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Egypt's Zohr Gas Field Daily Output Hits 2 Bln Cubic Feet

via Reuters
via Reuters
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Egypt's Zohr Gas Field Daily Output Hits 2 Bln Cubic Feet

via Reuters
via Reuters

Production at Egypt's Zohr gas field hit 2 billion cubic feet per day (bcf/d), Egyptian oil ministry said in a statement Friday.

"Nearly 7.7 billion US dollars have been invested in Zohr so far," it added.

"The high production will contribute strongly to self-sufficiency of natural gas in the country," Egypt's Petroleum Minister Tarek al-Molla said.

On December 16, 2017, the Ministry of Petroleum and Mineral Resources announced the start of the operation of gas pumping from the offshore wells in Zohr field to the new offshore station in El Gamil region in Port Said with an initial production rate of about 350 million cubic feet of gas per day.

That was possible after the success of the technical operation tests for the processing units and the gas transmission lines from the field’s well to the processing station.

Discovered in 2015 by Italy's Eni, Zohr contains an estimated 30 trillion cubic feet of gas.

Egypt has been seeking to speed up production from recently discovered fields, with an eye to halting imports by 2019 and achieving self-sufficiency.

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Gold Steadies with Focus on US-China Talks, Fed Meeting

A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri/File Photo
A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri/File Photo
TT
20
TT

Gold Steadies with Focus on US-China Talks, Fed Meeting

A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri/File Photo
A saleswoman shows gold bangles to a customer at a jewellery showroom on the occasion of Akshaya Tritiya, a major gold buying festival, in Kolkata, India, May 3, 2022. REUTERS/Rupak De Chowdhuri/File Photo

Gold prices held nearly steady on Tuesday as markets turned their focus to upcoming US-China talks and the Federal Reserve's policy decision.

Spot gold steadied at $3,313.63 per ounce, by 10:05 ET (14:04 GMT). Prices hit their lowest point since July 9 on Monday after a trade deal between the United States and European Union dampened safe haven demand for the yellow metal.

US gold futures was unchanged at $3,311.60.

"The lack of clear details and a defined outline of the announced trade deals... continues to keep market participants on edge," said Zain Vawda, analyst at MarketPulse by OANDA, Reuters reported.

Vawda added that a break below $3,300 could trigger a decline toward the $3,000 level in the medium term.

US and Chinese officials held more than five hours of talks in Stockholm on Monday aimed at extending their trade truce by three months, with discussions set to resume Tuesday.

Analysts note that recent US deals with the EU and Japan offered some relief, but talks with China remain far more complex and prolonged.

On the US interest rate front, the US central bank's two-day policy meeting kicks off later in the day, with rates widely expected to remain unchanged. Investors will closely scrutinize the Fed's commentary for any signals on the timing and pace of potential rate cuts ahead.

Markets are currently pricing in just under 50 basis points of rate cuts by year-end, with October seen as the most likely starting point, said Peter Grant, vice president and senior metals strategist at Zaner Metals.

However, dissent from two Fed members could shift expectations toward a September cut, which could potentially boosting gold, he added.

Gold tends to benefit in a low interest rate environment as the reduced yield on competing assets makes the non-yielding metal more attractive to investors.

Spot silver fell 0.5% to $37.98 per ounce, while platinum was steady at $1,389.85 and palladium slipped 1.2% to $1,232.67.