Italian oil major Eni signed an energy exploration and drilling deal with Egypt worth around $2 billion over 4 years, Egypt’s Oil Minister Sherif Ismail said in a press release on Monday.
The deal is part of the government’s attempts to amend gas prices in some of its agreements.
Eni is set to invest $1.5 billion in exploration in Sinai while investing $380 million in drilling five new wells in northern Port Said, and drilling one new well and fixing another one in the Nile Delta at a cost of $80 million. The company will also invest $40 million in a block in the Gulf of Suez.
During Egypt's Economic Development Conference in March, the company signed heads of agreement with the Egyptian government worth $5 billion over a period of 4-5 years.
In January, the Italian state-run company signed concession agreements for exploration in two new blocks in Egypt's Mediterranean waters.
The petroleum company already owns all of North Leil and 50 percent of Karawan, where it partners with BP.
Eni, the biggest foreign oil major in Africa in terms of volumes, has been present in Egypt since 1954 and produces around 210,000 barrels of oil equivalent per day.