CAIRO: The Italian gas company ENI expects to begin production on its Mediterranean gas field by the end of 2017, the company president Claudio Descalzi told TV presenter Ahmed Moussa.
Descalzi told Moussa he would be meeting with President Abdel Fatah al-Sisi in the coming weeks to plan the start of production for well, which was discovered 1,500 meters below the ocean.
ENI announced Monday evening it was awarded to new exploration licenses in Egyptian Mediterranean waters.
The discovery of the large offshore natural gas field in the eastern Mediterranean is “credit positive” for Egypt and Italy’s Eni, Moody’s Investors Service, a global credit rating agency stated in a September report.