Eni Targets a Final Investment Decision Within Months on Egypt’s Denise West Gas Discovery of About 2 Trillion Cubic Feet
Eni said it is working with its partners toward a final investment decision in the coming months on the Denise West gas discovery offshore Egypt, which holds about 2 trillion cubic feet of gas and 130 million barrels of condensate initially in place, targeting first gas in less than 2 years. The figures are volumes initially in place as stated by the company, not recoverable reserves.
Existing infrastructure supports a faster development
The discovery sits in the Temsah Concession in the Egyptian Mediterranean and was made in April 2026 during a drilling campaign that began in October 2025. Eni said the find lies about 70 kilometres offshore in about 95 metres of water and less than 10 kilometres from existing infrastructure, which enables what the company called substantial synergies for a fast-track development. The reservoir is gas-bearing sandstone with about 50 metres of net pay.
Ownership and the scale of the find
Eni operates the Denise Development Lease with a 50 percent contractor working interest, while bp holds the remaining 50 percent, and the asset is operated through Petrobel, the joint venture operating company between Eni and the Egyptian General Petroleum Corporation. The roughly 2 trillion cubic feet of gas initially in place is equivalent to about 56.6 billion cubic metres, on our calculation, an indication of scale before any recovery factor is applied.
| Measure | Value |
|---|---|
| Gas initially in place | ~2 trillion cubic feet |
| Condensate initially in place | 130 million barrels |
| Distance from existing infrastructure | less than 10 kilometres |
| Water depth | ~95 metres |
| Target first gas | less than 2 years |
Eni discovery release, 7 April 2026, and Eni statement, 25 August 2026. Volumes are hydrocarbons initially in place, not recoverable reserves.
Why it matters: New offshore gas is central to Egypt’s energy balance, where domestic output has swung the country between exporting and importing liquefied natural gas in recent years. A development that reaches first gas in under 2 years would add supply relatively quickly, and the discovery’s proximity to existing facilities is what makes that timetable credible, since it can shorten construction and reduce the new infrastructure required. For Eni, the project would reinforce a position that already makes it Egypt’s largest hydrocarbon producer, with equity output of about 242,000 barrels of oil equivalent a day in the country in 2025.
Outlook: The decisive step is whether the partners convert the current intent into a firm final investment decision in the coming months. Once taken, attention will shift to development spending, expected capacity, the recovery factor applied to the volumes in place and the precise timetable for first production, which together will determine whether the under-two-year target holds.
Sources: Eni, 25 August 2026, and Eni discovery release, 7 April 2026.
