Italy's energy major Eni is deepening its footprint in Egypt, unveiling an $8.5 billion investment programme that includes drilling 30 exploration wells and 200 development wells. The plan was presented to Egyptian President Abdel Fattah al-Sisi during a meeting in El Alamein with Eni's chief executive Claudio Descalzi, attended by Prime Minister Mostafa Madbouly and Petroleum Minister Karim Badawi.
The discussions centred on expanding Eni's activities across Egyptian fields and bolstering the country's position as a regional gas hub in the eastern Mediterranean. Eni, already the largest producer in Egypt through its subsidiary Ieoc, produced around 242,000 barrels of oil equivalent per day in 2025 on a company-share basis.
Fast-track projects and new discoveries
The investment strategy prioritises "fast-track" developments that can be brought onstream quickly using existing infrastructure, as well as extending the life of mature fields. Operations span the Mediterranean, the Nile Delta, Sinai, and the Western Desert. Since 2025, these efforts have already yielded a 50% production increase in Sinai's offshore fields, alongside new finds in the Nile Delta and Western Desert.
One of the most promising projects is Denise West, discovered in April 2026 during a drilling campaign in the Temsah concession. The field holds an estimated 56.6 billion cubic metres of gas and 130 million barrels of condensates. Eni, together with partners BP and the Egyptian General Petroleum Corporation (EGPC), aims to reach a final investment decision within months, with first gas targeted within two years.
The Zohr field, the largest gas discovery in the eastern Mediterranean, remains central to Eni's plans. Its infrastructure is a key component of Egypt's ambition to become a processing and export hub, linking domestic production with regional gas flows.
Cyprus connection
The meeting also touched on the Cronos project in Cyprus's offshore waters, which recently reached a final investment decision. The project will use Egyptian infrastructure to process and export Cypriot gas, potentially feeding European markets. This model directly ties Cyprus, Egypt, and Eni to the EU's energy security, strengthening Cairo's role as a gateway.
Beyond hydrocarbons, Eni is expanding into healthcare. Following a memorandum of understanding signed in March 2026, the company plans to support Egypt in developing medical skills and infrastructure, including the construction and management of a hospital.
For Italy, Eni's presence in Egypt offers strategic benefits for supply diversification, while Cairo sees the investment as a boost to its economy and regional standing. The $8.5 billion commitment underscores the deepening energy partnership between Rome and Cairo, with implications for the broader Mediterranean and European energy landscape.
