Eni, Italy’s energy giant, has lauded the robust performance of the Zohr gas field in Egypt, comparing it favorably to larger fields in Russia. The company’s Head of Natural Resources, Guido Brusco, highlighted the field’s performance, stating, “The field’s performance is in line with our plans and better than that of bigger fields in Russia.”
Eni is committed to significant investments in Egypt, totaling approximately $3.5 billion over four years. These investments will encompass exploration activities and the management of existing fields in the region.
In response to a decline in the supply of Russian gas last year, Eni expedited shipments of increasing volumes of natural gas from Africa to Italy. Brusco emphasized the need for substantial investment in Africa, stating, “Africa is a continent where much investment is needed even in the traditional exploration and production business.”
Looking ahead, Eni anticipates the consolidation of Algeria and Egypt’s roles in the energy sector and envisions the possibility of a larger role for Libya and several sub-Saharan countries, including the Republic of Congo and Angola. The company is making multi-billion-dollar investments to ensure gas exports to Italy, serve the African market, and prepare for increased gas shipments to Europe.
Eni, recognized as Africa’s largest international natural gas producer, has underscored the ongoing importance of oil and gas even as cleaner energy sources are developed. The company plays a vital role in supplying energy to meet the needs of Africa’s growing population and accelerating development.
In 2022, Eni’s production in Egypt reached 346,000 barrels of oil equivalent per day (KBOED).
Eni’s positive assessment of the Zohr gas field highlights Egypt’s significance in the energy sector, and the company’s continued investments demonstrate its commitment to the region.
