Eni boosts gas in Egypt: $8.5 billion investment, 230 new wells
The energy partnership between Italy and Egypt is being strengthened around Eni, the country's main oil and gas producer. The Egyptian president Abdel Fattah al-Sisi received in El Alamein Eni's chief...
The energy partnership between Italy and Egypt is being strengthened around Eni, the country's main oil and gas producer. The 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 Petroleum and Mineral Resources Minister Karim Badawi.
The talks 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 Italy's presence: Eni has invested a total of 8.5 billion dollars in Egypt and, through its subsidiary Ieoc, in 2025 it produced around 242,000 barrels of oil equivalent per day, based on the company's share of production.
Thirty exploration wells and 200 development wells
The plan presented by Descalzi sets out a new, intense 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 "fast-track" projects, that is, on projects that can quickly be brought into production using existing plants and connections, as well as on extending the operational life of fields that are already producing.
The activities cover various parts of the country, from the Mediterranean to the Nile Delta, from Sinai to the Western Desert.
Since 2025, according to figures presented by Eni, these measures have enabled a 50 percent increase in production in the Sinai offshore fields, while further discoveries have been made in the offshore area of 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 contains around 56.6 billion cubic metres of gas and 130 million barrels of condensates in place.
The discovery is seen as strategic because it can be developed quickly by using 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 Eni's investment plans in Egypt, Zohr also remains central, the largest gas field ever discovered in the eastern Mediterranean. Eni continues to operate in the area as part of its wider programme of exploration, development and management of Egyptian assets.
The role of Zohr goes beyond the production of the single field: the infrastructure built around Egypt's gas production and processing system is one of the factors enabling Cairo to seek to consolidate its position as a regional energy hub.
And this is precisely one of Italy's strategic interests: Egypt serves 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 focus widens to Cyprus: the Cronos project
During the meeting, Descalzi and al-Sisi also discussed the Cronos project, developed by Eni in Cyprus's offshore waters.
The project has recently reached the Final Investment Decision (FID) and envisages using Egyptian infrastructure to bring Cypriot gas to market.
The model is strategic: gas produced in Cyprus's offshore fields can be transferred to Egypt, processed through 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 the gas hub of the eastern Mediterranean.
Italy–Egypt, energy at the heart of cooperation
The energy dimension is part of a broader relationship between Rome and Cairo, in which Eni is one of the main vehicles of Italian economic cooperation.
Al-Sisi reiterated his willingness to support the company's investments, stressing that the Egyptian government stands ready to provide the necessary infrastructure and remove any obstacles to its activities.
For Egypt, attracting new investment is a way to support production and supplies and to strengthen 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 benefits for the security and diversification of supplies.
Not just gas: Eni's healthcare plan
The partnership is not limited to hydrocarbons. During the meeting, an update was also provided on Eni's social and healthcare investments.
Following the memorandum of understanding signed in March 2026, the company plans to focus on projects in the healthcare sector, with the aim of supporting Egypt in developing skills, managing complex infrastructure and providing services to the population.
Among the initiatives announced is the construction and management of a hospital.
The energy dimension, however, remains the heart of the partnership. With 8.5 billion dollars of investment, 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 itself as one of the key players in Egypt's strategy to turn the country into an energy platform for the Mediterranean.
