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Eni Expands Egypt Investments, Targets New Gas Growth From Denise West Discovery

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Eni (E) is expanding its investments in Egypt, advancing new gas projects and exploration while deepening the country's role as a Mediterranean energy hub, the company said Tuesday.

Eni Chief Executive Officer Claudio Descalzi met Egyptian President Abdel Fattah el-Sisi to discuss the company's partnership with Egypt and upcoming initiatives, with Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi also attending.

Descalzi highlighted Eni's recent upstream investments, which have strengthened its position as Egypt's leading oil and gas producer while supporting higher new gas production across the country.

Eni's offshore Mediterranean drilling campaign, which began in October 2025, delivered the Denise West discovery in April 2026 with about 2 trillion cubic feet of gas and 130 million barrels of condensate.

Eni is working with partners BP (BP) and EGPC on a fast-track Denise West development and expects to reach a final investment decision within the next few months, targeting first gas in less than two years.

The company has also focused on short-cycle, infrastructure-led exploration and extending legacy assets, helping lift offshore Sinai production 50% since 2025 while generating additional discoveries in the offshore Nile Delta and Western Desert.

With IEOC as its Egyptian subsidiary, Eni remains the country's leading producer, reporting about 242,000 barrels of oil equivalent per day in its share of 2025 hydrocarbon output.

Price: $54.26, Change: $-0.96, Percent Change: -1.74%

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