Eni plans to invest $8 billion in Egypt over the next five years in cooperation with its partners, according to Guido Brusco, Chief Operating Officer for Global Natural Resources. The investment will focus on developing existing fields and carrying out further exploration.
Brusco announced the plan during a meeting with Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi, where they reviewed Eni’s investment strategy for the coming period.
Madbouly highlighted Eni’s key role in Egypt’s oil and gas sector, noting the company supplies about 40% of the country’s natural gas production. Badawi welcomed Eni’s continued partnership with Egypt and stressed the importance of increasing production amid current sector challenges.
Brusco praised the government’s support for oil companies and its efforts to settle dues owed to foreign partners, describing this as crucial for sustaining exploration and production growth. He also mentioned that Eni has started studying opportunities in Egypt’s mining sector, particularly rare metals, with possible investments under review.
Eni remains active in Egypt’s hydrocarbon development and gas projects. The company operates the Zohr gas field and is also involved in refining and marketing crude oil products.
source: egyptoil-gas.com
African Energy Council