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Eni, BP to invest more in Egypt than anywhere else this year

Feb. 15, 2017 12:58 PM ETEni S.p.A. (E) StockBP, SHEL, EBy: Carl Surran, SA News Editor3 Comments
  • Eni (E -1.6%) will start producing from the giant Zohr natural gas field off Egypt’s Mediterranean coast by the end of 2017 and plans to invest $10B in the country over the next five years, CEO Claudio Descalzi tells a conference in Cairo.
  • BP (BP -2.2%), which bought a 10% 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, CEO Bob Dudley says at the conference.
  • Egypt plans to increase its gas output by 50% by year-end 2018 from 3.8B cf at the end of last year, the Oil Minister says, adding that the government is committed to repaying arrears owed to international energy companies including Royal Dutch Shell (RDS.A, RDS.B).

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