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Egypt and Italy’s Eni sign agreement for exploration of oil and gas in North Sinai Worth $105 million

Egypt’s oil and gas minister, Tareq El-Mulla, said on Wednesday that his government approved an exploration agreement to search for oil and gas in the Mediterranean Sea off the coast of northern Sinai region,.

During a press conference in the Cabine, Al-Mulla said that his country signed the agreement at an investment cost of $ 105 million with the Italian company Eni.

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According to the agreement, which will be sent by the government to the Parliament for approval, the search period takes six years in two stages, which involve drilling one well in the first stage and another in the second.

It is planned that oil and gas exploration will begin as soon as the parliament approves the agreement.

The post Egypt and Italy’s Eni sign agreement for exploration of oil and gas in North Sinai Worth $105 million appeared first on aroundworld24.com.

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