Egypt’s President Abdel Fattah el-Sisi has advanced the country’s strategic ambitions to become a Mediterranean energy hub during a high-level meeting with Eni CEO Claudio Descalzi. The Italian energy giant is supporting the region’s ambitions by developing the Cronos gas field offshore Cyprus.
Discussions during the meeting, which also included Egypt’s Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi, ranged from reviewing Eni’s investments in the country and future plans. The company has initiated an offshore Mediterranean exploration drilling campaign in October to boost new gas production.
Eni’s approach is backed by short-cycle, infrastructure-led strategies on extending the life of legacy assets in Sinai and the offshore Nile Delta. Descalzi also updated President El-Sisi on Eni’s ongoing and future commitment to invest in social and health projects, with focus on health projects to support the country’s efforts in building capabilities and managing complex infrastructures to deliver quality service to the population.
Eni operates in Egypt through its subsidiary IEOC and is currently the leading producer in the country, with a hydrocarbon production of approximately 280,000 barrels of oil equivalent per day in Eni’s share in 2024.
Source: oilreviewafrica.com