Eni sees Egyptian gas field investment at $6-10 billion – CEO

Eni is expecting a total investment of between $6-10 billion for the development of its latest and largest gas discovery, Zohr field in Egypt, the chief executive of the Italian oil and gas group told a senate hearing in Rome.

“It’s too early to make estimates, we are still refining the numbers. I can only say that it’s an easy field. The Egyptian energy minister has given an estimate of $6-7 billion, which is a reasonable order of magnitude,” Claudio Descalzi said.

“I think we will remain within $10 billion for the overall development of the field.”

He also said that he expected Italian oil services group Saipem to play a big role in the development of the field, without giving details.

Source: Reuters