Eni Discovers Gas, Condensate Offshore Egypt

Eni announced a significant gas and condensate discovery in Egypt with the successful drilling of the Denise W-1 exploration well in the Temsah Concession, offshore in the Eastern Mediterranean. Preliminary estimates indicate about 2 trillion cubic feet of gas and 130 million barrels of associated condensates. The discovery is located 70 km offshore in 95 m of water depth and less than 10 km from existing infrastructure, enabling fast-track development. The reservoir is a high-quality gas-bearing sandstone, similar to the nearby Temsah field. This discovery reinforces Eni's commitment to supporting Egypt's national goals of boosting reserves and increasing gas production, thereby strengthening the country's energy security. The drilling follows a binding agreement signed in July 2025 with Egypt===Egyptian General Petroleum Corporation (EGPC) and Egypt===Egyptian Natural Gas Holding Company (EGAS) for a 20-year renewal of the Temsah Concession. Eni operates the Denise Development Lease with a 50% contractor working interest, alongside BP which holds the remaining 50%. The asset is operated through Eni===Petrobel, the joint venture operating company between Eni and EGPC. Eni has been active in Egypt since 1954.