Karim Badawi, Minister of Petroleum and Mineral Resources, inspected drilling operations at the Belayim offshore 133 well in the Gulf of Suez, marking the first drilling activity under Italian energy company Eni’s new investment plan in Egypt.

The well is part of an agreement signed between Eni and the Egyptian General Petroleum Corporation (EGPC) in mid-November to inject fresh investments in the company’s concessions across the Gulf of Suez and Nile Delta until 2040.

During the visit, Badawi reviewed drilling progress aboard the offshore rig Trident 16, operated by Shelf Drilling, which is currently working in the Gulf of Suez. The well targets a depth exceeding 2,600 meters.

The minister emphasized that launching Eni’s new program reflects the company’s continued confidence in Egypt’s energy sector as the country’s largest energy investor. Eni remains committed to intensifying exploration and production activities, which will help increase crude oil output, Badawi said.

Eni has operated the Belayim oil field since 1954, reflecting the long-standing partnership between Eni and Egypt.The field currently produces around 60,000 barrels per day (bbl/d),

The company contributes approximately 40% of Egypt’s natural gas production through several major assets, including the Zohr gas field in the Shorouk concession and the Baltim fields offshore the Mediterranean.

Eni has committed to investing $8 billion over the next five years to develop existing fields and conduct further exploration.