Italian energy company Eni said Wednesday it strengthened its legacy position in Egypt by signing two agreements to work in the country's Mediterranean waters.

Eni said it signed two new agreements in the deep waters of the Mediterranean Sea following an auction held by the Egyptian government in 2013.

The two agreements strengthens the company's position in Egypt, "a country of historic and strategic importance for the Company, and relaunching Eni's exploration activities in the Egyptian's offshore," the company said in a statement.

Political and economic instability in Egypt has left the government in debt to energy companies eager to tap the country's reserve potential. The government recently agreed to cover at least $2 billion owed to a group of operators collectively.

Eni is one of the main oil producers in the country. Operating there since 1954, the company said it had an equity production of around 210,000 barrels of oil equivalent per day.

The Italian company last week signed a concession agreement for work in the country's Western Desert.

Source: www.upi.com

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