Egypt’s Natural Gas Potential: How ENI’s Orion-1X Could Transform the LNG Landscape

Egypt’s LNG Future Decision Next Month, ENI’s Orion-1X Well Crucial

While European gas markets seem to be in hibernation, with even QatarEnergy deciding to halt its LNG vessels from entering the Red Sea, one of its main potential suppliers is under pressure again. Egypt is still struggling to get its gas sector in order, as local demand is still constraining much-needed LNG export revenues.

Nevertheless, there are signs that the country could be hitting back with a bang if Italian oil and gas major ENI’s offshore drilling results in the coming weeks are as positive as some expect. The Italian major is continuing drilling on the Orion-1X exploration probe, targeting a Cretaceous prospect with a potential of 10 TCF of gas. Egypt’s proven natural gas reserves (2023) are estimated to be around 58.5 TCF.