2024/09/03

Oil Minister seeks deeper ties with Italy’s Eni

Engineer Karim El-Dawy, Minister of Petroleum and Mineral Resources, made an official visit to Italy to strengthen the strategic partnership between Egypt and the Italian energy company Eni. During the visit, Minister El-Dawy explored opportunities to expand joint cooperation in the oil and gas sectors. This aligns with Egypt's broader goal of attracting foreign investment to drive economic development and ensure energy security in the region within the framework of Egypt's efforts to become a regional energy hub.

The visit included a comprehensive meeting with Eni CEO Claudio Descalzi, a tour of the company's electronic research and laboratories department, and in-depth discussions with the team responsible for new energy initiatives, biofuels, carbon capture and storage, and asset preservation.

During the meetings, El-Dawy highlighted the strong and enduring relationship between Egypt and Italy, particularly in the energy sector. He emphasized the longstanding partnership with Eni, which is a testament to the mutual trust and capabilities of both parties. Minister El-Dawy expressed his desire to further strengthen cooperation and integration between Egypt and Italy to achieve even greater successes. He also underscored the importance of sharing joint success stories.

Eni officials expressed their pride in their strategic partnership with Egypt, praising the country's efforts to create a favourable investment climate in the petroleum sector. They reaffirmed their commitment to expanding their operations in Egypt and seeking out new investment opportunities. Both parties agreed on the importance of continued dialogue and coordination to achieve their shared energy goals.

During the visit, both parties explored ways to enhance cooperation in exploration and production, focussing on accelerating the development of announced discoveries to increase production. The new incentives package launched by the Ministry of Petroleum and Mineral Resources to encourage increased oil and gas production was also reviewed. Eni commended these measures and emphasized the importance of utilizing advanced technology to improve well productivity.

Cooperation in developing Eni's fields in Cypriot waters and accelerating their connection to available facilities to benefit from Egypt's infrastructure was also discussed, aiming to benefit all parties. The meeting also touched on cooperation in the fields of energy transition, clean energy, carbon emissions reduction technologies, and biofuels.

Eni confirmed that three rigs for Ageeba Petroleum Company would begin operations in the second week of September 2024, aiming to restore production rates to their previous levels.

Engineer Moataz Atef, Assistant to the Chairman of EGAS for Technical Office, Special Projects, and Operations Safety, and Guido Brusco, CEO of Natural Resources Operations at Eni, were present.