Minister of Petroleum and Mineral Resources Karim Badawi has held an extensive meeting with Eni CEO Claudio Descalzi during his visit to Italy to explore ways to expand collaboration with the Italian energy giant.

During the talks, Eni has affirmed that three drillers affiliated with Agiba Petroleum Company will begin to operate during the second week of September aiming to boost production.

This visit confirms the importance of the strategic partnership between the two sides and Egypt’s targets to attract more investments in the energy sector which contribute to achieving economic development and securing energy resources in the region as part of Egypt’s efforts as an energy regional hub. 

During the meeting, the minister stressed the depth of Egyptian-Italian relations, especially in the energy sector, noting that the extended cooperation with Eni reflects the mutual trust and great potential of the Egyptian petroleum sector. 

He expressed his aspiration to support and increase cooperation and integration between the two sides to achieve more success and stressed the need to share joint success stories.

For their part, Eni officials expressed their pride in the strategic partnership with Egypt and praised the positive developments in the Egyptian petroleum sector and the endeavor to provide a stimulating investment environment, stressing Eni’s keenness to strengthen its presence in the Egyptian market and explore more investment opportunities.

The two sides stressed the importance of continuous dialogue and coordination to enhance joint cooperation, in a way that achieves the strategic goals of both parties in the energy sector.

During the visit, the parties discussed ways to enhance cooperation in the fields of exploration and production and reviewed how to accelerate the development of the announced discoveries with the aim of increasing production. 

They also reviewed the new incentive package launched by the Ministry of Petroleum and Mineral Resources to increase oil and gas production, as Eni praised these measures and stressed the importance of benefiting from modern technology in improving well productivity. 

Additionally, the aspects of cooperation in developing Eni’s fields in Cypriot waters were also explored, and accelerating their connection to the available facilities to benefit from the Egyptian infrastructure in a way that benefits all parties. 

The meeting also touched on cooperation in the fields of energy transformation, clean energy, carbon emission reduction technologies, and biofuels.

Moreover, Badawi made a field visit to the research department and electronic laboratories, as well as an extended meeting with the new energy, biofuels, carbon capture and storage, and asset preservation team.