Italian energy company Eni said Wednesday it signed an agreement with a Russian energy company to explore opportunities, including in Egyptian gas.

Eni CEO Claudio Descalzi met in the Black Sea resort city of Sochi with his counterpart at Russian energy company Rosneft, Igor Sechin, and Russian President Vladimir Putin.

"The meeting consolidated previous agreements for the joint development of exploration activities in the Russian Barents Sea and Black Sea, and will underpin further opportunities between the two groups, including the Zohr project," the Italian company explained in a statement.

Eni made its initial gas discovery in the Zohr field in Egypt two years ago and quickly described it as the largest ever made in regional waters and potentially the largest in the world. Egypt aims to become a regional hub for gas and liquefied natural gas, though availability at the domestic sector could complicate growth.

In December, the Italian company sold off a 30 percent stake in the Egyptian basin to Rosneft in an agreement valued at about $1.6 billion.

Wednesday's agreement could add to Russia's regional leverage given Egypt's potential for liquefied natural gas and with opportunities in the Black Sea. Russia meets about 30 percent of Italy's gas needs and is working to expand its shipment networks in Europe.

Tweet

RBC: Iran is the oil wild card
Washington DC (UPI) May 16, 2017
With presidential elections coming Friday, and an assertive U.S. president in play, Iran is the wild card in the global crude oil game, analysis found. Iranian President Hassan Rouhani leads in a race to secure a second term, though his closest rival, conservative cleric Ibrahim Raisi, has the tacit support of Ayatollah Ali Khamenei, the country's supreme leader. As was the case ... read more

Related Links
All About Oil and Gas News at OilGasDaily.com

Thanks for being here; We need your help. The Space Media Network continues to grow but revenues have never been harder to maintain. With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords. Our news coverage takes time and effort to publish 365 days a year. If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceMediaNetwork Contributor $5 Billed Once credit card or paypal		SpaceMediaNetwork Monthly Supporter $5 Billed Monthly paypal only