The extension enables the full economic development of the petroleum and natural gas potential within the concession area.
The Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni, through its subsidiary IEOC Production, have signed an agreement to extend the Gulf of Suez and Nile Delta concession commitment until 2040.
The extension enables the full economic development of the petroleum and natural gas potential within the concession area.
Egypt’s Minister of Petroleum and Mineral Resources, Kareem Badawi, stated that the agreement represents a strategic milestone building on more than 70 years of partnership with the Italian company.
He emphasized that it will support further gas discoveries in Egypt and highlighted Eni’s long-standing commitment to its operations in the country as a model of successful, fruitful strategic cooperation.
Badawi added that the new agreement opens the door to deploying the latest technologies in exploration and production, creating exceptional opportunities for new discoveries, boosting output, and reducing Egypt’s import bill.
Francesco Gaspari, Eni’s Country Manager in Egypt, affirmed that the agreement will launch a major reinvestment campaign in Sinai, focusing on new multi-year exploration and drilling activities aimed at strengthening production potential.
He reiterated Eni’s renewed commitment to health, safety, and environmental standards, with a focus on safer operations and lower carbon emissions.
He added that this initiative reaffirms Egypt’s appeal as a key destination for energy investment and stands as a concrete example of how technological innovation and operational excellence can drive the country’s energy future forward.
Under the agreement, Eni will begin a new 3D seismic survey to identify untapped resources, leveraging its advanced technologies and extensive subsurface expertise.
It Is worth noting that the Belayim oil field, part of Eni’s concession since 1954, remains Egypt’s largest historic oil field. With production expected to remain around 60,000 barrels per day in 2025, the field continues to be a strategic asset and a symbol of the long-standing partnership between Egypt and Italy’s Eni.
