Eni Finds 2 Trillion Cubic Feet of Gas Offshore Egypt

• The Denise W-1 well is located 70 km offshore in 95 meters of water depth and less than 10 km from existing infrastructure, allowing for rapid development
• Eni operates the field with a 50% working interest alongside BP through Petrobel, a joint venture with Egypt's state-owned EGPC
• The discovery follows a binding agreement signed in July 2025 to renew the Temsah Concession for 20 years

Summary

Key Development:

Italian energy company Eni has discovered approximately 2 trillion cubic feet of gas and 130 million barrels of associated condensates offshore Egypt through the Denise W-1 exploration well in the Temsah Concession, Eastern Mediterranean.

Strategic Details:

• The discovery is located 70 km offshore in 95 meters of water depth
• Positioned less than 10 km from existing infrastructure, enabling potential fast-track development
• Eni operates the Denise Development Lease with a 50% working interest alongside BP through Petrobel, a joint venture with Egypt's state-owned EGPC

Market Context:

Egypt's local gas production has declined in recent years, and the country is experiencing energy sector challenges related to the Iran war, creating dependency on imported fuel. This discovery supports Egypt's objectives to boost gas reserves and increase domestic production.

Operational Timeline:

The well was drilled following a binding agreement signed in July 2025 with Egyptian authorities to renew the Temsah Concession for 20 years, providing long-term development potential.

Market Implications:

The discovery's proximity to existing infrastructure creates substantial synergies for rapid development and production, potentially helping alleviate Egypt's energy supply pressures. For Eni, this represents a significant addition to its Mediterranean portfolio and strengthens its position in a strategic regional market facing energy security challenges. The timing is particularly relevant given broader Middle East conflict impacts on global energy markets.