Claudio Desclazi, Chairman and CEO of Italian multinational oil and gas company, Eni, met with Egypt’s Minister of Petroleum and Mineral Resources, H.E. Tariq El Molla, during the ADIPEC event in Abu Dhabi to discuss plans to accelerate new projects in the country in order to increase production and put Egypt on track to become energy self-sufficient.
Operating in Egypt across the entire gas value chain from production to utilization, the discussion reviewed Eni’s current operations in the country and examined ways to boost cooperation through joint initiatives so as to realize development goals for both parties.
During the meeting, Mulla stated that operation resumption of the Damietta liquefied natural gas plant and export activity will be an important step for the country to transform itself into a regional energy hub. Cooperation between Eni and the Government will create the opportunity for the oil and gas giant to operate more efficiently.
In late-October, Eni made three new oil and gas discoveries in the Meleiha and South-West Maleiha concessions in the Western Desert of Egypt, holding an estimated 50 million barrels of oil equivalent of hydrocarbons in place. A production test indicated a proven production rate of 2,000 barrels in light oil and seven million standard cubic feet of associated gas per day.
“Eni is continuing to pursue its successful near-field, infrastructure-led exploration strategy in the Egyptian Western Desert through Agiba, a joint venture between Eni and the Egyptian General Petroleum Corporation, which allows a quick valorization of these new resources,” the company said in a press statement.
With Egypt steadily ramping up its oil output in recent years, the move to boost cooperation positions the country to become a major oil and gas exporter, with the new discovery expected to make Egypt self-sufficient in oil by 2023.