Eni Plans 230 New Wells to Expand Egypt Energy Footprint

Eni CEO Claudio Descalzi met with President Abdel Fattah al-Sisi, Prime Minister Mostafa Madbouly, and Minister of Petroleum Karim Badawi in El Alamein to outline an aggressive expansion of the Italian energy company's operations in Egypt. Having already invested $8.5 billion in the country, Eni now plans to drill 30 exploration wells and 200 development wells.

The strategy focuses on fast-track interventions to boost production using existing infrastructure across the Nile Delta, Sinai, the Western Desert, and the Mediterranean. A central component of this plan is the development of the Denise West discovery found in April 2026. Eni is working with BP and the Egyptian General Petroleum Corporation to begin production at the field within two years.

Beyond domestic drilling, the parties discussed the Cronos project offshore Cyprus. This initiative will utilize Egyptian infrastructure to transport Cypriot gas to European markets, supporting Cairo's strategic objective of establishing itself as a regional energy hub. President al-Sisi pledged government support to remove obstacles hindering Eni's investments.