Business

Eni chief says Egyptian gas find estimate conservative, could be raised

The estimate for Eni’s giant gas find off the coast of Egypt of 850 billion cubic metres may be higher.

Reuters

September 09, 2015

  • English
  • Arabic

The estimate for Eni’s giant gas find off the coast of Egypt of 850 billion cubic metres of gas is “conservative” and could be raised, the chief executive of the Italian oil and gas group said on Wednesday.

The estimate “is conservative and could be raised, below we have found another field,” Claudio Descalzi told a Senate hearing in Rome.

Before entering the hearing, Mr Descalzi told journalists that the gas estimates for the Zohr field could be upgraded but not to the same extent they were for the Mamba field in Mozambique, where estimates were raised by 100 per cent.

“We will see in 2016 when the exploration restarts,” he said.

Eni’s giant gas find bolsters its top-flight exploration credentials and gives the company access to easy reserves that fit its strategy of seeking growth without sacrificing dividends.

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Employees leaving an organisation are entitled to an end-of-service gratuity after completing at least one year of service.

The tenure is calculated on the number of days worked and does not include lengthy leave periods, such as a sabbatical. If you have worked for a company between one and five years, you are paid 21 days of pay based on your final basic salary. After five years, however, you are entitled to 30 days of pay. The total lump sum you receive is based on the duration of your employment.

1. For those who have worked between one and five years, on a basic salary of Dh10,000 (calculation based on 30 days):

a. Dh10,000 ÷ 30 = Dh333.33. Your daily wage is Dh333.33

b. Dh333.33 x 21 = Dh7,000. So 21 days salary equates to Dh7,000 in gratuity entitlement for each year of service. Multiply this figure for every year of service up to five years.

2. For those who have worked more than five years

c. 333.33 x 30 = Dh10,000. So 30 days’ salary is Dh10,000 in gratuity entitlement for each year of service.

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