Eni announces 3 oil, gas discoveries in Egypt

Eni announces 3 oil, gas discoveries in Egypt
The discoveries were made by the Jasmine W-1X and MWD-21 wells, which were drilled respectively in the Aman area near the west Meleiha deep field. (File/Shutterstock)
Short Url
Updated 27 October 2021

Eni announces 3 oil, gas discoveries in Egypt

Eni announces 3 oil, gas discoveries in Egypt
  • The discoveries were made by the Jasmine W-1X and MWD-21 wells, which were drilled respectively in the Aman area near the west Meleiha deep field.

CAIRO: Italian energy company Eni has made three new oil and gas discoveries in Egypt’s Western Desert, the Egyptian Ministry of Petroleum has announced.

Oil, gas, and condensate (a mix of light liquid hydrocarbons) were found in the Meleiha concession area, and oil in the southwest Meleiha zone.

The discoveries were made by the Jasmine W-1X and MWD-21 wells, which were drilled respectively in the Aman area near the west Meleiha deep field.

In a statement, the ministry said that tests resulted in an average production of 2,000 barrels per day of light crude and 7 million cubic feet per day of associated gas.

The MWD-21 well, which has already been linked to production, also yielded a stable rate of 2,500 bpd.

In the southwest Meleiha concession, the SWM-4X well, located 35 kilometers south of the Meleiha field, was used for the discoveries. The test resulted in a production rate of approximately 1,500 barrels of oil equivalent per day.

The three wells will add a total production of about 6,000 barrels of oil equivalent per day.

Eni’s ongoing oil and gas exploration strategy in the area means that any discoveries can be quickly and cost-effectively linked into existing production facilities.

Eni, through its subsidiary AIOC, owns a 38 percent stake in the Meleiha concession license, while Russia’s Lukoil has 12 percent, and the Egyptian General Petroleum Corp. 50 percent.

In the southwest Meleiha concession, Eni owns, through AIOC, a 50 percent stake, with the Egyptian General Petroleum Corp. holding the remaining share.

Eni has been operating in Egypt since 1954 and is a major producer, with a current production of about 360,000 barrels of oil equivalent per day.


Bahrain outlook improves on fiscal reforms, S&P says

Bahrain outlook improves on fiscal reforms, S&P says
Image: Shutterstock
Updated 6 sec ago

Bahrain outlook improves on fiscal reforms, S&P says

Bahrain outlook improves on fiscal reforms, S&P says
  • The agency said it expects the government to benefit from additional financial support from its Gulf neighbours

S&P Global Ratings has revised Bahrain's outlook to 'stable' from 'negative' on the back of new fiscal reforms aimed at improving non-oil revenues and cutting state spending, the ratings agency said in a statement.

Rated below investment grade, Bahrain was bailed out to avoid a credit crunch in 2018 with a $10 billion package from wealthy neighbours, Saudi Arabia, Kuwait and the United Arab Emirates.


That money was linked to a set of fiscal reforms, but after the coronavirus crisis strained its finances, Bahrain in September postponed plans to balance its budget by two years and announced plans to increase a value-added tax.


"The Bahraini government recently announced additional fiscal reforms to strengthen non-oil revenue and rationalize expenditure. These measures, along with the more supportive oil price environment, should improve the sovereign's fiscal position", S&P said in a statement this weekend.


The agency said it expects the government to benefit from additional financial support from its Gulf neighbors, if needed.


Bahrain will double value-added tax to 10 percent next year, a move which S&P estimated could contribute receipts of about 3 percent of gross domestic product in the next few years, up from about 1.7 percent this year.


The Gulf state is also planning to rationalize operational government expenditure and social subsidies in 2023 and 2024, a move which shifts the focus of its reforms more on the spending side than on raising non-oil revenues.


"We believe there is higher implementation risk in expenditure rationalization as the delicate political and social environment on the island, which has constrained the government's efforts, persists", S&P said.


Bahrain has in the past backtracked on some reforms as its Sunni Muslim rulers feared that austerity moves would bolster the majority Shi’ite-led opposition and stir more of the unrest that rattled the country since the 2011 Arab Spring uprisings.


How Omicron is affecting Middle East markets

How Omicron is affecting Middle East markets
Image: Shutterstock
Updated 14 min 5 sec ago

How Omicron is affecting Middle East markets

How Omicron is affecting Middle East markets
  • Oil prices stumbled in their biggest decline since April 2020

DUBAI: The new COVID-19 variant, Omicron, has prompted global economic concerns, as fears of its spread begin to affect stock markets and oil prices. 

Saudi Arabia’s main market, the Tadawul All Share Index, opened 5.3 percent lower on Sunday, trading near 10,700 points. 

The Dubai Financial Market was down 8.49 percent.

Oil prices stumbled in their biggest decline since April 2020, with Brent prices dropping 11.55 percent to $72.72 per barrel when markets closed on Friday, while WTI slid 13.06 percent down to $68.15 per barrel.

The variant was first discovered in South Africa and had also since been detected in Belgium, Botswana, Israel, the UK, Australia and Hong Kong.

Within the Middle East Israel is the only country to have reported a case of the new variant so far, but some governments in the region have issued travel curbs to prevent the virus from spreading. 

On Sunday, Saudi Arabia expanded the list of African countries where it barred travel because of Omicron, adding Malawi, Zambia, Madagascar, Angola, Seychelles, Mauritius and the Comoros Islands.

The Kingdom earlier halted flights to and from South Africa, Namibia, Botswana, Zimbabwe, Mozambique, Lesotho and Eswatini.

Other Middle East countries, including the UAE, Bahrain, Morocco, and Jordan have issued similar measures. 


Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi stock market drops 5.3 as Omicron sparks global concern
Updated 13 min 50 sec ago

Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi stock market drops 5.3 as Omicron sparks global concern

Saudi Arabia’s main market, the Tadawul All Share Index, opened 5.3 percent lower on Sunday, trading near 10,700 points.


Aramco prepares work on its largest non-associated gas field

Aramco prepares work on its largest non-associated gas field
Updated 28 November 2021

Aramco prepares work on its largest non-associated gas field

Aramco prepares work on its largest non-associated gas field
  • The Saudi-listed firm claims it to be the “largest non-associated gas field” in the Kingdom

DUBAI: Saudi Arabia’s oil giant Aramco is marking the start of its development of the Jafurah unconventional gas field on Nov. 29. 

The Saudi-listed firm claims it to be the “largest non-associated gas field” in the Kingdom. 

The move is part of the Kingdom’s push to commercialize its unconventional resources and expand Aramco’s integrated gas portfolio. 


London-based Knight Frank expands Dubai team as real estate continues boom

London-based Knight Frank expands Dubai team as real estate continues boom
Updated 28 November 2021

London-based Knight Frank expands Dubai team as real estate continues boom

London-based Knight Frank expands Dubai team as real estate continues boom
  • The firm hired Andrew Cummings, who has been involved in major sales transactions in Dubai, including two 100-million-dirham properties

DUBAI: London-based real estate firm Knight Frank has hired a veteran broker in Dubai as it expands its operations in the emirate, particularly targeting the luxury market. 

The firm hired Andrew Cummings, who has been involved in major sales transactions in Dubai, including two 100-million-dirham properties, which at the time were the second and third highest sales in the emirate’s residential market history. 

It comes as Dubai experiences a surge in sales transactions, particularly in the luxury residential market, in recent months.

“With Dubai’s property market roaring back to life and seeing record growth in 2021, now is absolutely the time to capitalize on this momentum,” Cummings said in a statement.