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Government Eyes Energy Stability as Eni Broadens Scope
KEY POINTS
- Eni to invest $8 billion in Egypt over five years, focusing on field development and exploration.
- Cairo officials highlight Eni’s role in producing 40% of the country’s natural gas output.
- Company exploring entry into rare metals mining alongside hydrocarbons operations.
Italian energy major Eni SpA has unveiled plans to channel $8 billion into Egypt’s oil and gas sector over the next five years, reaffirming its central role in one of North Africa’s largest energy markets.
The commitment, outlined by Guido Brusco, Eni’s chief operating officer for global natural resources, will target both the development of existing fields and new exploration efforts, the company said.
The announcement came during a high-level meeting in Cairo with Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi.
Both officials underscored the strategic importance of Eni, which already supplies around 40% of Egypt’s natural gas output, making it a linchpin in the country’s energy security.
