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Eni Makes Three Discoveries in Egypt’s Western Desert

The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. (Reuters)
The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. (Reuters)
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Eni Makes Three Discoveries in Egypt’s Western Desert

The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. (Reuters)
The logo of Italian energy company Eni is seen at the booth of Eni during the Nigeria International Petroleum Summit in Abuja, Nigeria February 10, 2020. (Reuters)

Egypt’s petroleum ministry said on Tuesday that Italian energy group Eni made three oil and gas discoveries in the western desert.

The discoveries include oil, gas and condensate discoveries in the Meleiha concession, and an oil discovery in the South Mleiha concession area.

According to the Ministry of Petroleum, the finds in the Meleiha Development Concession were found via the Yasmin W-1X and MWD-21 wells, which were drilled in the Aman region near the West Meleiha deep field, respectively.

The production tests revealed that it has a daily capacity of 2,000 barrels of light oil and 7 million cubic feet of associated gas.

In the meanwhile, the MWD-21 well has been consistently producing 2,500 barrels of light oil per day.

The SWM-4X well, located 35 kilometers south of the Meleiha field, was used to make the find in the Southwest Meleiha concession area, according to the ministry.

This well produced around 1,500 barrels of oil per day during tests. The combined output of the three wells is around 6,000 barrels of oil equivalent per day.

Eni has had a presence in Egypt since 1954, through its subsidiary IEOC Production. IEOC now produces around 360,000 boepd of equity.

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WTO Chief Economist Views Geopolitical Tensions as Main Risk to Int'l Trade

Ships and containers are seen at a Chinese port. Reuters file photo
Ships and containers are seen at a Chinese port. Reuters file photo
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WTO Chief Economist Views Geopolitical Tensions as Main Risk to Int'l Trade

Ships and containers are seen at a Chinese port. Reuters file photo
Ships and containers are seen at a Chinese port. Reuters file photo

Geopolitical tensions, notably those in the Middle East, remain the main risk to international trade, World Trade Organization (WTO) Chief Economist Ralph Ossa has said.

Escalating Middle East tensions could lead to supply shortages and a resulting spike in oil prices, Ossa told Xinhua news agency. "Increased oil prices would then affect macroeconomic activity and also international trade."

In a report released in early October, the WTO projected global merchandise trade volume to grow by 2.7 percent in 2024, a slight increase from its April forecast of 2.6 percent.

One significant update in the new report is the regional outlook. "We see Asia doing stronger than we had expected ... Europe was doing weaker than we had expected," said Ossa, adding that "Asia continues to be the main driver of international trade, both on the import side and the export side."

Meanwhile, exports in Asia are expected to grow by 7.4 percent in 2024 compared with a 4.3 percent rise in imports, he said.

"We were expecting a recovery of trade in April, and continue to expect a recovery of trade today, (which) is in large part due to the normalization of inflation and the corresponding easing of monetary policy," Ossa said.

China showed a strong performance on the export side, and the recent stimulus policy carried out by the Chinese government could prop up domestic demand in China and help rebalance international trade, he said.

In order to tackle multiple challenges, Ossa called for defending the multilateral trade system with the WTO at its core, adding that it is also important to make the WTO fit for the 21st century.

Speaking on the impact of artificial intelligence, Ossa highlighted AI's potential to reduce trade costs, overcome language barriers, and expand digitally delivered services.