Eni Plans to Invest $2bn in Egypt's Zohr Gas Field

Eni is expected to invest about $2 billion in the first quarter of fiscal 2017 in the Zohr gas field, Egypt Independent reported Sunday.

An official said that all government agencies are working on eliminating any obstacles to the Italian company's investment in Egypt.

Eni on Friday said it has successfully drilled a new well in the Nooros East exploration prospect, in the Abu Madi West license in Egypt, and has also completed the drilling of the Zohr 2X well, first appraisal well of Zohr discovery, in the Shorouk block.

Additionally, the company announced last week that it has received formal approval to develop the Zohr gas field.

The discovery of Zohr was announced on 30 August 2015.