Published: 30/08/2015, 15:00Last update: 10/03/2016, 16:00
It’s a very important day for Eni and its people. This outstanding result confirms our expertise and our technological innovation capacity with immediate operational application, and above all shows the strength of the cooperation spirit amongst all the company’s units which are at the foundation of our great successes. Our exploration strategy allows us to persist in the mature areas of countries which we have known for decades and has proved to be winning, reconfirming that Egypt has still great potential. This historic discovery will be able to transform the energy scenario of Egypt in which we have been welcomed for over 60 years. The exploration activities are central to our growth strategy: in the last 7 years we have discovered 10 billion barrels of resources and 300 million in the first half of the year, confirming Eni’s leading position in the industry. This exploration success acquires an even greater value as it was made in Egypt which is strategic for Eni, and where important synergies with the existing infrastructures can be exploited allowing us a fast production startup.
A three-year journey – together with an extraordinary team of geologists, geophysicists, drilling engineers and logistics specialists, experts in ICT and economic evaluations – that it was to tell from the inside…
The 1962 film, directed by Vittorio Gallo, offers an overview of the activities of COPE, Compagnie orientale des petrole d'Egypte, that highlights the “Mattei Formula”, the integration of Italian and Egyptian technicians and workers, respect for the Muslim faith (the construction of a small mosque at the oil field). An Arabic-language version of the documentary was also made.
In December 1954 the agreement with Egypt shook the foundations of the world’s oil business.
In contrast to the “colonialist” contracts offered by the leading international oil companies, in the 1950s Eni decided to rebalance the existing standards by establishing an equal relationship with producer countries and creating the basis for a model for responsible economic development.
The agreement foresaw the direct involvement and equal decision-making powers for the producer countries of crude oil through the creation of joint ventures and intense professional training of local technicians and managers. Mattei was fond of saying that "The oil is theirs", convinced that it was necessary to make the producer countries autonomous in terms of energy supplies and preferring the path of dialogue and respect for local cultures.
This relationship underpins what Eni today describes as a commitment to sustainable development.
To return the rate of development to pre-revolution levels, the Egyptian President Al Sisi is focusing on the energy sector in order to reduce, within five years, the country’s dependence on external resources by making the best use of the oil and gas fields identified in the Nile Delta and completing, in record time, the project to widen the Suez Canal.
Despite ongoing internal political tensions, al Sisi has been able to approve and push forward in recent months a number of ambitious plans, above all in the economic sphere, in order to give back to the country a central role in the delicate regional geopolitics and, at the same time, to exploit the full potential of its unrealised energy resources