CAIRO, May 4 – Prime Minister Mostafa Madbouly has reaffirmed Egypt’s commitment to expanding domestic energy production after a new exploratory success in the Mediterranean, underscoring the country’s broader ambition to position itself as a regional energy hub.
During an inspection on Sunday of the offshore rig “El Qaher-2,” the prime minister met with executives from Eni following the successful drilling of the “West Dennis 1X” exploratory well in the Temsah concession.
He described Egypt’s partnership with the Italian major as a model of effective international cooperation, adding that increased production remains central to meeting domestic demand and boosting exports.
The meeting was attended by Petroleum Minister Karim Badawi, alongside Eni’s regional leadership, including Diego Portoghese and Francesco Gaspari. Discussions focused on recent exploration gains, future development plans, and the broader investment climate in Egypt’s energy sector.
Badawi emphasized that the government is working to clear all outstanding payments owed to foreign oil and gas companies within the near term, a move aimed at reinforcing investor confidence. Egypt’s arrears to international energy firms have already declined sharply, falling from $6.1 billion in June 2024 to about $714 million by the end of April. Authorities have previously indicated that the remaining balance could be settled by the end of June.
Eni officials pointed to encouraging exploration results and outlined plans for further investment, while also highlighting the company’s social initiatives, particularly in the healthcare sector. They noted that Egypt continues to provide a supportive environment for long-term energy investments.
The discussions also touched on regional cooperation, as Egypt advances its strategy to become a key energy hub linking production, processing, and export markets across the Mediterranean and beyond.
