Eni, BP Pouring More Investment Into Egypt Than Anywhere Else
- Eni will start producing from Egypt’s Zohr gas field this year
- Shell to start drilling in Nile delta in second quarter: Masry
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Eni SpA will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10 billion in the North African country over the next five years, Chief Executive Officer Claudio Descalzi said.
Production plans for Zohr are on schedule, and Egypt will be Eni’s top country for investment in the next two years, Descalzi said at a conference in Cairo. BP Plc, which bought a 10 percent stake in Zohr from Eni last year, invested more in Egypt in 2016 than in any other country and will do so again this year, the company’s CEO Bob Dudley said at the same event.