Eni, an Italian company, has discovered 2 trillion cubic feet (or 2 trillion cubic meters) of gas off the coast of Egypt

Eni announced on Tuesday that it had made a discovery of 'gas and condensate' offshore Egypt after drilling the Denise W-1 exploratory well in the Temsah Concession, located in the Eastern Mediterranean.

According to preliminary estimates, there are approximately 2 trillion cubic feet (or barrels) of gas in place initially and 130 millions (or barrels) of condensate.

Eni said that the discovery would help it to "support Egypt's goals of increasing gas reserves and?production".

Egypt's domestic gas production has declined in recent years, and it is now?suffering? from the spillover effects of the Iran War, especially in the energy sector. The country depends on imported fuel.

Eni's find is situated 70 km (43 mi) off-shore in a 95 metre (312 foot)?water depth, and less than 10 kilometers from existing infrastructure. This creates?substantial synergies for an accelerated development.

The Denise W-1 well was drilled after a binding agreement with Egyptian authorities to renew the Temsah concession for 20 years.

Eni is the operator of the Denise Development Lease, alongside BP. Eni and Egypt's state oil company EGPC have a joint venture, Petrobel. (Reporting and editing by Susan Fenton; Francesca Landini)

(source: Reuters)