Eni
Egypt says international companies have committed more than $19 billion in upcoming petroleum sector investments over the next three years.
Prime Minister Mostafa Madbouly met with Eni officials during an inspection of the Egyptian offshore rig "El Qaher-2" following the successful drilling of the "West Dennis 1X" exploratory well in the Mediterranean’s Temsah concession.
Eni says a new offshore Egypt discovery could add major gas volumes with fast-track development potential.
The find follows the successful drilling of the Denise W-1 exploration well within the Temsah Concession in the Eastern Mediterranean.
Prime Minister Mostafa Madbouly announced that Egypt has successfully reduced arrears owed to foreign energy partners from $6.1 billion in June 2024 to approximately $1.3 billion.
Descalzi said the investments, to be made in cooperation with the company’s partners, will focus on developing existing fields and carrying out further exploration work, the Presidency said in a statement.
The agreement aims to prepare a comprehensive feasibility study for the establishment of biogas production units using animal and agricultural waste. This initiative forms part of joint efforts to promote the transition to clean energy and advance sustainable development goals.
President Abdel Fattah El-Sisi met with the CEO of Eni, Claudio Descalzi, on the sidelines of the Egypt Energy Show (EGYPES) 2025.
This significant increase in investment and the prospect of drilling new wells were discussed during the Eni delegation’s visit to Egypt.
CEO of Eni, Claudio Descalzi, said in a Sunday meeting with President Abdel Fattah el-Sisi that the Italian energy company and its partners will inject new investments worth $7.7 billion over the next four years in Egypt.
The two sides also reviewed means of realizing more discoveries, to benefit from rising international prices and secure local market needs.
The Nargis-1 well has encountered approximately 200 net feet (61 m) of Miocene and Oligocene gas bearing sandstones and was drilled in 1,014 feet (309 m) of water by the Stena Forth drillship.
Minister of Health and Population Khaled Abdel Ghaffar met Wednesday with Secretary General of the Eni Foundation and Chief Medical Officer of the Health Unit at Eni SpA Filippo Uberti.
Molla added efforts are now focused on capitalizing on promising opportunities and potentials in the country to up production rates and upgrade the main structure.
The Cabinet said in a statement, Thursday, that the project is being built within the framework of the trend towards expediting the exploratory operations in the "Northeast of Al-Arish" offshore area.
The agreement aims to promote Egyptian gas export to Europe, and specifically to Italy, in the context of the transition to a low carbon economy.
These new discoveries have already been connected and tied into production, in line with the Infrastructure-led exploration strategy, allowing to maximize exploration opportunities nearby existing infrastructures.
President Abdel Fatah al-Sisi received Thursday an Eni delegation led by CEO Claudio Descalizi in the presence of Minister of Petroleum and Mineral Resources Tarek al-Mulla.
Zohr gas Field is Egypt’s main contributor to gas supply and is the biggest gas field in the Mediterranean, with an estimated production of 30 trillion cubic feet.
The Petroleum Ministry, in a statement on Friday, said that under the deal, Eni company is abiding by spending at least additional dlrs 20 million to dig four wells.
