Italian energy behemoth Eni has announced the commencement of operations for three new drilling rigs. These rigs, slated to become operational next week, will enhance production capabilities for the Egyptian Agiba Petroleum Company.
The announcement was made by Eni’s CEO, Claudio Descalzi, during a strategic meeting with Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, held in Italy. The discussions revolved around enhancing bilateral cooperation in the oil and gas sectors. Both leaders underscored the importance of sustained dialogue and coordination to advance their mutual strategic objectives in the energy domain.
This initiative aligns with Egypt’s broader strategy to attract substantial investments in its energy sector, ensure energy security, and emerge as a pivotal regional energy hub. Eni has committed a robust investment of $7.7 billion in Egypt over the next four years, aiming to expand its exploration and production operations. This pledge highlights the depth of Eni’s commitment to Egypt’s energy landscape.
Eni’s engagement in Egypt has been marked by its transformative discovery of the Zohr Gas Field in 2015. This landmark find enabled Egypt to attain self-sufficiency in gas by 2018, a milestone that underscored the significant potential of the country’s natural resources. In addition to the Zohr field, Eni has been instrumental in numerous oil discoveries in Egypt’s Western Desert and has been actively operating gas plants across the nation.
The renewed focus on drilling and production is expected to reinforce Egypt’s standing in the global energy market and solidify the partnership between the two nations. As Egypt seeks to strengthen its energy reserves and infrastructure, collaborations with major international players like Eni are crucial for achieving its long-term energy ambitions.
