Italy's Eni has discovered gas reserves of up to 15 billion cubic metres in Egypt's Nile Delta region, with production set to start in two months, the Egyptian oil ministry said on Monday.
The discovery was made in Western
Oil firms BP and Eni have cancelled more tanker loadings from the Turkish port of Ceyhan due to a lack of oil in tanks owned by Iraqi state oil firm Somo after Iraq's semi-autonomous region of Kurdistan ramped up independent oil sales.
Egypt's oil ministry said it had signed an energy exploration deal with Italy's Eni worth $2 billion following an MOU signed in March during an investment conference.
The deal paves the way for the modi
Italian oil major Eni signed heads of agreement with the Egypt worth $5 billion over 4-5 years, the oil minister and the company said on Saturday at a weekend investment summit in the Red Sea resort of Sharm El Sheikh.
Italy's Eni has cut its dividend and suspended a share buyback programme becoming the first oil major to reduce payouts amid a steep oil price decline in a bid to save funds to spur future production growth.
In the first major
Opec defended on Wednesday its decision not to intervene to halt the oil price collapse, shrugging off warnings by top energy firms that the cartel's policy could lead to a huge supply shortage as investments dry up.
The head of Italian energy company Eni Spa urged Opec on Wednesday to act to restore stability in oil prices, which he warned could overshoot to $200 per barrel several years down the road because of low investment now.
Italian oil and gas group Eni has signed an agreement to operate a new exploration block in the western desert of Egypt, strengthening its position in the country.
Eni, the biggest foreign major in Africa in terms of volumes, has
Egypt is near an agreement with Italian oil major Eni to offer the company a more competitive price for the natural gas it extracts in the energy-short country, an Egyptian official told Reuters.