Cairo: The Ministry of Petroleum and Mineral Resources announced a significant natural gas discovery in the Mediterranean by the Italian company Eni, attributed to the incentive policies adopted by the ministry and the settlement of partner dues to increase production and reduce the import bill.

According to State Information Service Egypt, the Belayim Petroleum Company Petrobel successfully drilled the "West Denis 1" exploratory well in the Denis Marine area off the coast of Port Said. Initial estimates indicate reserves of 2 trillion cubic feet of gas and 130 million barrels of petroleum condensates. The discovery is located at a water depth of 95 meters, approximately 70 kilometers offshore and just 10 kilometers from existing production facilities.

Minister of Petroleum and Mineral Resources Karim Badawi had inspected the start of drilling operations five months ago using the Egyptian rig Cairo 2. Preparations are currently underway to test the well and determine production rates, with plans to integrate it into the production map following the completion of development work. This includes building an offshore platform and drilling appraisal wells.

This discovery is anticipated to open new opportunities for similar finds in mature Mediterranean areas like Temsah and Ras El Bar. It is expected to boost confirmed reserves and increase Egypt's production of natural gas.