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Egypt Announces New Oil Discovery in Gulf of Suez 

Container ships cross under Suez Canal Bridge which is known as the "Peace Bridge" normally following a Suez Canal tugboat sinking yesterday after colliding with a Hong Kong-flagged LPG tanker in the waterway of the Suez Canal, Egypt, August 6, 2023. (Suez Canal Authority/Handout via Reuters)
Container ships cross under Suez Canal Bridge which is known as the "Peace Bridge" normally following a Suez Canal tugboat sinking yesterday after colliding with a Hong Kong-flagged LPG tanker in the waterway of the Suez Canal, Egypt, August 6, 2023. (Suez Canal Authority/Handout via Reuters)
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Egypt Announces New Oil Discovery in Gulf of Suez 

Container ships cross under Suez Canal Bridge which is known as the "Peace Bridge" normally following a Suez Canal tugboat sinking yesterday after colliding with a Hong Kong-flagged LPG tanker in the waterway of the Suez Canal, Egypt, August 6, 2023. (Suez Canal Authority/Handout via Reuters)
Container ships cross under Suez Canal Bridge which is known as the "Peace Bridge" normally following a Suez Canal tugboat sinking yesterday after colliding with a Hong Kong-flagged LPG tanker in the waterway of the Suez Canal, Egypt, August 6, 2023. (Suez Canal Authority/Handout via Reuters)

Egypt's petroleum ministry on Tuesday announced a new oil discovery in the Geisum and Tawila West Concession in the Gulf of Suez.

The new discovery was made by Egypt's Cheiron through exploration well GNN-11, currently producing more than 2,500 barrels a day, the ministry said.

The well is the fourth to be completed and another three wells could be drilled as part of the current phase of exploration, the ministry said.

Total output from the field, located in North Geisum, has reached about 23,000 barrels per day, the ministry added.

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Tunisia Gets Offers in 75,000 T Soft Wheat Tender, Traders Say

Agricultural labourers harvest the wheat crop at Chadiala village in the northern Indian state of Punjab April 10, 2008. REUTERS/Ajay Verma (INDIA)
Agricultural labourers harvest the wheat crop at Chadiala village in the northern Indian state of Punjab April 10, 2008. REUTERS/Ajay Verma (INDIA)
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Tunisia Gets Offers in 75,000 T Soft Wheat Tender, Traders Say

Agricultural labourers harvest the wheat crop at Chadiala village in the northern Indian state of Punjab April 10, 2008. REUTERS/Ajay Verma (INDIA)
Agricultural labourers harvest the wheat crop at Chadiala village in the northern Indian state of Punjab April 10, 2008. REUTERS/Ajay Verma (INDIA)

The lowest price offered in the international tender from Tunisia's state grains agency on Thursday to purchase about 75,000 metric tons of soft wheat was believed to be $262.91 a ton cost and freight (c&f) included, European traders said.

Offers are still being considered and no purchase has yet been reported. The lowest offer is not always accepted if conditions attached to it are regarded as unattractive, Reuters reported.

The lowest offer was believed to have been submitted for optional-origin wheat by trading house Cargill for 25,000 tons, they said.

Cargill also made the next lowest offer of $263.91 also for 25,000 tons, they said.

Reports reflect assessments from traders and further estimates of prices and volumes are still possible later.

Shipment was requested between May 20 and June 30 depending on origin supplied.