Eni signed a new agreement for the development of a field in the Nile Delta with the Egyptian government. The latter integrates the framework agreement signed three months ago after the gas discovery made by the Italian company.
On the basis of what has been established, both parties undertake to evaluate the development opportunities of the discovery, renegotiating the terms and the contractual extension of the concession itself.
The agreement was signed in Rome by the Egyptian Minister of Oil and Mineral Resources, Sherif Ismail, and by the CEO of the six-legged dog, Claudio Descalzi. The Egyptian Prime Minister, Ibrahim Mahlab, and the Italian Prime Minister, Matteo Renzi, were present.
According to preliminary estimates, the field, located in the Abu Madi West license offshore in the Nile Delta, will be able to contain 15 billion cubic meters of gas in place, with further potential, to which must be added the condensates associated with the gas. Eni will develop in a very short time the new potential to saturate the treatment capacity of the Abu Madi gas plant.
The agreement signed today confirms and reinforces the commitments made in March at the Egyptian Economic Development Conference in Sharm El Sheik, which, in the face of a revision of the contractual parameters and the extensions of some concessions, envisages total investments of 5 billion dollars to carry out projects aimed at developing 200 million barrels of oil and approximately 37 billion cubic meters of gas over the next four years.
