Petroleum Minister Sherif Ismail and CEO of Italy's Eni Claudio Descalzi Saturday signed an agreement to develop and explore oil fields at investments worth five billion dollars.
Under the agreement, gas production will gradually increase to 900 million cubic feet over the coming four years, Ismail told MENA.
The agreement was signed on the fringe of the Egyptian Economic Development Conference (EEDC), currently held in the Red Sea resort of Sharm el Sheikh.