KEY POINTS
- Sisi met Eni chief Claudio Descalzi to review existing operations and discuss an eight-billion-dollar investment plan.
- Eni is rolling out exploration and short-cycle projects across all its operated areas, including the Mediterranean, Sinai and the Nile Delta.
- Cairo hopes Eni’s regional projects, including the Cronos field in Cyprus, will support Egypt’s ambition to become an East Mediterranean gas hub.
Egypt’s President Abdel Fattah el-Sisi has held fresh talks with Claudio Descalzi, the chief executive of Eni, in Cairo, as the Italian energy group sets in motion another phase of investment aimed at strengthening its position in the country’s gas sector.
The meeting, confirmed by Eni in a statement, underlines the company’s continued commitment to Egypt, where it remains the largest producer of hydrocarbons.
Eni has pledged up to eight billion dollars in new spending, much of which will be directed to bolstering production from existing assets and expanding its exploration footprint.
The company operates the giant Zohr gas field in the eastern Mediterranean, a development that transformed Egypt’s domestic gas supply when it came onstream several years ago.
Sisi seeks wider role for Egypt in East Mediterranean gas trade
The company began a fresh drilling campaign last month in the Mediterranean, part of a wider upstream programme covering all areas under its operatorship.
The new round of investment will be spread across short-cycle projects that can quickly boost output, as well as programmes designed to extend the productive life of older fields in Sinai and the offshore Nile Delta.
Eni described the approach as a targeted effort to capture fast wins while ensuring older infrastructure remains viable.
Discussions also touched on Egypt’s longstanding ambition to establish itself as a regional hub for East Mediterranean gas.
Eni signalled that progress on the Cronos gas field development in Cypriot waters could play a role in supporting that vision, with Cairo hoping to leverage its existing liquefaction plants to handle regional volumes.
Eni’s production in Egypt stands at around 280,000 barrels of oil equivalent a day, according to 2024 figures, maintaining the company’s position as the leading foreign producer in the country.
The latest round of engagement between Sisi and Descalzi reinforces the strategic alignment between Egypt and the company as both seek to secure future energy supplies and expand regional cooperation.
