1:33 pm
Sources from the Ministry of Oil said on Saturday that the ministry has discussed new exploration plans for the Noor gas field in the Shorok concession area of the Mediterranean Sea with the Italian multinational company Eni which sees it ranked among the largest gas fields worldwide.
According to sources, the Noor field reserves are expected to reach over 90 trillion cubic feet, three times that of the Zohr Field reserves (TEKMOR Note: Not confirmed yet via a second source).
Eni’s CEO Claudio Descalzi held a meeting with Minister of Oil Tarek al-Mula on Saturday, and said that his company has allocated 70 percent of its global investments to Egypt.
Descalzi added Eni has injected $8.4 billion in the Nawras and Zohr gas fields in Egypt, and that Eni will inject a further $3 billion.
Oil expert Ahmed Abdel Halim told Al-Masry Al-Youm that the large amount of Eni’s investments going towards gas explorations in Egypt indicates the massive explorations carried out by the company.
Edited translation by Al-Masry Al-Youm
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