EGPC extends Eni's commitment in Gulf of Suez, Nile Delta to 2040
Updated 11/13/2025 1:29:00 PMArab Finance: The Egyptian General Petroleum Corporation (EGPC) signed an agreement with the Italian company Eni, represented by its subsidiary IEOC Production, to extend the company's commitment in the Gulf of Suez and the Nile Delta until 2040, as per a statement.
Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of the extension, which allows leveraging the available oil and gas potential within the concession area.
Badawi said the deal is a strategic achievement, building upon more than 70 years of partnership with the Italian company, adding that it will further facilitate the discovery of gas resources in Egypt.
The new agreement paves the way for deploying the latest technologies in exploration and production, offering a unique opportunity to achieve discoveries, increase production, and reduce the import bill.
Francesco Gaspari, General Manager of Eni in Egypt, asserted that the deal will launch a major reinvestment campaign in Sinai, focusing on new multi-year exploration and drilling activities aimed at enhancing production potential.
Gaspari also emphasized the company's renewed commitment to health, safety, and environmental standards through the pursuit of safer and lower-carbon operations.
Under the partnership, Eni will launch a new 3D seismic survey campaign to discover untapped resources, leveraging its specialized technologies and deep expertise in subsurface geology.
The Belayim oil field, which has been under Eni's commitment since 1954, is the largest in Egypt.
With production expected to remain around 60,000 barrels per day in 2025, the field remains a strategic asset and a symbol of the partnership between Egypt and Eni.
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