Italian ENI to increase oil, gas production in Egypt

Ahram Online , Wednesday 24 Jul 2024

Egypt’s Ministry of Petroleum and Mineral Resources has signed an agreement with Italian company Ente Nazionale Idrocarburi (ENI SpA) to intensify its efforts to increase oil and gas production in the country, according to a statement by Petroleum Minister Karim Badawi on Wednesday.

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This signing came during a joint negotiation session, held in New Alamein City, with the Head of North Africa and Levant Region at ENI Martina Opizzi.

During the session, they agreed to intensify the company's exploratory and excavation works, develop fields in their concession areas in Egypt, and increase the number of excavators.

Egypt to be ENI's regional hub for gas exports
 

Badawi and Opizzi have also agreed to benefit from Egypt’s position as a regional hub for energy trading to receive the gas produced by ENI SpA gas field in the Middle East and export it through its facilities in Egypt.

Minister Badawi said the meeting witnessed the presentation of positive results, stressing that what was agreed upon during Prime Minister Mostafa Madbouly's meeting with Opizzi at the Egypt-EU conference has been activated.

He also presented the results of recent discussions with the Chief Operating Officer of Natural Resources at ENI Guido Brusco.

Moreover, Badawi pointed out that ENI SpA has a long history of success working in Egypt, adding that it has many investment opportunities to increase its activities in the upcoming period.

He also explained that this agreement represents a strong push to increase their activities and, thus, investment and production rates.

Although Egypt has suffered a gas shortage in the past few months, governmental efforts have been made to eradicate this problem. This includes the ministry contracting for 21 liquefied natural gas (LNG) shipments in June to supply power plants with the necessary fuel.

In July, the petroleum ministry announced its plan to invest $1.2 billion to drill 110 exploratory gas and oil wells during FY2024/2025 and $7.2 billion to drill 586 exploratory gas and oil wells by 2030.

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