The Italian Eni’s investments in Egypt have reached $8.5 billion, according to Claudio Descalzi, CEO of the Italian energy company.

President Abdel Fattah El-Sisi received Descalzi on Tuesday to review the company’s operations in Egypt and its future plans for the country’s gas sector.

Descalzi expressed Eni plans to drill 30 exploration wells and 200 development wells during the coming period. 

He also highlighted the importance of connecting Cyprus’s Cronos gas field to Egypt’s existing infrastructure, describing the project as a model for regional cooperation that would reinforce Egypt’s position as a regional gas trading hub.

El-Sisi expressed his aspiration to continue the partnership and increase Eni’s investments in Egypt. He stressed that the country would continue providing the necessary support to the company and addressing any challenges facing its operations.

Descalzi reviewed the progress of Eni’s projects and activities across several of Egypt’s key production and exploration areas.

 He said the company would continue implementing an integrated investment program focused on exploration, development and production across its concessions nationwide, including the Mediterranean and the Zohr gas field.

The meeting also addressed Eni’s plans to intensify exploration and development drilling during 2026 and 2027, particularly in the Mediterranean and Western Desert, to increase natural gas and crude oil production using advanced seismic surveying technologies and artificial intelligence.

The two sides reviewed progress on linking the Cronos field to Egyptian infrastructure as part of efforts to strengthen Egypt’s position as a regional hub for energy and gas trading.

El-Sisi emphasized the importance of maintaining cooperation with Eni by expanding exploration and production activities, enhancing regional integration and consolidating Egypt’s role as a hub for gas trading, liquefaction and exports.