Egypt: BP Completes 2 New Gas Wells in Raven Field

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
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Egypt: BP Completes 2 New Gas Wells in Raven Field

Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 
Egypt’s Minister of Petroleum and Mineral Resources, Karim Badawi, accompanied by several leaders from the petroleum sector, inspect the development and production of natural gas from the West Nile Delta offshore fields in the Mediterranean Sea (Ministry of Petroleum and Mineral Resources) 

British Petroleum (BP) has successfully completed two additional gas wells in the Raven Field, part of its significant West Nile Delta (WND) development off Egypt’s Mediterranean coast, the Ministry of Petroleum announced in a statement on Sunday.
The drilling was carried out using the Valaris DS-12 drillship, which began operations in mid-2024.
In a statement received by Asharq Al-Awsat, the Ministry said subsea activities are currently ongoing to tie the two wells to the existing network in the Mediterranean, paving the way for production to commence.
Gas production is now expected to begin in February 2025, three months ahead of schedule, following expedited drilling and installation efforts.
“After completing operations at Raven, the Valaris DS-12 has moved on to the King exploration area, where it will target natural gas in the Lower Miocene layer,” the Ministry said.
It added that the reservoir is anticipated to be reached by late February 2025.
The proximity of the King area to BP’s existing West Nile Delta infrastructure will facilitate a seamless connection to the company’s production facilities, supporting Egypt’s broader strategy to boost local gas output.
This development is part of the Ministry of Petroleum’s wider initiative to expand offshore drilling in the Mediterranean.
Recent projects include Chevron’s Khanjar-1, ExxonMobil’s Nefertari-1, BP’s Raven field operations, and Eni’s resumed drilling at the Zohr field.
These efforts are crucial to strengthening Egypt’s position as a regional energy hub, the Ministry said.

 



Gold Gains on Softer Dollar as Investors Weigh Trump Tariff Impact

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Gains on Softer Dollar as Investors Weigh Trump Tariff Impact

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices rose on Tuesday, helped by a softer US dollar and inflationary risks posed by President-elect Donald Trump's potential tariff policies, which could influence the pace of Federal Reserve monetary policy easing this year.

Spot gold was up 0.3% to $2,668.79 per ounce as of 1200 GMT. US gold futures gained 0.1% to $2,682.30.

"Gold prices are benefiting from reports that the incoming Trump administration is considering a gradual implementation of tariff increases to mitigate their impact on inflation," said Ricardo Evangelista, senior analyst at ActivTrades, referring to a Bloomberg report.

"This news led to a slight decline in US Treasury yields and a weakening of the dollar."

The dollar index fell 0.3% from a more than two-year high hit in the last session as traders scaled back US rate cut bets for 2025 after a strong jobs report. A softer dollar makes gold more affordable for buyers using other currencies, Reuters reported.

Investors are looking out for US Producer Price Index (PPI) data at 1330 GMT and Consumer Price Index (CPI) numbers due on Wednesday. A Reuters poll of economists gives a median forecast for an annual rise in CPI of 2.9%, up from November's 2.7%.

Also due is US retail sales on Thursday for further insights into the economy and the Fed's 2025 policy trajectory.

"If inflation increases again based on Trump´s spending policy, we may even see no cuts at all in the mid-term," said Henrik Marx, head of precious metals trading at Heraeus Precious Metals Germany.

Bullion is used as a hedge against inflation, although higher interest rates reduce the non-yielding asset's appeal.

Elsewhere, spot platinum was down 0.4% to $949.80.

"We look for platinum to be under-supplied by 500,000 ounces, or 6.4% of demand, in 2025," UBS said in a note.

Spot silver firmed 0.5% to $29.75 per ounce and palladium climbed 0.5% to $943.70.