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BP PLC on Wednesday said it has found a new gas deposit offshore Egypt, in which it shares interest with Eni Spa. Shares in BP rose 2.3% to 575.78 pence on Thursday morning in London, having gained 13% in the past month and 73% in the past year. The London-based fuel major tracked in line with Brent, which was up to $97.40 a barrel early Thursday, from $95.20 at the time of the London equities close on Wednesday, as markets eye tenuous ceasefire negotiations behind the US and Iran, and the implications for global oil trade. BP’s latest ‘significant’ discovery follows drilling of the Denise W-1 well - part of the Temsah concession in the Eastern Mediterranean. Eni on Tuesday reported that preliminary estimates from drilling of the Denise W1 well indicate around 2 trillion cubic feet of gas initially in place and 130 million barrels of associated condensates. Denise W is located around 70 kilometres offshore at a depth of 95 metres, and according to BP, is less than 10 kilometres from existing infrastructure. ‘High-quality gas-bearing sandstone reservoirs were encountered across a gross interval of approximately 90 metres,’ BP noted. The discovery has similar features to the Temsah and Akhen fields which have been in production since 2001. BP has been engaged in resource exploitation in Egypt for more than 63 years. This is ‘BP’s second exploration discovery this year, following 12 discoveries in 2025’, the company added. Back in July, BP entered a binding agreement with state-owned Egyptian General Petroleum Corp and Egyptian Natural Gas Holding Co for a 20-year renewal of the Temsah Concession. The London-based firm has 50% working interest alongside Roman peer Eni, which holds the remaining 50% and operates the Denise development lease of Temsah through Petrobel, a joint venture between Eni and EGPC. Earlier in 2026, BP secured 100% interest in the North-East El Alamein offshore concession and 25% of West El Hammad, with operator Eni holding the remainder. Additionally, BP has signed a deal with South Valley Egyptian Petroleum Holding Co to secure the Red Sea’s Block 6 concession, which the London-based firm sees ‘ expanding into a promising new frontier’. Wednesday’s announcement follows the appointment of BP’s new Chief Executive Meg O’Neill and Deputy CEO Carol Howle last week. Copyright 2026 Alliance News Ltd. All Rights Reserved.
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