Egyptian General Petroleum Corporation (EGPC) has signed an agreement with Italian energy group Eni (ENI.MI) for oil exploration in the Gulf of Suez and Nile Delta regions worth “not less than $1 billion” of investments, the petroleum ministry said on Friday.
The agreement also included a commitment from Eni to additionally spend “not less than $20 million” to drill 4 wells, the ministry added in a statement.
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