Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, has met with high-level delegations from Italian energy companies to discuss ongoing operations and strengthen bilateral cooperation in the oil and gas sector.
In a meeting with Eni executives, including Diego Portuguese, Head of North Africa and Levant region, Badawi reviewed progress on the project to tie in Cyprus’ Cronos gas field to Egyptian gas and liquefaction facilities. The government is prioritizing the development of an attractive business model with investment incentives aimed at doubling crude oil production, the Minister noted. He stressed the importance of adopting non-traditional work approaches and utilizing modern technologies to achieve a significant boost in production rates.
Badawi praised the level of cooperation with the Italian company across its concession areas in Egypt, particularly efforts to accelerate operations and bring new wells online as quickly as possible to help secure domestic energy needs. This aligns with the Minister’s recent directive to all International Oil Companies (IOCs) to intensify exploration and accelerate the tie-in of new wells to reduce the national import bill and ensure domestic energy security.
The Eni delegation expressed appreciation for the strong relationship and ongoing cooperation with the ministry and Egyptian authorities. The delegation included Diego Portoghese, Francesco Gaspari, General Manager of the International Egyptian Oil Company (IEOC), Eni’s Egyptian subsidiary, and Mahmoud Abou El-Yazid, Deputy General Manager of Eni in Egypt.
In a separate meeting, Badawi met with Agostino Palese, the Italian Ambassador to Cairo, to discuss ways to enhance cooperation between the two countries in the oil and gas sector. During the meeting, Badawi noted that the partnership with Italy represents a successful model of constructive cooperation in the Mediterranean region, pointing to the strategic role Eni has played as Egypt’s partner for more than 70 years.
The meeting reviewed investment opportunities available in the Egyptian oil and gas sector, particularly in exploration, prospection, and field development, as well as emission reduction and digital transformation projects. Badawi stressed that the Ministry places great importance on providing a favorable investment environment for international companies to help increase production rates and secure energy supplies.
Ambassador Palese expressed his country’s pride in the close cooperation with Egypt, particularly in the petroleum sector, praising Egypt’s achievements as a regional hub for gas trading and distribution. He affirmed the interest of more Italian companies in strengthening their presence in the Egyptian market and capitalizing on the promising opportunities offered by the sector.
Palese noted that a large number of Italian companies and institutions are preparing to participate in the upcoming edition of the Egypt Energy Show (EGYPES 2026). The meeting also reviewed existing cooperation between Egypt and Cyprus, alongside Italy’s Eni and France’s TotalEnergies, to develop Cypriot gas resources in the Cronos field by leveraging Egypt’s infrastructure to export gas to Europe.
In February 2025, Eni’s CEO, Claudio Descalzi, signed an agreement with Badawi, George Papanastasiou, Cypriot Minister of Energy, Commerce and Industry, and TotalEnergies for the exploitation of Cyprus’ Cronos Block 6 resources. The agreement marks a major step toward an Eastern Mediterranean gas hub by integrating Cypriot production with Egyptian infrastructure. Under this framework, gas from the Cronos discovery will be processed at Zohr and liquefied at the Damietta plant, fast-tracking exports to Europe.
Eni recently pledged to invest $8 billion over the next five years to expand its exploration and production activities in Egypt. The Italian major resumed operations at the Zohr gas field in the Mediterranean in 2025, during which it began developing new wells. In October, Egypt encountered a gas-bearing layer at the Zohr-9 well in the Mediterranean Sea, with an estimated output of about 70 million cubic feet per day. This step builds on the development of the Zohr-6 well, adding 65 million cubic feet per day in 2025.
Discussions also covered collaboration with other Italian firms, such as Saipem, Italy’s interest in Sustainable Aviation Fuel (SAF) production, and potential joint opportunities between companies from both nations in the mining sector.
Sources: egyptoil-gas.com