Petroleum Africa
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Monday, November 16, 2015
ENI signed three amendments for IEOC, its Egyptian subsidiary’s Sinai 12 and Abu Madi , North Port Said, and Baltim concessions with the Egyptian government. The company also signed one new concession agreement, for the Ashrafi where it is partnered with Engie.
The agreements will lead to investment of more than $2 billion for the realization of projects to be implemented in the next four 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 HoA signed during the Egypt Economic Development Conference in Sharm El Sheikh in March.
The other three agreements included in the HoA have been already finalized whereas the approval process is expected to be completed before year-end. Some of the activities envisaged are currently in the execution phase and one additional well in Baltim Concession is already in production.
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