Egypt seeks to deepen Italian energy major Saipem’s role in new gas concessions

The Egyptian government is currently discussing with Italian oil services major Saipem (BIT: SPM) the opportunities to expand the company’s activities in Egypt and potentially upgrading its role from contractor to investment partner in new gas exploration areas, Al Mal reported on January 30, citing a statement from the Ministry of Petroleum and Mineral Resources.

Saipem specialises in engineering, drilling, and offshore construction.

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, met with Saipem Chief Executive Alessandro Puliti to discuss the matter. The meeting was held on the sidelines of Baker Hughes’ annual 2026 gathering in Florence, held under the theme “The Energy Equation,” according to the statement. 

Badawi praised Saipem’s long-standing partnership with Egypt, praising its role in major offshore gas developments, including the Zohr gas field and the Baltim fields. Discussions also covered preparations for Phase 12 of the West Delta Deep Marine gas development and Saipem’s plans to modernise and upgrade its offshore drilling fleet operating in Egyptian waters.

The minister said Egypt’s energy sector is keen to see Saipem evolve from a main engineering and construction contractor into a direct investor and partner in newly offered natural gas concessions, in line with efforts to boost exploration activity and production.

Puliti said Saipem values its strategic relationship with Egypt’s petroleum sector and remains committed to deploying advanced sustainable engineering solutions and digital technologies to support Egypt’s emissions-reduction goals. He also commended the investment climate the ministry fosters for international energy companies.