News
ENI and Egypt Announce Major Gas Discovery Amid Rising Energy Costs
Italian energy company ENI and Egypt have announced a significant natural gas discovery in the Eastern Mediterranean, offering a potential boost to Cairo as the Iran war drives energy import costs sharply higher. Preliminary estimates suggest the Temsah field, located off Egypt’s Mediterranean coast, contains around 2 trillion cubic feet of gas, ENI said in a statement on Tuesday.
The discovery also includes 130 million barrels of petroleum condensates, according to Egypt’s petroleum ministry. Officials described the find as part of a broader effort to increase domestic production and reduce Egypt’s reliance on imported energy. The Denise W well, the first exploratory well in the Temsah Concession, is now being prepared for testing. Once complete, additional wells will be drilled and an offshore production platform built before the field can be brought online.
Denise W 1 lies 70 kilometres offshore in 95 metres of water and less than 10 kilometres from existing infrastructure. ENI operates the project with a 50% stake, while BP holds the remaining 50% through their joint venture Petrobel.
The discovery comes at a critical time for Egypt. The Iran war has disrupted the country’s gas supplies from Qatar and Israel, forcing Cairo to adopt energy-saving measures including higher fuel prices, reduced government spending, and business curfews. Prime Minister Mostafa Madbouly said last month that the conflict had nearly tripled Egypt’s monthly natural gas import bill, from $560 million to $1.65 billion.
The Temsah find recalls Egypt’s previous major offshore breakthrough, the 2015 Zohr field. At the time, Zohr, holding an estimated 30 trillion cubic feet of gas, raised hopes that Egypt could achieve energy self-sufficiency and become a major exporter. Those ambitions have since been scaled back, with the country focusing on serving as a regional processing and transit hub for gas, using its liquefaction terminals to route supplies from neighbouring countries, including Cyprus.
Egypt’s energy sector has also seen recent onshore discoveries. Last month, the country and Apache Corporation announced a find in the Western Desert expected to yield 26 million cubic feet per day.
Whether the Temsah discovery will ease Egypt’s energy crunch depends on how quickly production can begin and the duration of the Iran war. Analysts note that while the field adds to Egypt’s reserves, bringing the gas to market requires time to drill additional wells and build infrastructure.
For Egypt and Europe, the Temsah find could offer a measure of relief in the face of rising energy costs. The discovery highlights Egypt’s ongoing efforts to strengthen domestic energy production, safeguard supply, and reduce exposure to global disruptions caused by conflict in the region.
News
EU Must End ‘Naivety’ on Trade and Confront China’s Industrial Strategy, Says French Minister
France’s Minister for Foreign Trade, Nicolas Forissier, has called on the European Union to abandon what he described as “naivety” in its approach to global trade, urging a tougher stance on countries accused of distorting markets through industrial policy and trade practices.
Speaking in an interview with Euronews’ 12 Minutes With programme, Forissier said Europe must respond more firmly to what he described as the weaponisation of trade dependencies, warning that China in particular could damage its own long-term interests by undermining European industry.
“The Chinese have to understand that they won’t win anything if they destroy the European industry and then the European market, which is an essential market for them,” he said. “We must no longer be naive.”
His comments come as the European Commission prepares to hold an “orientation debate” next week on how to respond to a surge of low-cost Chinese imports. The discussion is expected to shape possible new trade defence measures, with further talks likely when EU leaders meet in Brussels in mid-June.
Forissier said the shift in thinking was not limited to China alone but applied to any country using commercial leverage to gain strategic advantage. “It is not only China,” he said. “It is all the countries that weaponise trade.”
Among the proposals under consideration is a requirement for EU companies to diversify supply chains, sourcing components from at least three different suppliers in order to reduce dependency on any single foreign market. Asked whether he supported such a measure, Forissier replied: “Yes, we have to.”
Other options include targeted tariffs on sensitive industries such as chemicals, alongside stronger use of anti-dumping and anti-subsidy tools to counter imports priced below domestic market levels. These measures are designed to address concerns over overcapacity in China’s industrial sector and its impact on European manufacturers.
The debate is taking place against a backdrop of widening trade imbalances. EU goods imports from China exceeded exports by €359.3 billion in 2025, marking an increase of nearly 20% compared with the previous year.
China has already warned it could retaliate if the bloc imposes new restrictions, raising concerns about potential escalation in trade tensions between two of the world’s largest economies.
France has repeatedly pushed for a more assertive European trade policy, arguing that state subsidies, export controls on raw materials and industrial overproduction in major economies are distorting global markets.
Forissier stressed that Europe must maintain open dialogue with Beijing while defending its own industrial base. “We try to respect the Chinese,” he said. “The Chinese have to respect us, and this is the message European institutions have to send.”
News
US Says Iran Talks ‘Borderline’ as Pakistan Pushes Diplomacy Amid War Tensions
News
US Green Card Rule Change Forces Most Applicants to Apply From Abroad
-
Entertainment2 years agoMeta Acquires Tilda Swinton VR Doc ‘Impulse: Playing With Reality’
-
Sports2 years agoChina’s Historic Olympic Victory Sparks National Pride Amid Controversy
-
Business2 years agoSaudi Arabia’s Model for Sustainable Aviation Practices
-
Business2 years agoRecent Developments in Small Business Taxes
-
Home Improvement1 year agoEffective Drain Cleaning: A Key to a Healthy Plumbing System
-
Politics2 years agoWho was Ebrahim Raisi and his status in Iranian Politics?
-
Sports2 years agoKeely Hodgkinson Wins Britain’s First Athletics Gold at Paris Olympics in 800m
-
Business2 years agoCarrectly: Revolutionizing Car Care in Chicago
