Italian oil and gas major Eni has secured an extension of its Gulf of Suez and Nile Delta concession until 2040 from the Egyptian General Petroleum Corporation (EGPC).
This will allow for the full economic utilisation of the available oil and gas potential within the concession area.
Under the agreement, Eni will commence a new 3D seismic survey to identify untapped resources in the area, utilising its specialised technologies and deep subsurface geological expertise.
Commenting on the agreement, Minister of Petroleum and Mineral Resources Karim Badawi said the development represents a strategic achievement that builds on more than 70 years of partnership with the Italian company, paving the way for further discoveries in Egypt.
He added that the new agreement paves the way for the application of advanced technologies in exploration and production, creating strong opportunities for new discoveries, higher output, and reduced import bills.
Francesco Gasparri, Eni’s General Manager, affirmed the company’s renewed commitment to health, safety, and environmental standards, emphasising its drive toward safer and lower-carbon operations.
It is worth noting that the Belayim oil field—operated by Eni since 1954 and located within the concession area—remains Egypt’s largest historical oil field. With production of around 60,000 barrels per day in 2025, the field continues to be a valuable asset, reflecting the long-standing partnership with Eni.
Eni operates several major oil and gas fields, including the significant Zohr gas field in the Shorouk concession and the Baltim fields offshore the Mediterranean.
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