Italian Energy Giant Eni Will Invest USD 7.7 Billion in Egypt
The deal was made during a meeting between Eni’s CEO, Claudio Descalzi, and President Abdel Fattah el-Sisi.
Italian energy giant, Eni, will be investing USD 7.7 billion in Egypt over the next four years. Eni's CEO, Claudio Descalzi, met with President Abdel Fattah El Sisi and Minister of Petroleum and Mineral Resources, Tarek El-Molla to discuss the company's investment plans to enhance exploration and production operations in Egypt.
Eni, a prominent ‘supermajor’ oil company operating in 62 countries with a market capitalization of EUR 48 billion, has been actively involved in Egypt since 1954. It has emerged as the leading producer in the country, with a daily equity production of approximately 350,000 barrels of oil.
Eni holds exploration rights in key areas such as North Rafah, North El-Fayrouz, Northeast El-Arish, Tiba, and Bellatrix-Seti East. However, their most significant achievement came in 2015 with the discovery of the Zohr Gas Field. This discovery played a crucial role in Egypt's journey towards achieving gas self-sufficiency by 2018.
This new investment aligns with Egypt's vision to develop the energy sector, as evidenced by British Petroleum's recent plans to invest USD 3.5 billion in expanding operations in Egypt over the next three years. Additionally, the Egyptian government intends to drill 45 natural exploratory gas wells in the Mediterranean and the Nile Delta, investing USD 1.9 billion by mid-2025.
These strategic moves by Eni, British Petroleum, and the Egyptian government underscore the country's commitment to furthering energy exploration and production, fostering self-sufficiency, and attracting global investments.
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