Italian giant Eni will inject more than $2 billion in Egypt over the next four years for the implementation of a number of oil and gas projects which should provide a sustainable solution to the issue of the increasing demand in domestic energy in the country.

The significant investment is subsequent to various changes, implemented by government, in the Sinai 12 and Abu Madi, North Port Said and Baltim, licences. This in addition to the acquisition of the Ashrafi licence in partnership with Engie, said the Italian company on 12 November.

Eni holds the Sinai 12 and Abu Madi, North Port Said and Baltim, licences through its Egyptian subsidiary IEOC, and has British oil and gas firm BP as partner.

According to the Italian firm, this is the completion of a series of agreements defined in an MoU signed last March, during the conference on Egypt’s economic development held in Sharm El Sheikh.

Three other agreements included in the same protocol have already been finalized and should get approval by the end of the year.

In Egypt since 1954, Eni boasts of being the main producer in the country with an average production of about 190,000 boe/d.