Eni Plots $8.5 Billion Bet on Egypt's Energy Future
Eni, Italy's largest energy company, is pouring $8.5 billion into Egypt's oil and natural gas sector, according to a recent meeting between CEO Claudio Descalzi and Egyptian President Abdel Fattah El-Sisi.
The investment program aims to strengthen Eni's position as the largest energy company in Egypt, where it has already established a significant presence in exploration, development, and production.
Eni plans to drill 30 exploration wells and 200 development wells across its concessions, including the Mediterranean and Zohr field, over the coming period. The meeting also covered Eni's plans for exploration and development drilling in 2026 and 2027, particularly in the Western Desert.
Descalzi emphasized the importance of connecting Cyprus' Cronos gas field to Egyptian infrastructure, which he said would provide a model for regional gas cooperation and support Egypt's position as a regional gas hub. Eni has already reached a final investment decision (FID) with TotalEnergies to bring Cypriot gas to market through Egypt by 2028.
El-Sisi welcomed Eni's activities in Egypt, calling for continued cooperation and higher investments. He assured the company of Egypt's support and commitment to addressing any challenges it may face.