Eni, Italy’s foremost energy company, has been a major force in Egypt’s oil and gas sectors since its arrival in 1954. With total investments reaching $8.5 billion, the company stands ready to inject an additional $8 billion over the next five years. This strategic boost will kick off with a robust drilling campaign aimed at uncovering new energy reserves in various regions, including the Mediterranean offshore, Nile Delta, Western Desert, and offshore Sinai.
Investment Strengthens Egypt’s Gas Production
During a recent meeting in Alamein City, Eni’s CEO, Claudio Descalzi, addressed the company’s commitment to enhancing Egypt’s gas output with President Abdel Fattah el-Sisi. Alamein City is quickly transforming into a vital industrial, logistics, and energy hub, making it an ideal location for Eni’s ambitious plans. Over its 72-year tenure in the country, Eni has actively developed both upstream and downstream capabilities, including the essential Damietta LNG processing plant.
The Denise West gas discovery, located in the Temsah Concession, exemplifies the fruits of Eni’s long-term investments. Initially confirmed earlier this year, this find is estimated to contain 2 trillion cubic feet (Tcf) of gas and 130 million barrels of condensate. The Denise W-1 exploration well was instrumental in this discovery, as part of a larger offshore drilling campaign launched in October 2025. Eni is moving quickly to capitalize on this discovery by utilizing existing onshore facilities that serve the nearby Zohr gas field for initial processing.
The Zohr gas field remains Egypt’s flagship asset, although production has recently declined due to challenges like reservoir depletion. By integrating Denise West production into the established Zohr infrastructure, Eni anticipates offsetting some of this decline while concurrently exploring methods to maintain Zohr’s output levels.
Future Investments to Drive Growth
Eni’s future plans are robust, as the company gears up for an expansive capital program worth $8 billion. During his meeting with President el-Sisi, Descalzi outlined a strategy focused on shorter investment cycles and maximizing existing assets, which have already resulted in a notable production increase of about 50% offshore Sinai. The new investment plan will include a comprehensive drilling campaign involving 230 wells and efforts designed to mitigate the production decline at Zohr.
As part of this $8 billion initiative, Eni aims to initiate critical projects for monetizing gas from its Cronos discovery located offshore Cyprus. Such endeavors underscore Eni’s commitment to enhancing Egypt’s gas transmission and LNG export capabilities. The company also plans to employ the Saipem 10000 drillship, which is set to complete ongoing projects in Sicily before returning to Egypt in late 2026 for an intervention campaign in Zohr.
Regional Collaboration and Health Initiatives
During the same meeting, Descalzi informed President el-Sisi about the Cronos project. This initiative is regarded as a model for regional cooperation and aims to cement Egypt’s role as a gas trading hub in the region. The recent final investment decision will pave the way for connecting Cronos to Egypt’s robust gas infrastructure.
In addition to its energy projects, Eni has shown a commitment to social responsibility. A memorandum of intent signed in March signals the company’s interest in supporting Egypt’s healthcare sector by enhancing capabilities and managing complex healthcare systems. In 2025, Eni’s net production in Egypt averaged around 242,000 barrels of oil equivalent per day (BOED), highlighting its significant role in the country’s energy landscape as well as its forward-looking expansion strategies.