Egypt extended Gulf of Suez and Nile Delta concession with Italy’s Eni until 2040

Egypt’s Ministry of Petroleum and Mineral Resources announced the extension of its concession agreement with Italian energy giant Eni for the Gulf of Suez and Nile Delta areas until 2040. Minister Eng. Karim Badawi attended the signing ceremony, witnessing the agreement between the Egyptian General Petroleum Corporation (EGPC) and Ieoc Exploration BV Production B.V., a subsidiary of Eni.

The new arrangement allows for the full economic utilization of oil and gas resources within the concession area and includes a new 3D seismic survey campaign aimed at exploring untapped reserves.

Minister Badawi described the agreement as a continuation of the strategic partnership spanning over 70 years between Egypt and Italy, noting: “This extension opens new opportunities for exploration and strengthens the solid partnership between the two countries in the energy field.”

The Egyptian government emphasized that this move represents an important step toward enhancing energy security, attracting new investments, and boosting the country’s hydrocarbon production capacity.

Eni Egypt’s General Manager Francesco Gasparri praised the long-standing cooperation and trust among EGPC, IEOC, and Petrobel teams, stating: “This partnership has been the foundation of continuous achievements over the years and lays the groundwork for future growth.”