The Nile Delta Basin covers an extensive area including onshore, shelf and deepwater environments. Early exploration focused on the low-cost onshore Tertiary play before gradually moving offshore. More recently, exploration has focused on deeper, high pressure/high temperature Pre-Pliocene reservoirs of predominantly Miocene and Oligocene age, with BP and BG achieving some spectacular successes, and in 2015 Eni opened up a new play with the discovery of the world-class Zohr gas field, located in a Miocene Carbonate reef structure. Over the past 10 years, explorers have added 6.6 bnboe of new resource and achieved positive full cycle returns, although value creation has been restricted by regulated gas prices as producers are contracted to supply gas to the Egyptian domestic market, where prices are capped. This position is starting to improve however, and as a result, for our outlook we anticipate that positive full cycle returns can be created under all of our price scenarios.