The President of the Arab Republic of Egypt, Abdel Fattah El-Sisi, and the Chief Executive Officer of Eni, Claudio Descalzi, met today in Cairo to explore areas of common interest and collaboration.
The main topics discussed were Eni's current and future activities in Egypt, with a focus on the exploration campaign in progress, whose preliminary results are already positive, and which has the potential to allow exports to be increased rapidly by leveraging the available in the company's assets on the Mediterranean coast. The parties also discussed ongoing and future plans for the energy transition and decarbonisation of the Egyptian energy sector, including renewable gas substitution initiatives in assets, circular economy projects, CO2 capture and injection plants, production of agro-feedstock for biorefining and others.
In addition, a Memorandum of Intent (“MoI”) was signed to collaborate on emissions reduction technologies, including gas flaring reduction and gas valorisation, between the Egyptian Natural Gas Holding Company (EGAS) represented by President Magdy Galal, and Eni, represented by COO Natural Resources Guido Brusco. The signing took place in the presence of the Minister of Petroleum Tarek El Molla and the Chief Executive Officer of Eni Claudio Descalzi.
Based on this MoI, the companies will conduct joint studies to identify opportunities to reduce greenhouse gas emissions in Egypt's oil and gas sector, generating a plan of initiatives that will lead to further gas valorisation.
Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is currently the leading producer in the country with a hydrocarbon production of approximately 350.000 barrels of oil equivalent per day.