Eni Signs Heads of Agreement with Egypt Worth $5 bln

Italian oil major Eni signed heads of agreement with the Egypt worth $5 billion over 4-5 years, the oil minister and the company said on Saturday at a weekend investment summit in the Red Sea resort of Sharm El-Sheikh.

Oil Minister Sherif Ismail said he expected the investment in several discoveries would generate production of 900 million standard cubic feet of gas.

He said the investment was for concessions in the Mediterranean, the Western Desert, the Nile Delta and Sinai, and added the deal would be finalised within six weeks.

(Reporting By Stephen Kalin, editing by William Hardy)