{"id":632014,"date":"2024-07-09T00:00:00","date_gmt":"2024-07-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/09\/eni-looks-to-up-production-with-plans-to-drill-new-wells-plus-ibrd-allocates-loan-to-help-develop-railway-line-madinet-masr-taps-construction-company-to-work-on-sarai\/"},"modified":"2024-07-09T00:00:00","modified_gmt":"2024-07-09T00:00:00","slug":"eni-looks-to-up-production-with-plans-to-drill-new-wells-plus-ibrd-allocates-loan-to-help-develop-railway-line-madinet-masr-taps-construction-company-to-work-on-sarai","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/09\/eni-looks-to-up-production-with-plans-to-drill-new-wells-plus-ibrd-allocates-loan-to-help-develop-railway-line-madinet-masr-taps-construction-company-to-work-on-sarai\/","title":{"rendered":"Eni looks to up production with plans to drill new wells. PLUS: IBRD allocates loan to help develop railway line, Madinet Masr taps construction company to work on Sarai"},"content":{"rendered":"<p class=\"tag-border-left\">ENERGY -<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Eni to ramp up operations in Egypt: <\/strong>Italian energy giant Eni plans to drill new wells in its concessions in Egypt as it looks to ramp up production, COO Guido Brusco said during a meeting with <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7dcc84fd-8000-412a-bd00-a38bb8e288e1\/meet-your-new-government\" style=\"\" rel=\"noopener\">newly-appointed<\/a> Oil Minister Karim Badawi, according to a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid023AygX5AuTJQzjfsvPM2yFH93fAf1x1bZ8tK8PTE2iET3pPMdwpxkdAYGw1Yfm2Acl\" style=\"\" rel=\"noopener\">statement<\/a> from the ministry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A change of course: <\/strong>Back in April, it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/44ee779f-3380-4639-b4c3-00100c56b4e1\/italian-energy-giant%253cmark%253e-eni%253c%2Fmark%253e-slows-down-egypt-operations.-plus:-more-incoming-lng-shipments,-foreign-funding-for-high-speed-rail,-hassan-allam-%2B-siemens-land-gcc-railway-project,-new-nobu-project\" style=\"\" rel=\"noopener\">was reported<\/a> that Eni had slowed down exploration operations in Egypt. The company\u2019s production in Egypt dropped by 11.7% y-o-y to 293k barrels of oil equivalent by the end of the 1Q 2024.<\/p>\n<p class=\"tag-border-left\">DEBT WATCH-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IBRD allocates loan to help develop railway line:<\/strong> A USD 144 mn long-term loan from the World Bank\u2019s International Bank for Reconstruction and Development (IBRD) has been approved to develop the Bashteel-Al Nadha railway line and to expand it with a parallel railway line, <a target=\"_blank\" href=\"https:\/\/almalnews.com\/premium\/%d8%a7%d9%84%d8%a8%d9%86%d9%83-%d8%a7%d9%84%d8%af%d9%88%d9%84%d9%89-%d9%84%d9%84%d8%a5%d9%86%d8%b4%d8%a7%d8%a1-%d9%8a%d8%ae%d8%b5%d8%b5-144-%d9%85%d9%84%d9%8a%d9%88%d9%86-%d8%af%d9%88\/\" style=\"\" rel=\"noopener\">Al Mal<\/a> reports, citing what it says are informed sources. The loan makes up about 33.6% of the project\u2019s total USD 428 mn investment cost, the source explained, adding that the rest will be sourced by the Egyptian National Railways Authority.<\/p>\n<p class=\"tag-border-left\">REAL ESTATE -<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Madinet Masr taps construction company to work on Sarai: <\/strong><a target=\"_blank\" href=\"https:\/\/aboelwafa.com\/\" style=\"\" rel=\"noopener\">Aboelwafa f<\/a><a target=\"_blank\" href=\"https:\/\/aboelwafa.com\/\" style=\"\" rel=\"noopener\">or Contracting and<\/a><a target=\"_blank\" href=\"https:\/\/aboelwafa.com\/\" style=\"\" rel=\"noopener\">Real Estates Development<\/a> will carry out the construction work of Madinet Masr\u2019s <a target=\"_blank\" href=\"https:\/\/www.madinetmasr.com\/sarai\" style=\"\" rel=\"noopener\">Sarai project<\/a> with investments of EGP 1 bn under an MoU inked with the real estate player, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2024\/7\/633.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The agreement will see Aboelwafa construct residential buildings, fences, and drainage systems, with construction slated for completion by September 2025. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Back in April, it was reported that Eni had slowed down exploration operations in Egypt<\/p>\n","protected":false},"author":1,"featured_media":632015,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,7106,1071,93,197,72,3146,7203,91,7101,83,207],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-632014","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-debt","tag-egyptian-national-railways","tag-energy","tag-eni","tag-enterpriseam","tag-ibrd","tag-madinet-masr","tag-oil-and-gas","tag-railways","tag-real-estate","tag-transport","wpautop","entry"],"acf":{"mongo_id":"f9b5ebb8-35a1-4e7d-9912-b5821d6eb507","order":"12","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1835.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Eni looks to up production with plans to drill new wells. PLUS: IBRD allocates loan to help develop railway line, Madinet Masr taps construction company to work on Sarai","related_issue":[631993],"teaser":"Back in April, it was reported that Eni had slowed down exploration operations in Egypt","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/7\/.be0e9b8c-a81f-4cca-befe-cf5fd07c1ef8.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eni looks to up production with plans to drill new wells. 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Zohr\u2019s development plan involves drilling 20 wells, 11 of which have already been drilled. The company is\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":591250,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/01\/bp-eni-to-drill-new-natgas-exploration-wells\/","url_meta":{"origin":632014,"position":2},"title":"BP, Eni to drill new natgas exploration wells","author":"enterpriseam admin","date":"1 December 2019","format":false,"excerpt":"BP plans to drill two gas exploration wells in the Nooros and Atoll fields in 1Q2020, anEGAS source told Al Shorouk. Eni, meanwhile, will drill an exploration well this month in its Mediterranean North El Hammad exploration block, the source said.","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594002,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/16\/zohr-natgas-output-to-surpass-3-bcf-d-this-month\/","url_meta":{"origin":632014,"position":3},"title":"Zohr natgas output to surpass 3 bcf\/d this month","author":"enterpriseam admin","date":"16 October 2019","format":false,"excerpt":"Zohr natgas production to exceed 3 bcf\/d this month: Production from the 13 wells at the giant Zohr natural gas field is expected to surpass 3 bcf\/d by the end of October, up from 2.7 bcf\/d in August, Eni IEOC JV boss Luca De Caro said on the sidelines of\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593073,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/11\/17\/eni-begins-test-operations-on-14th-well-at-egypts-zohr-field\/","url_meta":{"origin":632014,"position":4},"title":"Eni begins test operations on 14th well at Egypt\u2019s Zohr field","author":"enterpriseam admin","date":"17 November 2019","format":false,"excerpt":"Italy\u2019s Eni has begun test operations on the Zohr natural gas field\u2019s 14th well, an unnamed industry source tells the local press. 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