Eni to invest $12 billion in Egypt gas program

Eni SPA plans to invest $12 billion over the next 5 years in Egypt's gas industry starting in 2007-08, according to the Egyptian petroleum ministry. The company also will focus on increasing reserves from the onshore Belayim field in the Gulf of Suez area by about 180 million bbl during the next 12 years, using new production techniques.

Uchenna Izundu
International Editor

LONDON, May 11 Eni SPA plans to invest $12 billion over the next 5 years in Egypt's gas industry starting in 2007-08, according to the Egyptian petroleum ministry. The company also will focus on increasing reserves from the onshore Belayim field in the Gulf of Suez area by about 180 million bbl during the next 12 years, using new production techniques.

In 2005 Eni discovered new extensions of Belayim Land, Belayim Marine, and Ashrafi oil fields.

The ministry said Eni plans to finance and implement an experimental project to produce heavy oil, which will help boost Egypt's oil reserves and production but did not say where this project would be.

The matters were discussed during a meeting with Sameh Fahmi, Egypt's minister of petroleum, Antonio Fila, vice-president of North Africa and the Middle East for Eni, and Enrico Cingolani, general manager and managing director of the Italian International Egyptian Oil Co. in Egypt.

Contact Uchenna Izundu at uchennai@pennwell.com


More in Exploration & Development