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Italy-based global energy giant Eni announced on Monday a significant gas and condensate discovery offshore Egypt, following the successful drilling of the Denise W-1 offshore exploration well in the Temsah Concession in the Eastern Mediterranean.
The company said preliminary estimates indicate around 2 trillion cubic feet (Tcf) of gas initially in place, along with approximately 130 million barrels of associated condensates.
It added that the discovery is located less than 10 km from existing infrastructure, enabling potential fast-track development through tie-backs.
Eni operates the Denise Development Lease of the Temsah Concession with a 50 percent contractor working interest, alongside BP which holds the remaining 50 percent. The asset is operated through Petrobel, the joint venture operating company between Eni and Egyptian General Petroleum Corporation (EGPC).
Last month, US-based Apache Corporation, in collaboration with the EGPC had reported a new gas discovery in the Western Desert. The SKAL-1X exploratory well in the South Kalabsha area recorded preliminary production rates of approximately 26 million cubic feet per day (MMcf/d) of natural gas and 2,700 barrels per day of condensate.
Gulf of Suez oil discovery
In a separate development, Dragon Oil, a wholly owned subsidiary of UAE-based Emirates National Oil Company (ENOC), announced a new oil discovery in the Gulf of Suez estimated to contain around 8 million barrels of oil in place (Stock Tank Oil Originally In-Place).
The find follows the successful drilling of the South El Wasl B.B2 exploration well in partnership with the Gulf of Suez Petroleum Company (GUPCO) and the Egyptian General Petroleum Corporation (EGPC), UAE state news agency WAM said on Monday. Initial test results indicate production rates exceeding 2,000 barrels of oil per day (bpd) and 3 million cubic feet of gas per day (MMscf).
A related Egyptian Ministry of Petroleum and Mineral Resources statement said the well will increase GUPCO’s overall production capacity to about 67,000 bpd.
Egypt recorded 83 oil and gas discoveries and attracted about $6.5 billion in investments during the 2024–2025 fiscal year, according to a Zawya Projects report last month.
(Writing by Majda Muhsen; Editing by Anoop Menon)
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