Eni has discovered an estimated 2 trillion cubic feet (Tcf) of gas and 130 million barrels of associated condensates in Egypt’s Eastern Mediterranean, the company announced. Preliminary estimates indicate approximately 2 Tcf of gas initially in place (GIIP) at the site, which is located 70 km offshore in 95 m of water depth. Cairo aims to increase natural gas production to 6.6 billion (bn) cubic feet per day by 2030, representing an increase of approximately 60% over current rates, according to previous statements by the Petroleum Minister. Eni has operated in Egypt since 1954 and maintains a portfolio across exploration, development, and production. The company reported equity oil and gas production of 242,000 barrels of oil equivalent per day (kboed) in 2025.

Source: Daily News Egypt April 07, 2026 18:45 UTC