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Agreement Approved for Italy’s Eni to Explore, Invest in Bahrain Bay Oilfield

The Shura Council in Bahrain approved an agreement between the NOGA and Eni for oil exploration and production. (Reuters)
The Shura Council in Bahrain approved an agreement between the NOGA and Eni for oil exploration and production. (Reuters)
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Agreement Approved for Italy’s Eni to Explore, Invest in Bahrain Bay Oilfield

The Shura Council in Bahrain approved an agreement between the NOGA and Eni for oil exploration and production. (Reuters)
The Shura Council in Bahrain approved an agreement between the NOGA and Eni for oil exploration and production. (Reuters)

The Shura Council, or Consultative Council, in Bahrain approved Sunday an agreement between the National Oil and Gas Authority (NOGA) and Italian firm Eni for oil exploration and production.

The move will kick off investment in the explored reserves of oil and gas in Bahrain Bay oilfield.

The Council of Representatives of Bahrain had in November approved the agreement.

Manama plans to drill the first exploratory well during the first quarter of 2020, given that the Kingdom is facing a mounting demand for gas. Estimates show that the demand for gas doubled with the launch of new industrial projects.

Bahrain had announced in April 2018 the discovery of the Bay oilfield, which boasts the Kingdom’s largest gas and oil reserves, estimated at around 80 billion barrels of oil and 20 trillion cubic meters of gas.

In 2018, Bahrain launched a fund to invest in energy with an initial capital of around one billion dollars in participation with world, Gulf and Bahraini institutions. The fund will invest in funding energy projects that require 3-5 years to reach the production phase.

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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
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Gold Rises on Dip-buying, Focus on US-China Trade Updates

FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo
FILE PHOTO: Gold bars are stacked in the safe deposit boxes room of the Pro Aurum gold house in Munich, Germany, January 10, 2025. REUTERS/Angelika Warmuth//File Photo

Gold prices rebounded on Thursday as investors bought bullion following a sharp decline in the previous session, while focus still remained on US-China trade tensions.
Spot gold was up 1.6% to $3,340.79 an ounce, as of 0907 GMT, Reuters reported. Bullion lost over 3% on Wednesday, in its worst daily performance since late November.
US gold futures gained 1.8% to $3,352.10.
"Gold's pullback earlier has cleared some of the froth from its latest surge. That in turn attracted some buy-the-dip action, amid still-persistent global trade war fears," said Han Tan, Exinity Group's chief market analyst.
"Given the still-evident tailwinds for this precious metal, gold bugs could ultimately conquer the $3,500 level with conviction."
Non-yielding bullion, traditionally seen as a hedge against global instability, has risen over 27% so far this year.
The International Monetary Fund made sharp reductions to its outlook for both US and global growth this year, with President Donald Trump's tariff policy the central reason behind the downgrade.
"If the economic outlook deteriorates further, then there's no reason why gold could not receive another strong bid," said Ole Hansen, head of commodity strategy at Saxo Bank.
However, US Treasury Secretary Scott Bessent said the US economic growth will surpass the IMF's revised estimate of 1.8%, down from 2.7% in January, if Trump administration's policies are implemented.
He also said that the excessively high tariffs between the US and China are unsustainable, and must be reduced before trade negotiations can proceed.
Supporting gold, the US dollar eased, making the greenback-priced bullion cheaper for overseas buyers.
Spot silver fell 0.5% to $33.37 an ounce, platinum was steady at $973.25 and palladium was down 0.6% to $939.53.