Eni signs deal for Egypt’s gas export to Europe

Italy’s oil and gas giant Eni announced on Wednesday it signed an agreement to promote Egypt’s gas export to Europe, and specifically to Italy, in the context of the transition to a low carbon economy.

Magdy Galal, chairman of the Egyptian Natural Gas Holding Company (EGAS), signed in Cairo on Wednesday with Guido Brusco, COO Natural Resources of Eni, a framework agreement that will allow to maximise gas production and LNG exports.

“This agreement, together with the one signed for the restart of Damietta liquefaction plant last year, will provide LNG cargoes for overall volumes of up to 3 BCM in 2022 for Eni LNG portfolio bound to Europe and Italy.” Eni said in a statement.

“The parties agreed to valorise Egyptian gas reserves by increasing jointly operated gas activities and identifying opportunities to maximise short-term gas production.”

Eni added that it would also optimise the exploration campaigns in existing blocks and in the newly acquired acreage in the Nile Delta, Eastern Mediterranean and Western Desert regions.