ENI expresses interest in boosting activities in Egypt

CAIRO – 28 October 2024: President Abdel Fatah El-Sisi received Monday CEO of ENI Claudio Descalzi who expressed keenness on boosting its activities in Egypt's energy market given the incentives offered to investors, and promising opportunities, whether in the local market or in terms of export.

The ENI CEO also presented the company's activities pertaining to exploration and development as well as measures taken to maintain high production levels, and achieve sustainability.

Eni, the Italian company, plans to boost natural gas production in Egypt by approximately 200 million cubic feet per day starting next January, as confirmed by a government official who spoke to Asharq Bloomberg in January.

This expansion will be facilitated by the drilling of three new wells in the deep-water Zohr field in the Mediterranean, a venture expected to cost over $300 million.

By the close of 2024, Egypt aims to elevate its daily natural gas production to around 5 billion cubic feet, an increase from the current output of roughly 4.6 billion cubic feet per day.