President of Egypt meets with the CEO of Eni to talk about energy projects

Eni (ENI.MI) announced on Tuesday that Egyptian President Abdel Fattah el-Sisi met with the company’s new CEO, Claudio Descalzi, to evaluate the Italian group’s investments in the African nation and talk about new projects.

The company that runs Egypt’s offshore gas field, Zohr, Eni, has promised to invest up to $8 billion in Egypt.

In addition to launching an offshore Mediterranean exploration drilling program last month, it is implementing upstream investments that will cover all of the nation’s Eni-operated regions.

According to a statement from Eni, capital expenditures would be concentrated on prolonging the life of existing assets in the Sinai and offshore Nile Delta regions as well as short-cycle, infrastructure-led prospects.

Egypt’s goal of becoming an East Mediterranean gas gateway was also discussed at the summit.

According to Eni, Cairo’s ambition to become a regional energy hub may be furthered by the company’s development of the Cronos gas field in Cyprus seas.

As of 2024, the Italian group is the nation’s top producer of hydrocarbons, producing over 280,000 barrels of oil equivalent per day.