Italy's Eni to deploy 3 drilling rigs for Egyptian Agiba petroleum

The announcment was made by Eni CEO Claudio Descalzi during a meeting on Tuesday with Egyptian Minister of Petroleum and Mineral Resources Karim Badawi in Italy, where they discussed ways to expand cooperation between Egypt and the Italian company in oil and gas activities.

Both sides emphasized the importance of continued dialogue and ongoing coordination to enhance joint cooperation, to achieve the strategic goals of both parties in the energy sector, according to a statement by the Egyptian petroleum ministry.

The move aligns with Egypt's goals to attract more investment in the energy sector, secure its energy supplies, and become a regional energy hub.

In 2023, Eni pledged to invest $7.7 billion in Egypt over the next four years to develop the company's exploration and production operations in the country.

Eni's most notable discovery in Egypt was the Zohr Gas Field in 2015, which allowed the country to achieve self-sufficiency in gas by 2018.

Eni has been involved in important oil discoveries in the country's Western Desert and has operated gas plants.