Eastern Mediterranean

As Egypt’s largest oil and gas investor, Eni is ramping up its 2026–2027 drilling campaign with new investments cross the Mediterranean offshore, Nile Delta, Western Desert, and offshore Sinai to strengthen the country’s role as a regional gas and LNG export hub.

Hungary’s MOL Group captures a major project within the EU and its largest upstream opportunity since it farmed into in Azerbaijan’s ACG offshore field.

The declaration builds on a memorandum of understanding the partners signed with Egypt in May to process Block 10 gas at the country’s LNG export and domestic gas facilities.

ExxonMobil and QatarEnergy’s MoU with Cairo to monetize Cyprus’ offshore Glaucus and Pegasus natural gas supports Egypt’s strategy to become the Eastern Mediterranean’s leading gas processing and LNG export hub.

An earlier deal to double Israel’s gas exports to Egypt led to approval of Leviathan’s Phase 1B expansion by guaranteeing long-term cash flow to finance the project.

The agreement requires the partners to conduct their own proprietary 3D survey of Block 8 in hope of zeroing in on the sweet spot that eluded the TotalEnergies-led consortium when it drilled a dry hole in an adjacent block in 2023.

Nitzana will enable Israel to double gas exports to Egypt from the giant Leviathan gas field in the Eastern Mediterranean.

NewMed has targeted the fourth quarter of 2025 to declare a final investment decision (FID) on Phase 1B of the Chevron-operated Leviathan gas project expansion after striking Israel’s largest ever gas export deal.

Global majors remain committed to boosting investment in Egypt’s offshore gas production as they eye Cairo’s underutilized LNG capacity.

SOCAR’s expansion of its exploration footprint in Israeli waters could position Azerbaijan as a future player in EastMed gas.