SIANJIA FLOW CONTROL

ENI SIGNS FRAMEWORK AGREEMENT IN EGYPT

Author：SIANJIA FLOW CONTROL PublicTime：2015-03-25 Views：2083

The Heads of Agreement envisages investments of an estimate 5 billion dollars of total value.

The Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail and Eni CEO Claudio Descalzi signed a heads of agreement aimed at the development of the oil and gas resources of the country while preserving the return of Eni’s investments.

The heads of agreement envisages investments of an estimate USD 5B of total value and was signed within the framework of Egyptian Economic Development Conference (EEDC) aimed at boosting foreign investments in the country. The investments, which will be utilised through the realization of projects to be implemented in the next four years, are directed to the development of 200 million barrels of oil and 1.3 TCF of gas. These investments will also contribute effectively to the increasing energy needs of local demand.

The heads of agreement sets the basis for the improvement of some contractual parameters – including the application of a new gas price where necessary – as well as the extensions of some permits in order to ensure adequate levels of profitability to some of Eni’s initiatives in the country like those in the Gulf of Suez, in the Western desert and in the Mediterranean offshore.