CEO of Eni, Claudio Descalzi, said in a Sunday meeting with President Abdel Fattah el-Sisi that the Italian energy company and its partners will inject new investments worth $7.7 billion over the next four years in Egypt.
The agreement signed by the Libyan outgoing Government of National Unity and Turkey is null and void, the Egyptian and Greek foreign ministers said in a Sunday press conference, calling on the UN to take a “clear stance” on that cabinet.
These new discoveries have already been connected and tied into production, in line with the Infrastructure-led exploration strategy, allowing to maximize exploration opportunities nearby existing infrastructures.
He added that these developments came as a reflection of the success of the first phase of seismic search operations in the Red Sea, which were conducted using two-dimensional search technology over an area of 11,000 km.
The Ministry of Oil said the agreement comes as part of joint efforts to develop and modernize the concession areas of Khalda Petroleum Company and Qarun Petroleum Company to achieve the optimum use of investment potentials in the region.
The House of Representative passed 10 draft laws on Monday regarding gold and mineral exploration and traffic.
The Egyptian Minister of Petroleum, Tarek El Molla, witnessed the signing of 4 contracts to search for gold between the Mineral Resources Authority and the Canadian Barrick Gold Corporation, with a total investment estimated at $8.8 million.
Sources told Egypt Today that 10 companies purchased the applications of the international gold exploration auction announced by Egypt earlier this year.
Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched, the official said.
The minister said increasing Egypt's oil output tops the ministry's priorities to bridge the gap between production and consumption.
Egypt signed Wednesday four new agreements to search for oil and gas in the regions of Western Sahara, the Gulf of Suez and the Nile Valley.
Sisi's instructions come in an effort to transform Egypt to a regional center for the trade of oil and gas in the region, presidential spokesman Bassam Radi said.
Noble Energy chairman met with President Abdel Fatah al-Sisi in Cairo on Monday.
A wrap-up of the most prominent business news of the day.
The agreement involves Italian energy company Eni and the Egyptian Tharwa company.
The company succeeded last week to increase its production of crude oil by 1,000 barrels, to render its overall production currently at 7,000 barrels per day.
Egypt is looking to production from recently discovered fields to halt energy imports by 2019.
Fourteen companies have expressed interest in oil and natural gas exploration and development contracts to be auctioned by Iraq on April 25.
Egypt’s production of natural gas increased in December 2017 to reach 3.4 million tons, up from 2.7 million tons in December 2016.
Egypt’s natural gas production will reach some six billion cubic feet a day by the end of fiscal year 2017/18, Deputy Chairman of EGAS said Sunday.