Egyptian General Petroleum Corporation (EGPC) has signed an agreement with Italian energy group Eni for oil exploration in the Gulf of Suez and Nile Delta regions worth "not less than $1 billion" of investments, the petroleum ministry said on Dec. 24.
The agreement also included a commitment from Eni to additionally spend "not less than $20 million" to drill 4 wells, the ministry added in a statement.
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