News

Top Oil Companies Plan to Invest in Egypt More Than Anywhere in the World

Top Oil Companies Plan to Invest in Egypt More Than Anywhere in the World

Photo: Getty Images

Eni and British Petroleum (BP), two Italian and British oil and gas companies, announced during a conference that they plan to invest in Egypt over the next five years at a level that is more than anywhere else,  reported Bloomberg.

The CEO of Eni Caludio Descalzi said that his oil company plans to start producing natural gas from the Zohr gas field that was discovered in 2015, off Egypt’s Mediterranean coast. The production process will start by the end of 2017. Descalzi further added that Eni is planning to invest up to $US 10 billion over the next five years in Egypt.

Meanwhile, BP’s CEO Bob Dudley said that his company invested in Egypt in 2016 more than any other country, adding that he trusts the Egyptian government and the abundance of investment opportunities in Egypt.

The conference was attended by Egypt’s Petroleum Minister Tarek El-Molla, who said that Egypt plans to boost its gas output by about 50 percent by the end of 2018.

The Minister added that Egypt plans to buy about 108 shipments of natural gas in 2017. While Egypt’s debt to international energy companies reached $US 3.6 billion, El-Molla reaffirmed that Egypt is committed to paying its debts.

Eni and BP are also partners in the Noroos field that was discovered in July 2015 in the Nile Delta. They are also partners in the Baltim SW field that was discovered in June 2016

Zohr was discovered in August 2015 by Eni. It is believed to be the largest natural gas field ever discovered in the Mediterranean, with a total potential of 850 billion cubic meters.

Rockets Fired from Egypt's Sinai at Israel for Second Time This Month
The Egyptian 'Blind Sheikh', Linked to 1993 New York Attack, Dies in U.S. Prison

Subscribe to our newsletter


News

More in News

Egyptian Economist and Writer Galal Amin Dies Aged 83

Mirna AbdulaalSeptember 26, 2018

Sisi at UN: Let Us Recall Values of Nelson Mandela, World Needs to Address Conflict Root Causes

Sara AhmedSeptember 25, 2018

‘Sisi is a Great Friend’: Trump and Sisi Meet at United Nations

Mirna AbdulaalSeptember 25, 2018

Saudi Women Take Off their Veils in Solidarity with Feminist Tarif Alassiri

Nour EltiganiSeptember 24, 2018

IMF’s Lagarde: Egypt’s Economic Growth Among Highest in Middle East

Sara AhmedSeptember 24, 2018

Ministry of Antiquities: Baron Palace Renovation Will be Complete Within a Year

Sara AhmedSeptember 24, 2018

‘Misr Al Kheir’ Supports Disadvantaged Egyptian Children by Selling their Artwork

Mirna AbdulaalSeptember 24, 2018

Shubra District Head Suspended After Deadly House Collapse

Nour EltiganiSeptember 23, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.