Search Site

Trends banner

Tesla Q1 sales sink 13 percent

The dip occurred amid lower production during factory upgrades.

AD Ports Group 2024 revenue $4.70bn

The Group's EBITDA increased by 69 percent YOY.

Tesla sales tumble in Europe in Q1

The company suffered from boycotts against the policies of Elon Musk.

Ford’s US Q1 auto sales dip

But its Q1 figures exceed a forecast by Edmunds

Vanke reports annual loss of $6.8 bn

The property giant attributes loss to falling sales and shrinking profit.

Eni of Italy discovers three new oil and gas wells in Egypt

oil, prices, crude, asian stocks
energy sector to position itself as an energy hub.
  • 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 MWD-21 well, which has already been linked to production, also yielded a stable rate of 2,500 bpd

Eni of Italy has discovered three new oil and gas wells in Egypt, according to the Egyptian Ministry of Petroleum.

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.