Egyptian President Abdel Fattah el-Sisi met Eni CEO Claudio Descalzi to review the Italian group's investments in the African country and discuss new initiatives…
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Egyptian President Abdel Fattah el-Sisi met Eni CEO Claudio Descalzi to review the Italian group's investments in the African country and discuss new initiatives, the energy company said on Tuesday.
Eni, which is the operator of Egypt's offshore gas field Zohr, has pledged to invest as much as $8 billion in Egypt.
It launched an offshore Mediterranean exploration drilling campaign last month and is rolling out upstream investments that will span all Eni-operated areas in the country.
Capital expenditures will focus on short-cycle, infrastructure-led opportunities and extending the life of old assets in the areas of Sinai and the offshore Nile Delta, Eni said in a statement.
The meeting also touched on Egypt's ambition to position itself as a gateway for East Mediterranean gas.
Eni's development of the Cronos gas field in Cyprus waters could help advance Cairo's goal of becoming a regional energy hub, Eni said.
The Italian group is currently the country's leading hydrocarbon producer, with output of about 280,000 barrels of oil equivalent per day in 2024.
(Reuters)
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