Oil minister, Eni chairwoman discuss boosting Italian investments in Egypt

Petroleum Minister Tareq el Molla discussed on Monday with Chairwoman of the Board of Eni Company Emma Marcegaglia beefing up Italian investments in Egypt.

The two sides also discussed the company's activities in Egypt and its timetable to implement its development projects that will open new oil exploration prospect in Egypt.

The meeting also took up the positive outcome of production work in "Noras" gas field in the shallow waters of the Nile Delta that yields 900 million cubic feet per day. Gas production started from this field in August 2015. It is expected to produce more than 1 billion cubic feet per day in the first quarter of 2017 when more gas fields will be dug.

For her part, Marcegaglia hailed the company's major achievements in Egypt over the past period.

Egypt still have great opportunities to explore its petroleum wealth of natural gas in the deep waters in the Mediterranean Sea and the Nile Delta, she said. 

She extolled steps taken by Egypt to encourage foreign investments in the country. 

Eni company has been present in Egypt since 1954 with exploration and production activities. Its major production activities are located in the Gulf of Suez with the production of oil and condensates and in the Nile Delta concessions, producing mainly gas.

Source: MENA