Bp makes new offshore gas discovery in Egypt's Eastern Mediterranean

Arab Finance: bp has made a new natural gas discovery offshore Egypt in the Eastern Mediterranean following the successful drilling of the Denise W-1 exploration well in the Temsah concession, as per a statement. The well is located about 70 kilometers offshore in water depths of up to 95 meters and less than 10 kilometers from existing infrastructure, a proximity expected to accelerate development timelines. The discovery features high-quality gas-bearing sandstone with a total thickness of around 90 meters and shares reservoir characteristics with the nearby Temsah and Akhen fields, which have been producing since 2001. The drilling follows a binding framework agreement signed in July 2025 between bp, the Egyptian General Petroleum Corporation (EGPC), and the Egyptian Natural Gas Holding Company (EGAS) to renew the Temsah concession for 20 years. bp holds a 50% stake in the concession, alongside Eni, which operates the Denise development lease of the Temsah concession through Petrobel, a joint venture between Eni and EGPC. Earlier this year, bp secured two additional offshore exploration concessions in the Eastern Mediterranean, including the North-East El Alamein block, where it holds a 100% stake, and the West El Hammad block, where it holds 25% alongside Eni, which owns 75% as operator. Both blocks are located near existing infrastructure. Last month, bp deployed the drillship DS-12 to carry out five confirmatory wells and three optional wells, as part of efforts to boost domestic gas production and help meet Egypt's growing energy demand. Recently, bp signed an agreement with the South Valley Egyptian Petroleum Holding Company (Ganope) for exploration in Block 6 in the Red Sea, marking an expansion into a new frontier. bp has operated in Egypt for more than 63 years and continues to invest in exploration and development through partnerships aimed at supporting the country's energy sector. On April 7th, Eni announced a significant gas and condensate discovery in Egypt after successfully drilling the Denise W-1 exploration well in the Temsah concession, with preliminary indicators showing about 2 trillion cubic feet (Tcf) of gas initially in place (GIIP) and 130 Mbbl of associated condensates. © 2026 All Rights Reserved Arab Finance For Information Technology Provided by SyndiGate Media Inc. (Syndigate.info).