Italian petroleum company, Eni, signed an agreement with the Egyptian government to promote cooperation between the two.
The company seeks to inject investments worth $5bn in Egypt during the upcoming phase.
On the sidelines of the Economic Summit in Sharm El-Sheikh on Saturday, an agreement was signed, with the final agreement to be made within six weeks. The agreement included drilling in Sinai, the Suez Gulf, the Nile Delta, the Mediterranean Sea and the Western Sahara.
Expected production is estimated at 900m cubic feet per day in the five projects within five years.