Italian Eni intends to pump new investments into Egypt

Tarek El Molla, Minister of Petroleum and Mineral Resources, held a bilateral discussion session with Claudio Descalzi, CEO of the Italian company Eni, to discuss ways to strengthen the extended partnership with Eni as a strategic partner of Egypt in the gas and oil industry, and to review the company’s diverse business portfolio in Egypt, most notably the Zohr gas field.

Cooperation with the Italian company Eni

Tarek El Molla, Minister of Petroleum and Mineral Resources, expressed in a statement today, Egypt’s aspiration to continue fruitful cooperation with the Italian company Eni and expand in the fields of research, exploration, development and production, with the aim of achieving optimal exploitation of Egypt’s resources in light of the promising opportunities enjoyed by the energy sector in Egypt, in order to enhance the great successes achieved over the past years.

Cooperating with Egypt

For his part, the President of Eni expressed his pride in cooperating with Egypt in light of the close ties between Egypt and Italy, stressing the great importance that Egypt represents as one of the most important markets for the company’s activity and work worldwide in light of the great opportunities to increase gas production in Egypt and Egypt’s enjoyment of a distinguished infrastructure in the fields of Oil and gas.

Exploration during

Descalzi also reviewed the company's plans in Egypt in the field of research and exploration during the coming period, and the field development activities and operations through which Eni seeks to achieve distinguished production rates, indicating the intention of Eni and its partners to pump new investments into Egypt. The meeting also discussed the progress achieved by the Italian company in efficiency projects, Energy use, sustainability, and energy transition.

On October 2, on the sidelines of his participation in the Abu Dhabi International Petroleum Conference and Exhibition (ADIPEC 2023), Claudio Descalzi, CEO of the Italian company Eni, stated that the company’s victory in three exploration areas within the tender put forward by Egypt to search for oil and gas in the Mediterranean region is a good thing for the company, and that These areas are important to Eni and to Egypt.

Company strategy

Descalzi added that the company strategy aims to invest near its facilities in its various areas of operation, noting that Egypt is distinguished by the fact that it has many facilities and infrastructure, and therefore when there is a discovery, it will enable the company to develop the discovery and put it into production quickly, and these investments are specific to the three regions. New investments come on top of the investments announced during a meeting with President Abdel Fattah El-Sisi last month, amounting to $7.7 billion over the next four years, as part of the company’s keenness to enhance its successful projects in Egypt.

He explained that Eni is currently seeking to achieve new gas discoveries and will make every effort in exploration and production work in the three areas that the company won, especially since Egypt needs to secure its gas needs and secure liquefied natural gas supplies to Europe, pointing out that Eni It has about 18 billion cubic meters of liquefied natural gas, and therefore Egypt is an important region for the company’s investments and necessary for Europe.