Eni to invest $8 bln in Egypt as it expands role in East Med Gas Hub

The announcement followed a meeting in the new administrative capital in Cairo on Thursday between Prime Minister Mostafa Madbouly and Guido Brusco, Eni’s Chief Operating Officer for Global Natural Resources.

Petroleum Minister Karim Badawi and other officials attended the meeting.

Brusco outlined Eni’s ongoing and future activities in Egypt, highlighting plans to extend production from mature onshore fields using advanced subsurface technologies and launch new drilling under the recently extended Temsah concession.

He stressed that Eni’s exploration strategy will leverage existing infrastructure to maximise efficiency and contribute to Egypt’s energy security.

The company also reiterated its commitment to supporting Egypt’s ambition to grow as a regional gas hub. It stated that it would utilise its liquefaction and processing facilities to serve both domestic projects and international ventures, including the Cronos discovery offshore Cyprus. 

Prime Minister Madbouly welcomed Eni’s new investment pledge in turn and urged the company to accelerate exploration and field development.