Eni to Invest $8 Billion in Egypt Over Five Years to Expand Oil, Gas, and Mining Operations
Eni has announced plans to invest $8 billion in Egypt over the next five years in partnership with its collaborators, focusing on the development of existing fields and further exploration, according to Guido Brusco, Chief Operating Officer for Global Natural Resources.
Brusco revealed the investment plan during a meeting with Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi, where they reviewed Eni’s strategic priorities for the coming years.
Prime Minister Madbouly emphasized Eni’s pivotal role in Egypt’s oil and gas industry, noting that the company currently supplies approximately 40% of the nation’s natural gas production.
Minister Badawi welcomed Eni’s continued partnership, underlining the importance of boosting production in the face of current sector challenges.
Brusco commended the Egyptian government for its support of oil companies and its efforts to settle dues owed to foreign partners, describing these actions as essential to sustaining exploration and production growth.
He also revealed that Eni is exploring opportunities in Egypt’s mining sector, particularly in rare metals, with potential investments currently under review.
Eni continues to play a significant role in Egypt’s hydrocarbon sector, operating the Zohr gas field and engaging in refining and marketing crude oil products.
This latest investment plan reinforces Eni’s long-term commitment to supporting Egypt’s energy security and economic growth.
