The official agreement between Eni and Egas arrives to increase the production and supply of Egyptian gas. A framework agreement was signed today in Cairo that will allow maximizing gas production and LNG exports. This agreement aims to promote the export of Egyptian gas to Europe, and in particular to Italy, in the context of the transition to a low-carbon economy. This is what we learn in a note from the Six-legged Dog.
The parties, the note explains, have agreed to enhance the Egyptian gas reserves by increasing jointly managed activities and identifying opportunities to maximize gas production in the short term. In detail, Eni will also optimize exploration campaigns in existing blocks and newly acquired areas in the Nile Delta, Eastern Mediterranean and Western Desert regions. This agreement, together with the one signed for the restart of the Damietta liquefaction plant last year, will supply LNG cargoes for a total volume of up to 3 BCM in 2022 for Eni’s liquefied natural gas portfolio directed to Europe and Italy.