Italy’s ENI announces gas discovery off Egypt coast

AFP | Cairo

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Egypt and Italian energy giant ENI announced on Tuesday a “significant” natural gas dis‑ covery off Egypt’s Mediterra‑ nean coast, as the North African country struggles to secure its energy needs due to the US and Israel’s war with Iran.

“Preliminary estimates indi‑ cate about 2 trillion cubic feet of gas” in the Eastern Mediter‑ ranean Temsah oil and gas field, the company said in a statement.

Egypt’s petroleum ministry said the discovery includes “130 million barrels of petrole‑ um condensates” and is part of a slate of policies to “support increased production, offset natural decline and reduce the import bill”.

Egypt’s natural gas supplies from Qatar and Israel have been significantly disrupted due to the Middle East war, leading Cairo to enact energy-saving measures including a busi‑ ness curfew, raising fuel pric‑ es and slowing government projects.

Prime Minister Mostafa Mad‑ bouly said last month the war had nearly tripled the country’s natural gas import bill, from $560 million to $1.65 billion per month.

The petroleum ministry said the Denise W well is now being prepared for testing, after which more wells will be drilled and an offshore production platform built, before the well can be brought online.

Last month, Egypt announced another new discovery, with Apache Corporation, in its Western Desert, which the pe‑ troleum ministry said would yield 26 million cubic feet per day.

Egypt has struggled with en‑ ergy supplies in recent years, having sought to both meet its domestic needs and position itself as a regional energy hub.