The President of the Arab Republic of Egypt, Abdel Fattah al-Sisi, met Eni's CEO Claudio Descalzi today in Cairo to discuss Eni's activities in the country and areas of common interest and collaboration. Also present at the meeting were Prime Minister Mustafa Madbouly and Minister of Oil and Mineral Resources Tarek El-Molla.
The main issues addressed were the production of natural gas and LNG exports, areas in which Egypt has acquired a central role in the Mediterranean since Eni's discovery of the Zohr field.
The parties shared Egypt's vision of becoming a regional gas hub, leveraging existing LNG facilities. Currently, Eni produces around 60% of the country's gas. The company is also committed to supporting increased gas production through an ambitious exploration and development campaign. This will also help increase gas exports to Europe through the Damietta liquefaction plant.
During the last tender, Eni was recently awarded five new exploration licenses in prolific basins that will allow rapid development thanks to the proximity to existing plants.
Furthermore, in light of the energy transition path, the parties have agreed on the opportunity to implement a series of initiatives in the solar and wind energy sectors, with a target of 10GW of installed capacity in the coming years. Eni's CEO illustrated the company's commitment to accelerate on the issue of decarbonisation and energy efficiency solutions.
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.