Phoenix 24
Energy investment strengthens Cairo’s Mediterranean ambitions.
El Alamein
Italian energy group Eni is expanding its strategic presence in Egypt with plans to drill 230 new wells as Cairo seeks to increase domestic production and reinforce its position as a Mediterranean gas hub. The program includes 30 exploration wells and 200 development wells, combining the search for new reserves with faster exploitation of existing discoveries. Eni has already invested approximately $8.5 billion in Egypt and remains the country’s leading oil and gas producer. The new phase places energy cooperation at the center of an increasingly important relationship between Italy and Egypt.
The strategy was discussed during a meeting between Egyptian President Abdel Fattah al-Sisi and Eni CEO Claudio Descalzi, alongside senior Egyptian government officials. Eni produced approximately 242,000 barrels of oil equivalent per day in Egypt during 2025 based on its equity share, illustrating the scale of its operations in the country. The company intends to accelerate production by connecting new discoveries to infrastructure already in place while extending the productive life of existing fields. Operations span the Mediterranean, Nile Delta, Sinai and Western Desert, creating a geographically diversified energy footprint.
A major component of the expansion is Denise West, an offshore discovery announced in April in the Temsah concession. Preliminary estimates indicate approximately 56.6 billion cubic meters of gas and 130 million barrels of associated condensates in place. Eni is working with BP and the Egyptian General Petroleum Corporation toward a final investment decision, with the possibility of bringing gas into production within approximately two years. Zohr, the largest gas field discovered in the Eastern Mediterranean, remains another central pillar of Eni’s Egyptian portfolio.
The strategy extends beyond Egyptian reserves. Eni’s Cronos project in Cypriot waters could use Egyptian infrastructure to process and move additional Eastern Mediterranean gas toward international markets, strengthening Cairo’s role as a regional energy platform. For Italy, deeper integration with Egypt provides another avenue for diversifying energy supplies and reinforcing connections across the Mediterranean. For Egypt, new exploration and production offer an opportunity to strengthen domestic supply while monetizing infrastructure capable of serving neighboring discoveries. Eni’s investment is therefore becoming more than an upstream expansion: it is part of a wider contest to shape the Mediterranean’s future energy architecture.
Analysis that transcends power. / Análisis que trasciende al poder.