The development follows Egyptian President Abdul Fatah El Sisi’s meeting with Eni's CEO, Claudio Descalzi, according to the state news agency.

Sisi also lauded the various operations undertaken by the Italian energy giant in Egypt. In January this year, the two leaders discussed plans to develop Egypt’s circular economy projects and collaborate on emission reduction technologies through the signing of a Memorandum of Intent (MoI).

Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is currently the country's leading producer, with an equity hydrocarbon production of approximately 350,000 barrels of oil equivalent per day.

Separately, Eni has announced an agreement with Oando PLC, Nigeria’s leading indigenous energy solutions provider listed on both the Nigerian and Johannesburg Stock Exchanges, for the sale of Nigerian Agip Oil Company Ltd. (NAOC Ltd.), the wholly Eni-owned subsidiary focusing on onshore oil & gas exploration and production in Nigeria, as well as power generation.

NAOC Ltd is present with interests in Nigeria across 4 onshore blocks (OML 60, 61, 62 and 63), which it operates on behalf of NAOC JV (operator NAOC Ltd 20%, Oando 20%, NNPC E&P Limited 60%), in the Okpai 1 and 2 power plants (with a total nameplate capacity of 960 MW), and in two onshore exploration leases (OPL 282 and OPL 135, respectively 90% and 48%) for which it also holds operatorship.

NAOC Ltd.'s participating interest in the SPDC JV (Shell Production Development Company Joint Venture — operators Shell 30%, TotalEnergies 10%, NAOC 5% and NNPC 55%) is not included in the perimeter of the transaction and will be retained in Eni’s portfolio.

Following the transaction's completion with Oando PLC, Eni will maintain its presence in Nigeria through Nigerian Agip Exploration (NAE) and Agip Energy and Natural Resources (AENR), reiterating the company’s commitment to its employees‘ health and safety, as well as to the environment.

Eni continues to operate in the country, focusing on operated offshore activities. Participations in operated-by-others assets, both onshore and offshore, and Nigeria LNG will remain in the Eni portfolio too.

The closing of this transaction is subject, inter alia, to the authorization of all relevant local and regulatory authorities.

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