Eni Nets Two Egyptian Oil Blocks at Auction

BP, QatarEnergy and Zarubezhneft were among the other winners.

Flag of Egypt in front of a clear blue sky
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Italy’s Eni was the big winner in an Egyptian auction for oil and gas exploration rights, securing concessions for two of the four blocks outright, according to results from the petroleum ministry.

The company also won a third block with BP and QatarEnergy in the Mediterranean Sea, while Russia’s Zarubezhneft was awarded a block in the Nile Delta.

Zarubezhneft’s win is a rare expansion abroad by a Russian company since the invasion of Ukraine in February 2022.

Zarubezhneft already operates in seven countries, including Egypt where it is holds stakes in production sharing agreements on offshore tracts.

The Egyptian government in July announced the start of a $1.8-billion program to drill natural gas exploration wells in the Mediterranean Sea and Nile Delta.