Eni Targets First Gas From Egypt Discovery Within Two Years

Corporate Action
โดย Oilprice.com·EGIT·Read original
Summary · why it matters

Italian energy major Eni is working toward a final investment decision on the Denise West gas discovery offshore Egypt within the next few months, with first production targeted in less than two years. Eni CEO Claudio Descalzi discussed the development plans with Egyptian President Abdel Fattah el-Sisi on Tuesday as the company outlined its latest upstream investments and exploration program in the country. Denise West, discovered in April in the Temsah Concession in the Eastern Mediterranean, is estimated to contain around 2 trillion cubic feet of gas and 130 million barrels of condensate in place. The discovery sits less than 10 kilometers from existing infrastructure, giving Eni the option of a relatively rapid and infrastructure-led development. Eni is working with bp and the Egyptian General Petroleum Corporation on the project, operating the Denise Development Lease with a 50% contractor working interest, with bp holding the other 50%. Operations are conducted through Petrobel, the joint venture between Eni and EGPC. The project forms part of a broader Eni drilling and exploration campaign in Egypt that began in October 2025, which has lifted production from its offshore Sinai fields by 50% and yielded additional discoveries in the offshore Nile Delta and Western Desert. Eni said it remains Egypt's largest oil and gas producer, with equity production of roughly 242,000 barrels of oil equivalent per day in 2025. The renewed investment comes as Eni seeks to make greater use of Egypt's existing gas infrastructure while developing both domestic resources and discoveries elsewhere in the Eastern Mediterranean, including the Cronos project offshore Cyprus, which reached a final investment decision in July and holds more than 3 Tcf of gas in place, with first gas targeted for 2028.

Impact on stocks 2

Energy▲ · 1 stocks
Eni S.p.A.
ENI
▲ PositiveDemandrelevance

Eni is targeting first gas from its Denise West discovery within two years, with FID expected in months, boosting its Egypt upstream portfolio.

Energy Transition & Power Demand▲ · 1 stocks
BP PLC
BP
▲ PositiveDemandrelevance

bp holds 50% working interest in the Denise West project, which is advancing toward FID with first gas targeted within two years.

Theme Impact 1

Off-coverage companies 2

Egyptian General Petroleum CorporationPrivate± Mixed
relevance

Petrobel (Belayim Petroleum Company)Private± Mixed
relevance

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