several discoveries would generate production of 900 million standard cubic feet of gas, according to Reuters.

He said the investment was for concessions in the Mediterranean, the Western Desert, the Nile Delta and Sinai, and added the deal would be finalised within six weeks.