MOSCOW (MRC) -- The Egyptian President Abdel Fattah El-Sisi met with the Italian oil and gas company Eni’s CEO Claudio Descalzi on 30/8/2022 to follow up on Eni’s activities in the country and the areas of common interest and collaboration, said the company.
The two sides had extensive discussions about further boosting natural gas flows to Europe from several Egyptian assets.
Tactical Report has prepared a 254-word report to shed more light on El-Sisi- Descalzi meeting and Eni’s plan in Egypt.
The parties elaborated on Egypt’s vision of becoming a regional gas hub, leveraging existing LNG plants. Eni currently produces about 60% of total gas in the country. The company is committed to supporting gas production increase through an ambitious exploration and development campaign.
This will foster, through the Damietta liquefaction plant, LNG export toward Europe. Eni has recently been awarded from the last bid round five new licenses located in prolific basins that could enable a fast-track development leveraging the nearby existing facilities.
In the light of energy transition, the parties agreed on the opportunity to implement a set of solar and wind power projects, targeting 10 GW of installed capacity in the forthcoming years. Mr Descalzi elaborated also on the strategy to accelerate the decarbonisation and energy efficiency solutions.
Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is currently the country's leading producer with an equity production of hydrocarbons of approximately 350,000 barrels of oil equivalent per day.
We remind, QatarEnergy has selected Eni as a new international partner in the North Field East (NFE) expansion project. The Minister of State for Energy Affairs, President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, and Eni CEO, Claudio Descalzi signed a partnership agreement for a new joint venture company during the official ceremony. QatarEnergy will hold a 75% interest while Eni will hold the remaining 25% interest, the company said.