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Egypt devours 70% of Eni's international investments

CEO of the Italian Company Eni Claudio Descalzi said Egypt swallowed about 70% of Eni's international investments due to confidence in the Egyptian economy.

The company has so far injected $ 8.3 billion into Nooros and Zhor gas fields in Egypt, he said, noting that additional $ 3 billion will be pumped into the projects in the coming period.

He made the remarks during a meeting Thursday with Egyptian Petroleum Minister Tareq El-Mulla. Eni General Manager Fabio Cavanna attended the meeting alongside Antonio Vella, Eni's Chief Upstream Officer.

The talks tackled the remaining stages of Zohr field, El Mulla said in a statement on Thursday.

 He noted there is full coordination among Eni, Belayim Petroleum Company, Petrojet and Enbi to expedite the accomplishment of remaining stages. 

Eni has recently announced in a press release the oil discovery in Meleiha area located in the South West Meleiha license, in the Egyptian Western Desert, some 103 km north of the Oasis of Siwa. 

Eni discovered Egypt's giant Zohr gas field in 2015. In December 2017, the company delivered the first gas from the field, whose estimated 30 trillion cubic feet makes it the biggest gas field in the Mediterranean. 

Eni has also announced the start of the second production line of Zohr. Production of the field is scheduled to reach 1.2 billion cubic feet per day in May and two billion cubic feet per day by the end of 2018, amassing 2.7 billion cubic feet per day. 

Eni's  Nooros field was discovered in July 2015 in the Nile Delta offshore area and put into production in record time the following month. It is currently Eni’s main gas producing field in its Egyptian asset portfolio. In March, Nooros' production hit a record of 32 million cubic meters per day.

El-Mulla has recently said that Egypt will stop importing Liquefied Natural Gas (LNG) by the end of 2018 as the ministry is proceeding with projects to develop the petroleum sector, boost Egypt's output of natural gas and narrow the gap between production and consumption.

 

 

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