Egypt extends the gas exploration agreement with the Italian “Eni” until 2040

On Thursday, Egypt announced the extension of an agreement with the Italian company Eni until 2040 to contribute to the discovery of more natural gas resources in the country.

On Thursday, Egyptian Petroleum Minister Karim Badawy witnessed the signing of an agreement between the Egyptian General Petroleum Corporation and Eni, represented by IEOC Production, to extend the Gulf of Suez and Nile Delta commitment agreement until 2040, according to a ministry statement.

The Ministry explained that this extension “allows for the full economic exploitation of the available oil and gas potential in the commitment agreement area.”

The Belayim field, located in eastern Egypt and within Eni’s commitment since 1954, is the largest oil field in Egypt, producing about 60,000 barrels per day this year, according to the statement.

Following the signing, Badawi considered that “the agreement is a strategic achievement that builds on more than 70 years of partnership with the Italian company, to move forward in discovering more gas resources in Egypt.”

He added that it is “an important step in the framework of meeting the local demand for petroleum products, by intensifying production, exploration and development work.”

The new agreement “paves the way for applying the latest technologies in the field of research, exploration and production, which represents a distinct opportunity to make discoveries, increase production, and reduce the import bill,” according to the ministry.

The ministry explained that, according to the agreement, “Eni will begin a new 3D seismic survey campaign to discover unexploited resources, benefiting from its specialized technologies and deep expertise in the geology of the Earth’s interior.”

For his part, Eni’s General Manager in Egypt, Francesco Gaspari, said, “This initiative reaffirms Egypt’s attractiveness as an important destination for investment in the energy field.”