{"id":605641,"date":"2023-09-04T00:00:00","date_gmt":"2023-09-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/04\/eni-friends-to-invest-usd-7-7-bn-in-egypt-in-four-years\/"},"modified":"2023-09-04T00:00:00","modified_gmt":"2023-09-04T00:00:00","slug":"eni-friends-to-invest-usd-7-7-bn-in-egypt-in-four-years","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/09\/04\/eni-friends-to-invest-usd-7-7-bn-in-egypt-in-four-years\/","title":{"rendered":"Eni + Friends to invest USD 7.7 bn in Egypt in four years"},"content":{"rendered":"

Eni has big investment plans <\/strong> : <\/strong>Italian energy giant Eni and its partners will invest USD 7.7 bn in their Egypt operations over the next four years, Ittihadiya said<\/a> yesterday. This came during a meeting between Eni\u2019s CEO Claudio Descalzi and President Abdel Fattah El Sisi yesterday, in which they discussed the company\u2019s energy exploration and production plans.<\/p>\n

We knew Eni was planning to step-up its spend on exporation, but this is a massive <\/strong> announcement <\/strong>(though obviously the figure includes a lot of spending on the production side of the E&P equation, not just exploration). The company was among the five multinationals Oil Minister Tarek El Molla recently said will spend USD 1.8 bn<\/a> in fresh gas exploration. Eni, along with Chevron, ExxonMobil, BP and Shell, will drill 35 exploration wells over the next two years, the minister said.<\/p>\n

We don\u2019t have much in the way of specifics just yet: <\/strong> The company is looking to drill new exploration wells at several concessions<\/a> in the Eastern Mediterranean, which according to an<\/a> unconfirmed report in the local press<\/a> in April, includes North East Hap\u2019y.<\/p>\n

Eni is one of the biggest players in the country\u2019s sector: <\/strong> Eni, along with its partners, is responsible for producing around 60% of Egypt\u2019 natural gas and operates the country\u2019s largest field, Zohr, alongside the Egyptian General Petroleum Corporation. It also owns 50% of the Damietta LNG plant, one of the country\u2019s two liquefaction facilities that are key to the government\u2019s long-term export ambitions. Earlier this year it said it had made a \u201csignificant\u201d gas discovery<\/a> in the Eastern Mediterranean in cooperation with Chevron. <\/p>\n

This is the latest investment pledge by a key international oil and gas firm: <\/strong> BP CEO Bernard Looney was in town for talks with El Sisi last week, during which he said the company will invest USD 3.5 bn<\/a> in its Egypt operations over the next three years.<\/p>\n

The government wants to ramp up exploration efforts: <\/strong> We heard last week that the Oil Ministry is planning to launch an international tender<\/a> for 8-10 oil and gas concessions before the end of the year. And we\u2019re still waiting on the results of a tender for 12 exploration blocks launched back in December<\/a>.<\/p>\n

Egypt is in need of fresh discoveries: <\/strong> The country\u2019s gas output fell to a three-year low<\/a> in 2Q 2023 on the back of production declines in the Nile Delta and disruptions at Zohr, which has been reported to be facing water infiltration issues<\/a>. Decreasing gas supplies have contributed to the ongoing electricity shortages, which have caused rolling blackouts<\/a> across the country since late July.<\/p>\n

Gas doesn\u2019t just keep the lights on: <\/strong> It\u2019s a key source of hard currency for Egypt, and one whose importance has only grown in light of the ongoing FX crisis.<\/p>\n

Other companies are prepping their drills: <\/strong>BP<\/a>, ExxonMobil<\/a> and Shell<\/a> are among the other companies preparing new exploration drilling campaigns.<\/p>\n","protected":false},"excerpt":{"rendered":"

