Eni to Invest $100 Million in New Offshore Wells Near Port Said

Italian energy firm Eni is set to invest up to $100 million to drill two new offshore wells in the Denis field, located near Port Said. The company aims to bring these wells into production by 2027.

According to a company official quoted by Al-Sharq newspaper, drilling operations are expected to commence in mid-2023, with an anticipated production capacity of approximately 200 million cubic feet of gas per day. This initiative is designed to bolster Egypt's ability to satisfy rising domestic gas demand.

This project is part of a larger strategy by Egypt to enhance its natural gas output through various new initiatives, with total investments projected at $1.6 billion. The goal is to improve gas exports and solidify Egypt's status as a regional energy hub.

The undertaking underscores the ongoing strategic partnership between Cairo and Eni, a key player in Egypt's energy sector.