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Italian energy major Eni is working toward a final investment decision on the Denise West gas discovery offshore Egypt within the next few months, with first production targeted in less than two years.

Eni CEO Claudio Descalzi discussed the development plans with Egyptian President Abdel Fattah el-Sisi on Tuesday as the company outlined its latest upstream investments and exploration program in the country.

Denise West, discovered in April in the Temsah Concession in the Eastern Mediterranean, is estimated to contain around 2 trillion cubic feet of gas and 130 million barrels of condensate in place. The discovery sits less than 10 kilometers from existing infrastructure, giving Eni the option of a relatively rapid and infrastructure-led development.

Eni is working with bp and the Egyptian General Petroleum Corporation on the project. The company operates the Denise Development Lease with a 50% contractor working interest, with bp holding the other 50%. Operations are conducted through Petrobel, the joint venture between Eni and EGPC.

The project forms part of a broader Eni drilling and exploration campaign in Egypt that began in October 2025. The company said its activity since last year has lifted production from its offshore Sinai fields by 50% while also yielding additional discoveries in the offshore Nile Delta and Western Desert.

Eni said it remains Egypt's largest oil and gas producer, with equity production of roughly 242,000 barrels of oil equivalent per day in 2025.

The renewed investment comes as Eni seeks to make greater use of Egypt's existing gas infrastructure while developing both domestic resources and discoveries elsewhere in the Eastern Mediterranean.

That strategy also includes the Cronos project offshore Cyprus, which reached a final investment decision in July. Cronos holds more than 3 Tcf of gas in place and is expected to produce as much as 500 million cubic feet per day. Gas from the field is planned to flow to Eni's existing Zohr facilities in Egypt before being sent to the Damietta LNG plant for liquefaction and export. First gas is targeted for 2028.

The cross-border project could strengthen Egypt's position as a regional processing and LNG export hub by bringing additional Eastern Mediterranean gas through infrastructure already in place.

By Charles Kennedy for Oilprice.com

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