Gas Discovery Offshore Egypt Estimated at 2 Trillion Cubic Feet

An estimated 2 trillion cubic feet of natural gas and 130 million barrels of associated condensates have been discovered offshore Egypt in the Eastern Mediterranean.

The discovery was made by Italy-based Eni through the Denise W-1 exploration well in the Temsah Concession, located around 70 kilometres offshore in waters approximately 95 metres deep.

The reservoir consists of gas-bearing sandstone with around 50 metres of net pay, similar to the nearby Temsah field, which has been in production since 2001.

The site lies less than 10 kilometres from existing infrastructure, which is expected to support faster development.

Eni operates the Denise Development Lease with a 50% working interest, alongside UK-based bp, which holds the remaining share. Operations are carried out through Petrobel, a joint venture between Eni and the Egyptian General Petroleum Corporation.

The discovery follows a 20-year concession renewal agreement signed in July 2025 between Eni, the Egyptian General Petroleum Corporation and the Egyptian Natural Gas Holding Company.

The find comes as Egypt introduces new incentives aimed at attracting foreign investment in the energy sector, including allowing companies to export part of new production to settle outstanding dues and adjusting pricing structures for output shares.

Authorities are targeting an increase in natural gas production to 6.6 billion cubic feet per day by 2030, with plans to drill 14 exploration wells in the Mediterranean during 2026 to assess reserves estimated at 12 trillion cubic feet. Eni has operated in Egypt since 1954 and reported production of 242,000 barrels of oil equivalent per day in 2025.