Cairo – Mubasher: Italian energy firm Edison is pumping $100 million worth of new investments into the petroleum sector in Egypt during fiscal year 2019/2020, vice president for MENA operations at Edison, Nicolas Katcharov, said.

Two new exploratory wells are currently being prepared to be drilled in the deep water in the Mediterranean Sea during the fourth quarter of 2019, Katcharov added in a statement released by the Egyptian cabinet on Tuesday.

Since 2009, Edison has doubled gas output from Abu Qir field, he added.

The increase in production was supported by the injection of $300 million worth of investments into the development of the well.

Production of condensate from the field also increased to about 50,000 barrels of oil equivalent per day, he noted.

Total investments directed to the development of Abu Qir field have reached $2.2 billion since 2009, he revealed.