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Eni Sees Egyptian Gas Field Investment at $6-10 bln

Source: Reuters 9/9/2015, Location: Africa

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Eni expects a total investment of between $6-10 billion for the development of the Zohr gas field in Egypt, the chief executive of the Italian oil and gas group told a senate hearing in Rome.

"It's too early to make estimates, we are still refining the numbers. I can only say that it's an easy field. The Egyptian energy minister has given an estimate of $6-7 billion, which is a reasonable order of magnitude," Claudio Descalzi said.

"I think we will remain within $10 billion for the overall development of the field."

He also said that he expected Italian oil services group Saipem to play a big role in the development of the field, without giving details.

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