Cyprus Mail
Middle EastWorld

Eni wins 2 blocks outright in Egypt oil and gas exploration round

file photo: the logo of italian energy company eni is seen at the booth of eni during the nigeria international petroleum summit in abuja
FILE PHOTO: The logo of Italian energy company Eni

Italy’s Eni ENI.SPA was the big winner in an Egyptian auction for oil and gas exploration rights on Tuesday, securing concessions for two of the four blocks outright, according to results from the petroleum ministry.

The company also won a third block with BP BP.L and QatarEnergy QATPE.UL in the Mediterranean Sea, while Russia’s Zarubezhneft was awarded a block in the Nile Delta.

Zarubezhneft’s win is a rare expansion abroad by a Russian company since Moscow’s full-scale invasion of Ukraine in February 2022.

Zarubezhneft already operates in seven countries, including Egypt where it is a party to production sharing agreements at offshore blocks.

Zarubezhneft declined to comment further.

Egypt, which faces growing demand for gas from its population of 105 million, has been trying to position itself as a regional energy hub, selling its own gas and re-exporting Israeli gas as liquefied natural gas (LNG) to the Middle East, Africa and Europe.

However, the country faced some power cuts in the summer and its natural gas production has fallen to a three-year low.

The government in July announced the start of a $1.8 billion programme to drill natural gas exploration wells in the Mediterranean Sea and Nile Delta.

Follow the Cyprus Mail on Google News

Related Posts

Phasing out fossil fuels among options on table for COP28 climate talks

Reuters News Service

COP28 crowds: a dangerous distraction or sign of success?

Reuters News Service

Suspected LA serial killer charged over homeless killings

Reuters News Service

Ex-Man United player Morrison fined for using dead person’s parking permit

Reuters News Service

Israel storms Khan Younis in southern Gaza, killing scores

Reuters News Service

UK home secretary signs new Rwanda treaty to resurrect asylum plan

Reuters News Service