Eni has announced the intention to invest in Egypt a considerable sum of $ 7.7 billion (237.9 billion EGP) in the next four years to strengthen the activities of exploration and production of the company in the country, said the CEO of Eni Claudio Descalzi in a press release published by the Egyptian Presidency on 3 September.
Descalzi’s commitment came during a meeting with President Abdel Fattah Al-Sisi and other Eni executives. “Mr. Descalzi expressed his pride in the collaboration with Egypt, in light of the close ties between Egypt and Italy. He stressed the great importance of Egypt as one of the main markets for the activities and business of Eni worldwide, given the promising opportunities enjoyed by the energy sector in Egypt”, reads the press release
The Italian energy giant has been present in Egypt since 1954, where it operates through its subsidiary IEOC Production.
Eni operates in Egypt on a total developed and undeveloped area of 18,712 square kilometers, with primary assets in the eastern Mediterranean, the western desert and the Gulf of Suez.
The company is best known for the discovery of the gigantic Zohr gas field in 2015, a key event that has enabled Egypt to achieve self-sufficiency in gas production by 2018.
Egypt’s energy discoveries continue to proliferate, with the recent discovery of oil in the Gulf of Suez on 23 August indicating further opportunities for energy development.