Egypt on Thursday extended Italian energy giant Eni SpA's concession rights in the Gulf of Suez and Nile Delta to 2040, a move aimed at maximising the country's oil and gas output and tapping unexploited reserves. The state-run Egyptian General Petroleum Corporation (EGPC) and Eni's subsidiary IEOC Production signed the extension agreement in Cairo in the presence of Petroleum Minister Karim Badawy. It builds on the companies' seven-decade partnership, one of the longest-standing in Egypt's energy industry. Under the new terms, Eni will launch a large-scale 3D seismic survey to explore new hydrocarbon prospects in the region, using advanced imaging technology to identify resources that could boost Egypt's production profile. "The agreement marks a strategic milestone that reinforces Eni's confidence in Egypt's energy sector and supports our national strategy to meet local demand through higher exploration and output," Badawy said after the signing ceremony, in a ministry statement. Francesco Caspari, General Manager of Eni Egypt (IEOC), said the extension would trigger a major reinvestment campaign, including new exploration and drilling programs in Sinai. He added that the company remains committed to high safety, environmental, and governance standards, and to lowering the carbon footprint of its operations. The deal also reflects Cairo's broader goal of revitalising mature oil assets and expanding production capacity, while leveraging foreign partnerships and technology to curb the need for imported fuels. Belayim onshore field, the first oil discovery in the Sinai region – Gulf of Suez. 1955. Belayim Marine offshore oil discovery. Gulf of Suez. 1961. Innovative … Eni's Belayim onshore field, part of the original concession since 1954, remains Egypt's largest historical oil field, producing about 60,000 barrels per day in 2025. Despite its age, it continues to symbolise the depth of cooperation between Egypt and the Italian major. The extension comes as Egypt works to attract fresh energy investment amid volatile global oil prices and rising domestic consumption. The government has been ramping up efforts to modernise its petroleum sector, diversify exploration activity, and ensure long-term supply stability for the domestic market. Attribution: Amwal Al Ghad English
