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Monday, 27 December 2021

Eni commits USD 1 bn to oil exploration in Suez Gulf + Nile Delta

Eni to invest at least USD 1 bn on oil production in Suez Gulf, Nile Delta: Italian energy firm Eni has signed an agreement with the state-owned Egyptian General Petroleum Corporation (EGPC), committing Eni to spending a minimum USD 1 bn on exploration and extraction in the Gulf of Suez and Nile Delta regions, according to an Oil Ministry statement. The statement did not specify the timeframe in which the investments are expected to be made.

Eni also committed an extra USD 20 mn to drill four wells in the region, according to the statement.

Expect to see more (hopefully greener) agreements between the Oil Ministry and Eni: The two sides have lined up a number of joint initiatives on carbon capture, utilization and storage (CCUS), to be announced during the upcoming COP27 global climate summit in Sharm El Sheikh next year. Carbon capture is expected to be a big theme at COP27, with Oil Minister Tarek El Molla stressing its importance to the oil and gas industry and to combating climate change.

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