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Eni moves closer to Egypt

The energy crisis continues. Eni is approaching Egypt to develop gas production and increase imports.

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Eni is interested in Egypt. Claudio Descalzi, CEO of the Italian company, met with Egyptian President Abdel Fattah el-Sisi. The development of gas was at the heart of this meeting.

Eni discusses with Egypt

Since the discovery of the Zohr field by Eni, Egypt has emerged as a serious gas player in the region. Several deposits attest to Egypt’s role in the gas market.

In fact, Egypt could compete with Turkey for gas supplies. The latter wishes to become a central player in this field.

Eni produces about 60% of Egypt’s gas. The Italian company discovered the Zohr deposit in 2015. Its resources are estimated at 850 billion m3. The company is currently the country’s largest producer with a hydrocarbon output of approximately 350,000 boe/d.

Moreover, the Italian company is in the spotlight. With TotalEnergies, it recently made a new gas discovery in Cyprus. A discovery that allows the strengthening of the company in the region. The company is committed to supporting increased gas production through an ambitious exploration and development campaign.

This will promote, thanks to the Damietta liquefaction plant, the export of LNG to Europe. Eni recently obtained five new permits located in prolific basins that could allow for accelerated development by taking advantage of existing facilities nearby.

In addition, Egypt and Eni have agreed to implement a series of solar and wind energy projects. These projects are expected to have a combined capacity of 10 GW.

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