Petroleum Africa
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Tuesday, July 28, 2015
ENI’s CEO, Claudio Descalzi, and the Egyptian Minister of Petroleum and Mineral Resources Sherif Ismail signed an update to the HoA signed between the two in March. The update of the agreement follows a gas discovery made by the Italian firm in the Nile Delta.
The update describes the commitment of the parties to jointly evaluate the development opportunities of the discovery by renegotiating the terms and contract extension of the concession. Preliminary estimates of the discovery, located on the Abu Madi West license, are said to account for an estimated 15 Bcm of gas in place with associated condensates.
ENI will fast track the development to take advantage of the processing capacity of Abu Madi Gas Plant.
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