Petroleum investment in Egypt - file
CAIRO - 3 October 2023: Minister of Petroleum and Mineral Resources, Engineer Tarek El Molla, held discussion sessions with both CEOs of British Petroleum (BP) and Eni, where he tackled ways of enhancing collaboration in both meetings.
In his meeting with Mr. Murray Aschincloss, the interim CEO of British Petroleum (BP), on the sidelines of the Abu Dhabi International Petroleum Conference (ADIPEC), both officials discussed the most important projects of the British company in Egypt, especially in the field of gas production, natural resources and ways to accelerate the search and development of fields in the company’s concession areas in order to increase production.
The meeting further tackled investment opportunities in new concession areas.
El-Molla stressed the importance of the role played by BP as a strategic partner in major projects to produce natural gas in the Egyptian petroleum sector, and its keenness to develop the partnership and its constant interest in investment opportunities in Egypt and opening new horizons of cooperation.
For his part, Achincloss stressed that BP's strategy in Egypt, its investments, and its future plans for growth are ongoing and aim to expand in Egypt, as it looks forward to more work in the Egyptian natural gas sector, which is full of promising opportunities, and to build on the successes achieved throughout the long decades of work in Egypt.
While during his meeting with Claudio Descalzi, CEO of the Italian company Eni, the two officials discussed ways to strengthen the extended partnership with Eni as a strategic partner for Egypt in the gas and oil industry, and reviewed the company’s diverse business portfolio in Egypt, most notably the Zohr gas field.
Engineer Tarek El Molla expressed Egypt’s aspiration to continue fruitful cooperation with the Italian company Eni and expand in the fields of research, exploration, development and production, with the aim of achieving optimal exploitation of Egypt’s resources in light of the promising opportunities enjoyed by the energy sector in Egypt, in order to enhance the great successes achieved over the past years.
On his part, the President of Eni expressed his pride in cooperating with Egypt in light of the close ties between Egypt and Italy, stressing the great importance that Egypt represents as one of the most important markets for the company’s activity and work worldwide in light of the great opportunities to increase Egyptian gas production and Egypt’s enjoyment of a distinguished infrastructure in the fields of oil and gas.
Descalzi also reviewed the company's plans in Egypt in the field of research and exploration during the coming period, and the field development activities and operations through which Eni seeks to achieve distinguished production rates, indicating the intention of Eni and its partners to pump new investments into Egypt.
The meeting also discussed the progress achieved by the Italian company in efficiency projects. Energy use, sustainability, and energy transition.