Italy’s Eni to boost natural gas production in Egypt

Italian energy company Eni plans to boost natural gas production in Egypt by 200 million cubic feet per day starting in January, according to a government official quoted by Asharq Bloomberg. This increase will come from drilling three new wells in the deep-water Zohr field in the Mediterranean, with an investment exceeding $300 million. The decision follows a visit by Egypt's Minister of Petroleum, Karim Badawi, to Italy, where both parties agreed to accelerate development of the Zohr field.

The Egyptian government has also reportedly committed to paying arrears to Eni and other foreign companies, and recently paid f $1.3 billion in dues owed to international firms. By the end of 2024, Egypt aims to raise its daily natural gas output to 5 billion cubic feet, up from the current 4.6 billion cubic feet. Outstanding debts to foreign oil and gas companies remain around $5 billion, according to figures from the IMF.