El-Sisi, Eni Discuss $8.5 Bn Egypt Investments

President Abdel Fattah El-Sisi met with Claudio Descalzi, CEO of Italian Eni, in New Alamein to discuss the company’s $8.5 billion investments in Egypt and plans to expand exploration and production activities.

Descalzi said Eni aims to strengthen its position as the largest energy company operating in Egypt, where it has established a major presence in oil and natural gas exploration, development and production.

The company plans to drill 30 exploration wells and 200 development wells in the coming period as part of its investment program across its concessions, including the Mediterranean and Zohr field.

Moreover, the meeting covered Eni’s exploration and development drilling plans for 2026 and 2027, particularly in the Mediterranean and Western Desert, as the company seeks to increase natural gas and crude oil production using seismic surveying and artificial intelligence.

Moreover, El-Sisi welcomed Eni’s activities in Egypt and called for continued cooperation and higher investments. He said Egypt would continue to provide the company with the necessary support and address challenges facing its operations.

Descalzi also stressed the importance of connecting Cyprus’ Cronos gas field to Egyptian infrastructure, which he said would provide a model for regional gas cooperation and support Egypt’s position as a regional gas hub.

Prime Minister Mostafa Madbouly and Karim Badawi, Minister of Petroleum and Mineral Resources, attended the meeting alongside senior Eni executives, according to a statement by the Cabinet.

That plan moved forward in July, when Eni and TotalEnergies reached a final investment decision (FID) for Cronos. The partners aim to bring Cypriot gas to market through Egypt by 2028, with production expected to reach 500 million cubic feet per day (mmcf/d).

The meeting follows a strong quarter for Eni. The company reported adjusted earnings before interest and taxes (EBIT) of €5.38 billion in Q2 2026, doubling from €2.68 billion a year earlier, while sales increased 32% year-on-year (YoY) to €22.314 billion.