Egypt, a country at the heart of Eni’s strategy | ENI

Published: 14/03/2015, 11:00

Last update: 14/03/2015, 11:00

Egypt, a country at the heart of Eni’s strategy

Eni has signed a framework agreement with Egypt for an estimated value of $5 billion for the development of the country’s oil resources. The investments  will be used to implement projects over the next four years aimed at the development of 200 million barrels of oil and around 37 billion cubic metres of gas. The agreement between the Egyptian  Minister of Petroleum and Mineral Resources, Sherif Ismail, and Eni chief executive, Claudio Descalzi, was signed during the Egyptian Economic Development Conference held in Sharm el-Sheik. Egypt  remains at the heart of the Eni Group’s international strategy; an alliance that has lasted for more than 60 years.

Our activities

Eni has been operating in Egypt since 1954. In the country the Six-legged Dog is the leading international  hydrocarbons operator, with aproduction level of around 206,000 barrels of oil equivalent per day, around 28% of annual oil production and 27% of annual gas production in the country.
Among the most recent activities, was the launch of production at the Deka project in August 2014 and the discovery of oil and gas at the Melehia West Deepexploration prospect in the Western Desert, 300 kilometres west of Alexandra.

Our presence

Photogallery

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The photo gallery contains 10  images.

The fundamental steps in our presence in the country

Black Gold in the Red Sea

The  1962 film, directed by Vittorio Gallo, offers an overview of the activities of COPE, Compagnie orientale des petrole d'Egypte, that highlights the “Mattei Formula”, the integration of Italian and Egyptian technicians and workers, respect for the Muslim faith (the construction of a small mosque at the oil field). An Arabic-language version of the documentary was also made.

Watch the full-version of the film

The Mattei Formula

In December 1954 the agreement with Egypt shook the foundations of the world’s oil business.
In contrast to the “colonialist” contracts offered by the leading international oil companies, in the 1950s Eni decided to rebalance the existing standards byestablishing an equal relationship with producer countries and creating the basis for a model for responsible economic development.

The agreement foresaw the direct involvement and equal decision-making powers for the producer countries of crude oil through the creation of joint ventures and intense professional training of local technicians and managers. Mattei was fond of saying that "The oil is theirs", convinced that it was necessary to make the producer countries autonomous in terms of energy supplies and preferring the path of dialogue and respect for local cultures.

This relationship underpins what Eni today describes as a commitment to sustainable development.

The Egypt of the future seeks energy autonomy

To return the rate of development to pre-revolution levels, the Egyptian President Al Sisi is focusing on the energy sector in order to reduce, within five years, the country’s dependence on external resources by making the best use of the oil and gas fields identified in the Nile Delta and completing, in record time, the project to widen the Suez Canal.  

Despite ongoing internal political tensions, al Sisi has been able to approve and push forward in recent months a number of ambitious plans, above all in the economic sphere, in order to give back to the country a central role in the delicate regional geopolitics and, at the same time, to exploit the full potential of its unrealised energy resources

Find out more

• Read the article about ABO

Source: http://www.eni.com/en_IT/media/focus-on/focus-on-egypt.html