Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

PM discusses with Eni’s CEO oil explorations in Egypt


Tue 28 Aug 2018 | 11:58 AM
Yassmine Elsayed

SEE - August 28th: Prime Minister Dr. Mostafa Madbouli met today with CEO of ‘Eni’ Mr. Claudio Descalzi where both discussed prospects for oil explorations in Egypt.

The meeting was attended by Engineer Tarek ElMolla, minister of petroleum.

According to Eni’s website, the Italian company operates in Egypt in the exploration and production and gas and power sectors since 1954.

Egypt was the first country that Enrico Mattei visited that year; with President Nasser he signed a contract that created the Italian-Egyptian joint venture Cope.

The relationship also led to the application of a new formula – subsequently known as the “Mattei formula” – that radically changed the fifty-fifty rule that had previously applied, in favour of the producer country, which from then on participated directly in oil exploration activities.

Eni’s major production activities are in the Gulf of Suez, with the production of oil and condensates, and in the Nile Delta concessions, which mainly produce gas.

Zohr is the largest gas discovery ever made in Egypt and in the Mediterranean Sea and will satisfy Egyptian natural gas demand for decades. On the basis of the data acquired in the well and available geophysical evidence, the field may have a potential of up to 850 billion cubic metres of gas in place and is therefore one of the largest gas discoveries in the world. It is one of seven record-breaking projects from Eni, all of which are remarkable for their rapid approval rates and times to start-up.