Egypt signs update to head of agreement with Eni

The Italian gas company said in a press release that the update was signed by Egyptian Minister of Petroleum Sherif Ismail and the company’s CEO, Claudio Descalzi.

The release did not clarify the details of the update.

During Egypt's economic development conference in March the company signed heads of agreement with the Egyptian government worth $5 billion over a period of 4-5 years.

"The investment will lead to the realisation of projects to be implemented in the next four years and directed to the development of 200 million barrels of oil and 1.3 TCF of gas," Eni said in the release.

Eni has been operating in Egypt since 1954 with an equity production of 180,000 barrels of oil equivalent per day.