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Italian Energy Giant Eni to Invest $7.7 Billion in Egypt Over 4 Years

September 4, 2023
Image Credit: Petar Milošević/Wikimedia Commons

Italian energy conglomerate Eni has unveiled plans to invest a substantial USD 7.7 billion (EGP 237.9 billion) in Egypt over the next four years to boost the company’s exploration and production activities in the country, stated Eni CEO Claudio Descalzi in a press release published by the Egyptian Presidency on 3 September.

Descalzi’s pledge came during a meeting with President Abdel Fattah Al-Sisi and other Eni executives.

“Mr. Descalzi expressed his pride in cooperating with Egypt, in light of the close bonds between Egypt and Italy. He underscored Egypt’s great importance as one of the major markets for Eni’s activities and business worldwide, given the promising opportunities the energy sector in Egypt enjoys,” reads the press release.

The Italian energy giant has been present in Egypt since 1954, where it operates through its subsidiary, IEOC Production.

Eni operates in Egypt over a total developed and undeveloped area of 18,712 square kilometres, with primary assets in the Eastern Mediterranean, the Western Desert and the Gulf of Suez.

The company is best known for discovering the supergiant Zohr Gas Field in 2015, a landmark event that enabled Egypt to achieve self-sufficiency in gas production by 2018.

Egypt’s energy discoveries continue to proliferate, with the recent oil discovery in the Gulf of Suez on 23 August indicating further opportunities for energy development.

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