Egypt’s President Abdel-Fattah El-Sisi reviewed with
Italian Eni CEO Claudio Descalzi the company’s plans for the exploration and
production of gas in Egypt amid the country’s plans to become a regional energy
hub, the Egyptian presidency said.
In a meeting in Cairo attended by Minister of Petroleum and Mineral Resources Tarek El-Molla, Descalzi noted that Egypt’s position as a regional hub for the circulation and production of energy and liquefied gas is becoming increasingly important in light of the global energy crisis.
According to Eni’s statement about the meeting, Descalzi also discussed Eni’s ongoing and future plans for the energy transition and decarbonization of the Egyptian energy sector, including initiatives to substitute gas with renewable energy, circular economy projects, carbon capture and storage, production of agro-feedstock for bio refining, and others.
From his side, El-Sisi directed the government to expand exploration and production in coordination with Eni, aiming to leverage Egypt’s natural resources and to continue the fruitful cooperation between Egypt and the Italian company.
The meeting comes one day after ENI’s announcement that it had made a “significant” gas discovery at the Nargis-1 exploration well in the Nargis Offshore Area Concession in the Eastern Mediterranean.
The company is presently the leading
producer in Egypt with an equity production of hydrocarbons of approximately
350,000 barrels of oil equivalent per day, according to their website.
Source: Al-Ahram Online
