Eni to inject new investment in Egypt in coming period

CAIRO – 12 September 2019: Italian company Eni will continue to inject new investments and develop its business in Egypt in the coming period, especially as Egypt represents one of the most important areas forthe company's work, Eni’s CEO Claudio Descalzi stated.

Descalzi added that Eni is interested in new investment opportunities in oil and gas exploration in Egypt and is working to strengthen the partnership with the petroleum sector in the field of exploration and development of crude oil production in Western Sahara to contribute to the exploration of new promising areas of production similar to what has been achieved in the Faghour Basin.

This came during a meeting held between Descalzi and Minister of Petroleum Tarek el-Mollaon the sidelines of Molla’s participation in the World Energy Conference in Abu Dhabito discuss enhancing the company's investments in oil and gas exploration, as well as marketing and distribution of petroleum products.

The two sides discussed the executive position and the ongoing work program for the production of natural gas and crude oil in the company's areas of operation in Egypt, according to a press release issued by the Egyptian Ministry of Petroleum.

The meeting also included discussions about opportunities for boosting the Italian company's investments in Egypt by participating in the international oil and gas exploration auctions offered by the petroleum sector, and taking part in the trend to increase investments and intensify activities in the field of crude oil exploration to contribute to increasing production and reserves of oil.

Furthermore, the meeting reviewed the position of the Integrated Stations Project carried out in partnership with Italy's Eni to add gasoline and diesel catering activities to the natural gas stations of the company, which is an important addition to the marketing and distribution of fuel and infrastructure in this activity.

In March, Descalzi said that Eni seeks to pump investments of $3 billion in Egypt during the upcoming period. Descalzi added that the total investments pumped in Noras and Zohr fields so far have reached $8.4 billion, noting that 70 percent of the company’s investments exist in Egypt.

In 2015, Eni discovered Zohr gas field, the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet.