Eni renews its commitment to Egypt

Cairo , 7 June 2011 – The Egyptian Minister of Petroleum Abdallah Ghorab and Eni COO Claudio Descalzi met in Cairo to support the renewed commitment of Eni towards exploration and development activities in Egypt, highlighting the importance of such commitment for both Egpc and Eni.

The additional activities will take place in the Western Desert, in the Mediterranean and in the Sinai, and will cover both development, through the drilling of additional wells and the acceleration of production from new discoveries, and exploration, by drilling 12 exploratory wells.

With these activities Eni's investments in Egypt for the current and subsequent years will amount to approximately US$3 billion. Eni will also sponsor a training plan for national staff working in the Petrobel and Agiba joint ventures with Egpc, with a commitment of US$4.5 million. Furthermore, in accordance with the Ministry of Petroleum, Eni will support the Sinai community with social activities.

Eni is the first international operator in Egypt with total operated production of round 500 thousand boe/day.

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