The value of investments currently operated by foreign oil companies in Egypt’s territorial waters in the Mediterranean Sea surpassed $4 billion after the Egyptian government endorsed six more agreements.
Italian multinational oil and gas company, Eni S.p.A., remains the largest foreign company exploring deep-water reserves and continues to inject funds into its ambitious investments, sources told Youm7.
According to the sources, the Italian giant believes the Mediterranean has promising crude oil and gas potential and it has therefore stepped up its exploration works.
Five major oil companies – include British Petroleum, the Eni-owned International Egyptian Oil Company and Edison, an Italian oil and gas company – are investing $2.2bn off Egypt’s coast.
A few months ago, Eni made a world-class supergiant gas discovery at its Zohr Prospect, in the deep waters of Egypt.
The discovery could hold a potential of 30 trillion cubic feet of lean gas in a place covering an area of approximately 100 square kilometres.
Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea.
($1 = AED3.67, at the time of publishing)