While in Israel the Ministry of Energy decided to stop the gas exploration for a year, in Egypt the picture is different.

This morning, the Cairo Ministry of Energy announced that it has signed a new agreement with the Italian company Eni regarding gas and oil exploration. According to the announcement, the Italian company will invest about $1 billion in exploration in the Gulf of Suez and the Delta.

In Cairo it was reported that the agreement was intended to increase output to meet the expected global shortage in the gas market. Egypt has set a target of attracting $6 billion in foreign investment to the gas and oil industry over the coming year.