Egypt announced on Thursday the extension of its agreement with Italian energy company Eni until 2040, aimed at boosting the country’s natural gas exploration efforts.

Egyptian Petroleum Minister Karim Badawi witnessed the signing of an agreement between the Egyptian General Petroleum Corporation (EGPC) and Eni, represented by its subsidiary IEOC Production, extending the Gulf of Suez and Nile Delta concession until 2040, the ministry said in a statement.

The ministry noted that the extension “allows for the full economic exploitation of available oil and gas resources within the concession area.”

Balaim Field, located in eastern Egypt and operated by Eni since 1954, remains the country’s largest oil field, producing around 60,000 barrels per day this year, according to the statement.