Egypt's Petroleum Ministry, Italy's Eni, BP sign agreement on Zohr gas field
Tuesday 14-02 - 03:23 PM
Cairo - Egypt's Prime Minister 'Sherif Ismail' attended the signing of an agreement between Egypt’s Petroleum Minister Tarek Mulla, Chief Executive Officer of Italian Oil Company Eni Claudio Descalzi and Chief Executive Officer of British Petroleum (BP) Bob Dudley.
Under the deal, the BP will join a project to develop Zohr gas field offshore Egypt through buying a 10 percent of Eni's concession.
BP’s accession to the project confirms Egypt’s success in luring international investments in the field of search, exploration and production, given that the field was one of the biggest discoveries made in the Mediterranean region in the field of natural gas.
The investments of the whole project hit about 16 billion dollars.
The new deal will push forward the completion of developing the Zohr field in line with an agreed timetable.
The first phase of the field will start by the end of 2017 with about 1,000 million cubic feet a day to reach 2,700 million cubic feet a day in 2019.