Cairo, Egypt – Italian energy giant Eni plans to restart drilling operations in Egypt's Zohr gas field by the end of 2024. The company had suspended drilling activities in recent years due to delayed payments from the Egyptian government.
Claudio Descalzi, CEO of Eni, confirmed the resumption of drilling in a video published by a Saudi news outlet. He stated that the company aims to drill two wells in the Zohr field, with the first well scheduled for completion by the end of this year and the second in 2025.
The Egyptian government has taken steps to address the payment issues that had hindered drilling operations. In June 2023, the government paid $1.3 billion to settle outstanding debts to foreign oil and gas companies, including Eni.
The Zohr gas field, discovered by Eni in 2015, has been a significant contributor to Egypt's energy security. It enabled the country to achieve gas self-sufficiency in 2018. Eni, in partnership with BP, Rosneft, Mubadala Energy, and EGAS, continues to invest in the development of the field.
In addition to the Zohr field, Eni is also actively involved in exploration and production activities in Egypt's Western Desert. The company has committed to investing $7.7 billion over the next four years to further enhance its operations in the country.
To boost oil production, Eni will deploy three drilling rigs in Egypt to support the Egyptian Agiba Petroleum Company. This move is expected to contribute to Egypt's overall energy output and economic growth.
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