| Eni signs concession and amendment agreements for petroleum exploration in Egypt | |
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12/11/2015, CET 14:38
San Donato Milanese, 12 November 2015 - Eni signed today with the Egyptian Government three amendments for the IEOC concessions of 'Sinai 12 and Abu Madi', 'North Port Said' and 'Baltim', which is in partnership with BP, and signed one new Concession Agreement, 'Ashrafi', in partnership with ENGIE.
The agreements will lead to investment for more than $2 billion for the realization of projects to be implemented in the next 4 years and will contribute effectively to the increasing energy needs of Egyptian local demand. Furthermore, they represent the positive conclusion of a first set of agreements that were defined in the Heads of Agreement (HoA) signed during the Egypt Economic Development Conference in Sharm El Sheikh last March. Other three agreements included in the HoA have been already finalized whereas the approval process is expected to be completed before the year-end. Some of the activities envisaged are currently in the execution phase and one additional well in Baltim Concession is already in production.
Eni has been present in Egypt since 1954, where it operates through its subsidiary IEOC. The company is the leading producer in the country with an equity production of approximately 180 thousand barrels of oil equivalent per day.
Company Contacts:
Press Office:+39 02.52031875 - +39 06.59822030
Freephone for shareholders (from Italy): 800940924
Freephone for shareholders (from abroad): + 80011223456
Switchboard: +39 06.59821
[email protected]
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[email protected]
Web site: www.eni.com
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ENI is based in Italy. ENI is listed in Italy. Its market capitalisation is €UR 55.4 billions as of today (US$ 59.2 billions, € 55.4 billions). Its stock quote reached its lowest recent point on April 23, 2021 at €UR 10.01, and its highest recent level on April 26, 2024 at €UR 15.25. ENI has 3 634 189 824 shares outstanding. |