Egypt, Italy Ink $1b Deal On Oil Exploration

Egypt’s Ministry of Petroleum and Mineral Resources on Friday said the Egyptian General Petroleum Corporation (EGPC) has signed an agreement worth $1 billion with the Italian giant energy group Eni for oil exploration and exploitation.

The agreement was signed by Egypt’s Minister of Petroleum and Mineral Resources Tarek El-Molla, EGPC’s CEO Abed Ezz El-Regal, and Eni’s Executive Director of Operations Alessandro Politi, the Egypt’s Mineral ministry said in a statement.

According to the statement, the deal with the Italian energy group was aimed at increasing production rates and addresses the natural decline by using the latest technology.

The ministry encouraged both the parties to further work in areas of oil and gas exploration, the statement added.

Eni has been operating in Egypt through its subsidiary, the International Egyptian Oil Company (IEOC) Production BV, since 1954.

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