Eni to invest $2bn in Egypt’s energy sector before end-2026

Italian energy major Eni (BIT:ENI) is set to invest $2bn in Egypt’s energy sector before the end of 2026, Economy Plus reported on March 30. The aim is to expand exploration activities and boost production from existing fields to meet domestic demand and enhance exports.

The announcement came during a meeting between Egyptian PM Mostafa Madbouly, Guido Brusco, Eni's Chief Operating Officer for Natural Resources, and Petroleum Minister Karim Badawi, on the sidelines of the Egypt Energy Show (EGYPS).

Brusco stated that Eni is pursuing a strategy to intensify exploration efforts and accelerate production from its current projects in Egypt. He added that the company remains committed to its social role, particularly in the healthcare sector, noting that agreements will be signed with the Ministry of Health to provide 400 hospital beds, benefiting around 1mn people.

Madbouly said the government is working to create a favourable investment climate for foreign companies in the oil and gas sectors, noting continued support for global energy firms operating in Egypt.

“We look forward to Eni expanding its investments in Egypt in the coming period, especially given the promising opportunities in the oil and gas sectors,” he said.

Recently, Badawi revealed that Eni plans to invest up to $8bn in Egypt, where the company plays a key role in developing the Zohr gas field.

Eni remains Egypt's leading hydrocarbon producer and is expanding exploration across the Eastern Mediterranean, the Western Desert, and the Gulf of Suez. The company is currently fast-tracking the development of the offshore Cronos gas field, utilising its existing Zohr infrastructure and the Damietta LNG plant to boost domestic supply and facilitate exports to Europe.