Drilling rig for Zohr field to arrive in Egypt by end-January

Descalzi made this announcement during his participation on the third day of the World Economic Forum (WEF) in Davos 2025, Switzerland, held 20-24 January, according to a statement by the Egyptian cabinet on Thursday.

Prime Minister Mostafa Madbouly attended the event.

Eni has been pivotal in Egypt’s energy sector since it discovered the Zohr gas field in 2015. This landmark discovery enabled Egypt to achieve gas self-sufficiency by 2018.

In 2023, the company committed to investing $7.7 billion in Egypt over the next four years to enhance its exploration and production capabilities further.

In November, Descalzi revealed that Eni plans to resume drilling two new gas wells in the Zohr field after a three-year hiatus.

He projected that Egypt would return to its high production and export levels for natural gas within two years.

In recent months, the Egyptian government settled outstanding arrears with various energy investors to increase oil and natural gas production to meet local demand and increase exports again.

Last week, Asharq Bloomberg reported that Egypt and Eni are discussing the establishment of a new LNG import terminal in Damietta, located on the Mediterranean coast, with an investment of approximately $150 million.

Descalzi reiterated Eni’s commitment to strengthening its collaboration with the Egyptian government, highlighting the company’s ongoing efforts to intensify drilling and exploration activities in Egypt.

He also praised the Egyptian government’s initiatives to advance the petroleum sector and commended its well-developed infrastructure.