Eni Discovers Gas Offshore Egypt

Eni has announced a significant gas and condensate discovery in the Denise W-1 exploration well within the Temsah Concession, offshore in the Eastern Mediterranean, Egypt. Preliminary estimates indicate approximately 2 trillion cubic feet (Tcf) of gas and 130 million barrels of associated condensates. The discovery is located 70 kilometers offshore in 95 meters of water depth and less than 10 kilometers from existing infrastructure, allowing for fast-track development. Eni operates the Denise Development Lease with a 50% working interest, with BP holding the remaining 50%. Operations are conducted through Petrobel, a joint venture between Eni and Egypt — Egyptian General Petroleum Corporation. This discovery follows a binding agreement signed in July 2025 with Egypt — Egyptian General Petroleum Corporation and Egyptian Natural Gas Holding Company for a 20-year renewal of the Temsah Concession. The find supports Egypt's national goals of scaling reserves and increasing gas production, reinforcing the country's energy security, and aligns with Eni's strategy of near-field and infrastructure-led exploration.