Eni Signs New Concession Agreement With Egypt

Eni has signed three amendments and one new concession agreement with Egyptian government.

The Italian major has signed three amendments for the IEOC concessions of Sinai 12 and Abu Madi, North Port Said and Baltim, which is in partnership with BP. It has also inked one new concession agreement, Ashrafi, in partnership with ENGIE.

“The agreements will lead to investment for more than $2 billion for the realization of projects to be implemented in the next 4 years and will contribute effectively to the increasing energy needs of Egyptian local demand. 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,” the company said in a statement Thursday.

Other three agreements included in the HoA have been already finalized whereas the approval process is expected to be completed before the year-end, Eni stated, adding that some of the activities envisaged are currently in the execution phase and one additional well in Baltim concession is already in production.