Italian energy company Eni has committed to investing $5bn in Egyptian upstream gas projects over the next four to five years, producing 900 million standard cubic feet of gas.

The CEO of Eni, Claudio Descalzi, signed a heads of agreement with Egypt’s Petroleum Minister Sherif Ismail on 14 March at the Egypt Economic Development Conference, committing to the investment.

Descalzi and Ismail said the details of the agreement would be decided over negotiations that would start after the signing ceremony and would be completed within six weeks.

Work on the projects will start immediately after the negotiations are complete, according to Sherif Ismail.

He said the agreement involves key exploration and production deals in regions that include the Mediterranean, the Western Desert and the Sinai Peninsula.