Egypt discusses new investments with energy giant Eni

Egypt discusses new investments with energy giant Eni
Italian energy giant’s plans to search for oil in the Gulf of Suez and Nile delta areas under the terms of an agreement signed last December. (File/AFP)
Short Url
Updated 05 March 2022

Egypt discusses new investments with energy giant Eni

Egypt discusses new investments with energy giant Eni

CAIRO: Egypt’s Minister of Petroleum and Mineral Resources, Tarek El-Molla, has met a delegation from Eni to discuss the Italian energy giant’s plans to search for oil in the Gulf of Suez and Nile delta areas under the terms of an agreement signed last December.

The minister also discussed Eni’s activities in Egypt, as well as future projects and investment programs, as part of an initiative to increase production levels at existing fields.

Discussions also focused on plans for the development of a number of fields and a production timetable, as well as the position of new concession areas won by Eni in the first digital global bid put forward through the Egypt Exploration and Production Gateway.

El-Molla said that Eni is the largest oil and gas producer in Egypt, and is at the forefront of Italian companies investing in the Egyptian economy.

Egypt’s petroleum sector is working with foreign partners, including Eni, on initiatives to reduce emissions at petroleum worksites, and cooperate in the areas of clean energy and hydrogen, he added.

Guido Brusco, chief operating officer of Eni’s natural resources sector, said that Egypt is an important destination for the company’s investments in North Africa and the Mediterranean.

Further success stories in coming years will complement the remarkable feats already achieved by the petroleum sector and Eni, he added.