Eni chief Claudio Descalzi held talks with the president yesterday, one week after the CEO of BP was in town<\/p>\n","protected":false},"author":1,"featured_media":605642,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11546],"tags":[93,197,72,125,91],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-605641","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-eit","tag-energy","tag-eni","tag-enterpriseam","tag-investment-watch","tag-oil-and-gas","wpautop","entry"],"acf":{"mongo_id":"8f843071-dfad-4c1a-b639-6a083b287bcd","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/9\/88.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Eni + partners to invest USD 7.7 bn in Egypt in four years","related_issue":[605634],"teaser":"Eni chief Claudio Descalzi held talks with the president yesterday, one week after the CEO of BP was in town","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.c5dbc41e-83fc-4e15-9053-e69e5cfb7046.mp3"},"yoast_head":"\nEni + Friends to invest USD 7.7 bn in Egypt in four years - 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According to the statements, Descalzi discussed potential future investments by the firm and the status of the current development of\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628048,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/06\/24\/did-eni-pledge-usd-3-bn-in-investments-in-egypt-plus-we-could-be-exporting-natural-gas-by-years-end-early-2019\/","url_meta":{"origin":605641,"position":1},"title":"Did Eni pledge USD 3 bn in investments in Egypt? Plus: We could be exporting natural gas by year\u2019s end, early 2019","author":"enterpriseam admin","date":"24 June 2018","format":false,"excerpt":"INVESTMENT WATCH- Did Eni pledge USD 3 bn in investments in Egypt? Eni plans to allocate USD 3 bn in new investments in Egypt over \u201cthe coming period,\u201d Eni CEO Claudio Descalzi said, according to a purported statement from the Oil Ministry floating around in the local press on Thursday.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":549031,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/31\/eni-could-establish-10-gw-of-solar-and-wind-projects-in-egypt-looks-to-boost-gas-exports-to-europe\/","url_meta":{"origin":605641,"position":2},"title":"Eni could establish 10 GW of solar and wind projects in Egypt, looks to boost gas exports to Europe","author":"enterpriseam admin","date":"31 August 2022","format":false,"excerpt":"Eni to go big on Egypt\u2019s renewable energy sector? Eni could establish 10 GW of renewable energy projects in Egypt \u201cin the forthcoming years,\u201d the Italian energy giant said in a statement yesterday. The company\u2019s CEO, Claudio Descalzi, \u201cagreed on the opportunity to implement\u201d the solar and wind projects during\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/447.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626470,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/03\/eni-denies-that-it-made-a-massive-gas-discovery\/","url_meta":{"origin":605641,"position":3},"title":"Eni denies that it made a massive gas discovery","author":"enterpriseam admin","date":"3 July 2018","format":false,"excerpt":"Eni denies that it has made a massive gas discovery in Egypt: Eni denied much-hyped reports that it made a massive discovery at the Noor gas field off the coast of North Sinai, Reuters reports. \u201cThere are prospects and new (geological) structures in Egypt but we still haven\u2019t discovered anything,\u201d\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578870,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/elsewedy-electric-to-build-300-mw-solar-station-in-saudi-arabia-enis-descalzi-sits-down-with-el-sisi\/","url_meta":{"origin":605641,"position":4},"title":"Elsewedy Electric to build 300 MW solar station in Saudi Arabia + Eni\u2019s Descalzi sits down with El Sisi","author":"enterpriseam admin","date":"17 January 2023","format":false,"excerpt":"Elsewedy Electric is upping its solar energy game: Elsewedy Electric for Transmission and Distribution, a subsidiary of Elsewedy Electric, signed a USD 176.1 mn turnkey contract to build a 300-MW solar power station for Saudi Arabia\u2019s Al Ghazala Energy, according to a statement(pdf) by the company. Elsewedy \u201cwill mainly focus\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/274.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631073,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/08\/el-sisi-descalzi-discuss-enis-work-in-egypt\/","url_meta":{"origin":605641,"position":5},"title":"El Sisi, Descalzi discuss Eni\u2019s work in Egypt","author":"enterpriseam admin","date":"8 March 2018","format":false,"excerpt":"President Abdel Fattah El Sisi sat down yesterday with Eni CEO Claudio Descalzi to follow up on the Italian company\u2019s projects in Egypt, including the Zohr gas field, according to an Ittihadiya statement (pdf).","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605641","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=605641"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/605641\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/605634"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/605642"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=605641"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=605641"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=605641"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=605641"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=605641"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}