During his participation in ADIPEC 2023, Claudio Descalzi, the CEO of Eni, expressed his happiness about Eni’s winning of three important concession areas in the Egyptian bid round that was offered for oil and gas exploration and production operations in the Mediterranean.

He added that Eni’s strategy is aiming to invest in areas close to its assets at its operation sites, pointing out that Egypt is unique in that it has many assets and infrastructure which can enable the company to develop any new discovery and put it on the production line faster. 

Furthermore, Descalzi said that these new three investments come on top of the investments announced during the meeting with the Egyptian President Abdel Fattah Al-Sisi which worth $7.7 billion during the coming four years. 

The CEO elaborated that Eni seeks to achieve new natural gas discoveries and it will exert the most effort in exploring and producing from the three areas, especially since Egypt needs to secure its needs of natural gas as well as supply liquefied natural gas (LNG) to Europe.