Italian energy giant Eni has announced a significant gas discovery off Egypt’s coast, uncovering an estimated 2 trillion cubic feet of gas and 130 million barrels of condensate at the Denise W-1 well. Located in the Eastern Mediterranean, the find sits close to existing infrastructure, raising hopes for rapid development and quicker supply gains. The discovery comes at a critical moment, as Egypt faces declining domestic production and mounting pressure from global energy disruptions. With operations led through a joint venture involving BP and Egypt’s state oil company, the project could help ease supply constraints while strengthening the country’s position in regional energy markets.
Reuters
