Eni looks past uncertainty in Egypt

As Cairo continues its push towards reviving Egypt’s energy sector and moving towards some much needed sector security, a few international firms are looking past the country’s uncertainty and expanding their footprint in the region. This past week, Italy’s Eni announced that they would be joining the country’s production push with news that they were the successful bidder on three exploration licenses.

According to a Rigzone report, the licenses are located in the country’s Western desert, near the Melehia Development Lease and will cover about 794 square miles. The Italian giant will also become the operator of offshore blocks, which run up against the Cypriot maritime border. The licenses expand the company’s presence in Egypt, making it one of the largest foreign operators in the country.

“I am very pleased with the acquisition of these new exploration permits which further strengthens our presence in Egypt, a historically and strategically important country for Eni,” said Claudio Descalzi, Eni’s CEO, according to Rigzone.