Egyptian President Abdel Fattah el-Sisi met with Eni (ENI.MI) CEO Claudio Descalzi to review the Italian group’s ongoing investments in Egypt and discuss new initiatives, the energy company said on Tuesday, according to Reuters.
Eni, which operates Egypt’s offshore gas field Zohr, has pledged to invest up to $8 billion in the country.
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Last month, the company launched an offshore Mediterranean exploration drilling campaign and is rolling out upstream investments across all Eni-operated areas in Egypt.
Eni stated that its capital expenditures will focus on short-cycle, infrastructure-led opportunities as well as extending the life of older assets in Sinai and the offshore Nile Delta.
The meeting also addressed Egypt’s ambition to position itself as a gateway for East Mediterranean gas.
Eni noted that its development of the Cronos gas field in Cypriot waters could help advance Cairo’s goal of becoming a regional energy hub.
The Italian group is currently Egypt’s leading hydrocarbon producer, with an output of approximately 280,000 barrels of oil equivalent per day in 2024.
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Image Credit: ZAWYA
