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Egyptian President and Eni CEO discussed energy cooperation

Egypt is one of the world’s key markets for Eni’s activities

Egyptian President and Eni CEO discussed energy cooperation

Cairo, April 1 - Neftegaz.RU. The President of Egypt Abdel Fatah al-Sisi received on March 31 an Eni delegation led by CEO Claudio Descalzi in the presence of Egyptian Minister of Petroleum & Mineral Resources Tarek El-Molla.
The parties discussed:
  • the production of natural gas and LNG exports
  • Egypt's vision of becoming a regional gas hub
  • leveraging existing LNG plants
  • solar power project for civilian use, with a range of several GW
  • the upstream activities in Egypt, where Eni has recently been awarded 5 new licenses located in prolific basins
Al-Sisi expressed his aspiration for the company to continue its activities in the field of research, prospecting & exploration with the aim of achieving optimal exploitation to Egypt’s resources from the energy sector.

Eni currently produces about 80% of gas destined for the domestic market for electricity generation.
The company is also committed to supporting local production through an ambitious exploration and development campaign.
This will also contribute to exports through the Damietta liquefaction plant, which was restarted in 2021, and helping Egypt become a net LNG exporter.

The meeting further tackled Eni's contributions in the new and renewable energy domain, especially in regard to green hydrogen production in light of Egypt's scheduled hosting of the 2022 United Nations Climate Change Conference (COP27) in November in Sharm El-Sheikh city.

Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC.
In 2015, the Italian energy giant discovered the giant Zohr gas field – the biggest-ever in the Mediterranean – which hold an estimate of 30 trillion cubic feet of gas.

The company is currently the country's leading producer with an equity production of hydrocarbons of approximately 360,000 barrels of oil equivalent per day.

Source : Neftegaz.RU


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