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 two sides also reviewed means of realizing more discoveries, to benefit from rising international prices and secure local market needs.
The Nargis-1 well has encountered approximately 200 net feet (61 m) of Miocene and Oligocene gas bearing sandstones and was drilled in 1,014 feet (309 m) of water by the Stena Forth drillship.
Minister of Health and Population Khaled Abdel Ghaffar met Wednesday with Secretary General of the Eni Foundation and Chief Medical Officer of the Health Unit at Eni SpA Filippo Uberti.
Molla added efforts are now focused on capitalizing on promising opportunities and potentials in the country to up production rates and upgrade the main structure.
The Cabinet said in a statement, Thursday, that the project is being built within the framework of the trend towards expediting the exploratory operations in the "Northeast of Al-Arish" offshore area.
The agreement aims to promote Egyptian gas export to Europe, and specifically to Italy, in the context of the transition to a low carbon economy.
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.
President Abdel Fatah al-Sisi received Thursday an Eni delegation led by CEO Claudio Descalizi in the presence of Minister of Petroleum and Mineral Resources Tarek al-Mulla.
Zohr gas Field is Egypt’s main contributor to gas supply and is the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet.
The Petroleum Ministry, in a statement on Friday, said that under the deal, Eni company is abiding by spending at least additional dlrs 20 million to dig four wells.
Italian multinational oil and gas company Eni, announced Tuesday three new oil and gas discoveries in the concessions of Meleiha and southwest of Meleiha, in Egypt's Western Desert.
Claudio Descalzi, CEO of the energy company Eni, met on Thursday with President Abdel Fattah El-Sisi.
“This is the first LNG cargo produced by the terminal after it was shut down in 2012.” it clarified in a statement.
The discovery was achieved through the Arcadia 9 well, drilled on the Arcadia South structure, which is located 1.5 km south of the main Arcadia field already in production.
The announcement came in a joint statement by Eni, as the Operator of the Block, and bp, as contractor member.
Meeting with Claudio Descalzi, the chief executive of Italian company, Sisi highlighted the need to accurately implement the company’s projects and to take into consideration the importance the state attaches to this vital sector.
Italian oil and gas company Eni said it managed to drill the first exploration well in waters of Egypt’s Nile Delta, in cooperation with contractor members of BP and Total.
The well would be completed and put into production in the next few days with an expected initial flow rate of about 5.000 barrels per day.
This came during a meeting held between Descalzi and Minister of Petroleum Tarek el-Molla on the sidelines of Molla’s participation in the World Energy Conference in Abu Dhabi.