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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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Japan's Core Inflation Rate Slows in September

FILE PHOTO: Media members observe the stock quotation board at the Tokyo Stock Exchange in Tokyo, Japan, August 6, 2024. REUTERS/Willy Kurniawan/File Photo
FILE PHOTO: Media members observe the stock quotation board at the Tokyo Stock Exchange in Tokyo, Japan, August 6, 2024. REUTERS/Willy Kurniawan/File Photo
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Japan's Core Inflation Rate Slows in September

FILE PHOTO: Media members observe the stock quotation board at the Tokyo Stock Exchange in Tokyo, Japan, August 6, 2024. REUTERS/Willy Kurniawan/File Photo
FILE PHOTO: Media members observe the stock quotation board at the Tokyo Stock Exchange in Tokyo, Japan, August 6, 2024. REUTERS/Willy Kurniawan/File Photo

Japanese inflation slowed in September with prices up 2.4 percent on-year, not including volatile fresh food, official data showed Friday.
The core Consumer Price Index eased from 2.8 percent in August as the pace of increase in electricity and gas prices relented, the internal affairs ministry said.
Despite the slowdown, the rate remained above the Bank of Japan's two percent target, set over a decade ago as part of efforts to boost the stagnant economy, reported AFP.
The target has been surpassed every month since April 2022, although the bank has questioned to what extent that is down to temporary factors such as the Ukraine war.
"The resumption of electricity subsidies resulted in a plunge in headline inflation in September," said Marcel Thieliant, head of Asia-Pacific at Capital Economics.
Thieliant predicted a further deceleration of core inflation in October, but noted that the subsidies "should be phased out completely by December, which should lift inflation".
The Bank of Japan raised interest rates in March for the first time since 2007 and again in July, in initial steps towards normalizing its ultra-loose monetary policies.
New Prime Minister Shigeru Ishiba said this month that the environment was not right for another interest rate increase.
After Ishiba took office in early October, perceptions that he favored hiking borrowing costs and the possibility that he could raise taxes triggered a surge in the yen and stock market volatility.
One dollar bought 150 yen on Friday morning after the Japanese currency weakened from levels around 149.35 the day before.
Excluding both fresh food and energy, Japanese prices rose 2.1 percent in September.
"We expect inflation excluding fresh food and energy to remain around two percent until early next year, when it should gradually fall below two percent," Thieliant said.
"Accordingly, we still expect the Bank of Japan to press ahead with another interest rate hike before year-end."