Italian giant Eni and the Egyptian Government entered into an agreement for three amendments for the IEOC concessions, both onshore and offshore Egypt that will see the Italian giant make an additional investment of more than US$2 billion in the next four years.
The government granted Eni amendments for two offshore areas: North Port Said in the Mediterranean, and Baltim in partnership with BP, offshore Nile Delta. Eni also signed a new concession agreement with France’s ENGIE for Ashrafi in the Gulf of Suez.
“The agreements will lead to investment for more than $2 billion for the realization of projects to be implemented in the next four years and will contribute effectively to the increasing energy needs of Egyptian local demand,” Eni said in a statement. “Furthermore, they represent the positive conclusion of a first set of agreements that were defined in the heads of agreement (HoA) signed during the Egypt Economic Development Conference in Sharm El Sheikh last March.”
Three other agreements that were included in the HoA have been finalized, with approvals expected before year-end.
According to Eni, some of the activities envisaged are currently in the execution phase and one additional well in Baltim concession is already in production.