Agiba/Eni Strike Largest Western Desert Gas Discovery in 15 Years: ~330 Billion Cubic Feet

Agiba Petroleum — a joint venture between Egypt's state oil company EGPC and Italy's Eni — announced the largest natural gas discovery in Egypt's Western Desert in 15 years. The find contains approximately 330 billion cubic feet (bcf) of gas plus an estimated 10 million barrels of condensate and oil, totaling roughly 70 million barrels of oil equivalent (BOE). The discovery comes as a significant boost to Egypt's energy security and export potential, particularly as the country works to restore its position as a natural gas export hub following production declines since 2021. The find reinforces Egypt's role in the Eastern Mediterranean energy landscape, where the country is simultaneously in active discussions with ExxonMobil and QatarEnergy about routing Cyprus offshore gas through Egyptian liquefaction infrastructure.