Italian energy giant Eni is ramping up its investment in Egypt, with plans to drill 30 exploration wells and 200 development wells as it deepens its role in the country's oil and gas sector.
Eni chief executive Claudio Descalzi met Egyptian President Abdel Fattah al-Sisi in El Alamein on Tuesday, along with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources Karim Badawi, to discuss the company's expanding footprint in Egyptian fields and its role in building out Egypt's position as a regional gas hub.
Eni has invested a total of $8.5 billion (approximately €7.3bn) in Egypt to date. Through its subsidiary Ieoc, the company produced around 242,000 barrels of oil equivalent per day in 2025, based on its equity share.
The plan presented by Descalzi foresees a new, intensive phase of activity. Eni is aiming to drill 30 exploration wells and 200 development wells.
The goal is to increase production by tapping both new discoveries and existing infrastructure. The strategy focuses in particular on so-called "fast-track" interventions: projects that can be brought into production quickly by using existing plants and connections, as well as extending the operating life of fields already in production.
