Eni's gas push in Egypt: $8.5 billion investment and 230 new wells
Eni strengthens its foothold in Egypt with 8.5 billion dollars of investments, 30 exploration wells and 200 development wells, focusing on Zohr, Denise West and Cyprus's Cronos project.
The energy partnership between Italy and Egypt is being strengthened around Eni, the country’s leading oil and gas producer. Egyptian president Abdel Fattah al Sisi received in El Alamein Eni’s chief executive officer, Claudio Descalzi, in the presence of prime minister Mostafa Madbouly and minister of Petroleum and Mineral Resources Karim Badawi.
The meeting focused on Eni’s investments, new exploration and development activities in Egyptian fields and on strengthening Egypt’s role as a regional gas hub in the Mediterranean.
The figures give a sense of the weight of the Italian presence: Eni has invested a total of 8.5 billion dollars in Egypt and, through its subsidiary Ieoc, in 2025 produced around 242,000 barrels of oil equivalent per day, based on the company’s equity share.
Thirty exploration wells and 200 development wells
The plan presented by Descalzi foresees a new, intensive phase of activity. Eni is aiming to drill 30 exploration wells and 200 development wells.
The goal is to increase production by tapping both new discoveries and existing infrastructure. The strategy focuses in particular on so-called "fast-track" interventions, that is, on projects that can be brought quickly into production by using existing plants and connections, as well as on extending the operating life of fields already in production.
The activities cover several areas of the country, from the Mediterranean to the Nile Delta, from Sinai to the Western Desert.
Since 2025, according to data presented by Eni, these initiatives have enabled a 50 percent increase in production at offshore fields in Sinai, while further discoveries have been made offshore in the Nile Delta and in the Western Desert.
Denise West, the new discovery in the Mediterranean
One of the most significant projects is Denise West, discovered in April 2026 during the offshore drilling campaign launched in October 2025 in the Temsah concession.
The field holds around 56.6 billion cubic metres of gas and 130 million barrels of condensates in place.
The discovery is considered strategic because it can be developed quickly by making use of existing infrastructure. Eni is working with partners bp and Egpc to reach a final investment decision in the coming months. The stated goal is to start gas production within two years.
Zohr remains central
Within the framework of investments in Egypt, Zohr also remains central; it is the largest gas field ever discovered in the eastern Mediterranean. Eni continues to operate in the area as part of a broader programme of exploration, development and management of Egyptian assets.
The role of Zohr goes beyond production from a single field: the infrastructure developed around Egypt’s gas production and processing system is in fact one of the elements enabling Cairo to seek to consolidate its position as a regional energy hub.
This is precisely one of Italy’s strategic interests: Egypt acts as an energy platform in the Mediterranean, capable of linking domestic production, gas from other countries in the region and infrastructure for processing and export.
The game widens to Cyprus: the Cronos project
During the meeting, Descalzi and al Sisi also discussed the Cronos project, developed by Eni offshore Cyprus.
The project has recently reached the Final Investment Decision (FID) and envisages the use of Egyptian infrastructure to bring Cypriot gas to market.
The mechanism is strategic: gas produced offshore Cyprus can be transported to Egypt, processed through the available infrastructure and then sent on to markets, including Europe.
Cronos thus becomes a project that directly links Cyprus, Egypt, Eni and the European market, strengthening Cairo’s position as a gas hub in the eastern Mediterranean.
Italy–Egypt, energy at the heart of cooperation
The energy dimension fits into a broader relationship between Rome and Cairo, in which Eni is one of the main instruments of Italian economic cooperation.
Al Sisi reiterated his intention to support the company’s investments, assuring that the Egyptian government stands ready to provide the necessary infrastructure and to remove any obstacles to its activities.
For Egypt, attracting new investment helps to sustain production and supplies and to reinforce its position as a regional hub. For Italy, Eni’s presence means having an operator directly embedded in the main energy area of the eastern Mediterranean, with potential implications for the security and diversification of supplies.
Not just gas: Eni’s health plan
The partnership is not limited to hydrocarbons alone. During the meeting, an update was also given on Eni’s social and health investments.
Following the memorandum of understanding signed in March 2026, the company plans to focus on projects in the health sector, with the aim of supporting Egypt in developing skills, managing complex infrastructure and providing services to the population.
Among the initiatives announced is also the construction and management of a hospital.
The energy dimension, however, remains the core of the partnership. With 8.5 billion dollars in investments, production of around 242,000 barrels of oil equivalent per day, 30 new exploration wells and 200 development wells, and projects such as Denise West, Zohr and Cronos, Eni confirms its status as one of the key players in Egypt’s strategy to turn the country into an energy platform for the Mediterranean.
