Cairo – Mubasher: The Italian multinational oil and gas Eni aims to invest $3 billion in Egypt over the coming period, CEO Claudio Descalzi said.

He added that the company’s investments in the fields of Nooros and Zohr stood at $8.4 billion now, according to a statement by the Egyptian petroleum ministry.

The Italian energy firm has allocated 70% of its overseas investments in Egypt, Descalzi highlighted.

This came on the sidelines of a meeting between petroleum minister Tarek El-Molla with Eni’s CEO Claudio Descalzi to review the Italian company’s research, exploration, and production activities in Egypt.

In May, Eni unveiled a new oil discovery on the A-2X exploration prospect located in South West Meleiha licence, in Egypt’s Western Desert.