Egypt inks offshore oil and gas deals with Eni, BP: What to know
Egypt faces growing energy vulnerability due to declining natural gas production and heavy reliance on imported supplies.
Egypt has signed a new offshore exploration agreement with European energy majors Eni and BP, the Egyptian Ministry of Petroleum and Mineral Resources announced Thursday, as Cairo looks to expand natural gas production in the Mediterranean Sea.
What happened: The deal was signed in New Alamein between the state-run Egyptian General Petroleum Corporation and Egyptian Natural Gas Holding Company, Italian energy giant Eni and the UK's BP.
The deal allows BP and Eni to "start exploration activities in the Mediterranean," according to a statement from the ministry. The statement did not specify where or when this exploration will take place.
Signatories included EGPC CEO Salah Abdel Karim, EGAS Chairman Yassin Mohamed, General Manager of Eni in Egypt Francesco Gaspari and Regional Vice President of BP in Egypt Wael Shaheen.
