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Egypt, Italy sign 1-bln-USD oil exploration agreement

Egyptian General Petroleum Corporation has signed an investment agreement with Italian energy group Eni for oil exploration in the Gulf of Suez and Nile Delta regions, which is worth no fewer than 1 billion U.S. dollars, the Egyptian Petroleum Ministry said Friday.

The deal is part of the ministry’s strategy to increase productivity and to face the natural decline in the wells by using the latest technologies in oil-producing sectors, the ministry said.

“The ministry’s strategy also aims at encouraging partners to pump more investments into oil and gas exploration and to boost the country’s oil reserves,” it added.
Source: Xinhua

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