عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Egypt: BP Awarded New Offshore Exploration Block in Western Mediterranean

A map showing the concession area Egypt granted to BP to explore for gas in the western Mediterranean. (Asharq Al-Awsat)
A map showing the concession area Egypt granted to BP to explore for gas in the western Mediterranean. (Asharq Al-Awsat)
TT
TT

Egypt: BP Awarded New Offshore Exploration Block in Western Mediterranean

A map showing the concession area Egypt granted to BP to explore for gas in the western Mediterranean. (Asharq Al-Awsat)
A map showing the concession area Egypt granted to BP to explore for gas in the western Mediterranean. (Asharq Al-Awsat)

BP has won gas exploring rights in Egypt's offshore King Mariout concession in the western Mediterranean, the British-based company said in a statement on Tuesday.

This comes following its successful participation in 2021’s limited bid round organized by the Egyptian Natural Gas Holding Company.

The concession area is located approximately 20 kilometers west of the Raven field in the Mediterranean Sea within western Nile Delta area. It offers potential for material gas discoveries that could be developed using existing infrastructure.

The area covers around 2,600 square km at a depth of between 500 and 2,000 meters.

BP owns 100% of the exploration rights area there, which enhances the chances of developing future gas discoveries by utilizing the existing infrastructure, the statement added.

It quoted BP’s North Africa Regional President Karim Alaa as saying that the new award, following EGY-MED-E5 block award in early 2022 to an equally owned partnership between BP and Eni, will leverage existing infrastructure to continue delivering hydrocarbons for Egypt’s growing gas market.

BP has been active player in the Egyptian energy industry since 60 years investing more than $35 billion.

Most Viewed

 
 
Business

Gold Edges Down as Markets Eye Fed's 2025 Monetary Policy Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
TT
TT

Gold Edges Down as Markets Eye Fed's 2025 Monetary Policy Outlook

Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo
Gold bars from the vault of a bank are seen in this illustration picture taken in Zurich November 20, 2014. REUTERS/Arnd Wiegmann/File Photo

Gold prices edged lower as the dollar held firm on Wednesday, with investors awaiting a key US Federal Reserve decision expected to shape market sentiment and gold's trajectory by outlining the central bank's 2025 outlook.

Spot gold slipped 0.3% to $2,637.13 per ounce by 10:00 a.m. EST (1500 GMT). US gold futures were down 0.3% at $2,653.20.

The Fed's 2025 economic projections and decision are due at 2 p.m. EST (1900 GMT), followed by Fed chair Jerome Powell's press conference at 2:30 p.m. EST, Reuters reported.

"What markets will truly focus on is the tone set by Jerome Powell. A hawkish stance could drive Treasury yields higher and bolster the dollar, putting downward pressure on gold prices," said Ricardo Evangelista, senior analyst at ActivTrades.

"Conversely, a more cautious tone might provide some support for bullion."

While markets are pricing in a 99% probability of a 25 basis point rate cut during this meeting, the chances of another reduction in January stand at only 17%.

Non-yielding gold tends to do well in a low-interest-rate environment.

Traders are also watching out for key US GDP and inflation data due later this week that could further shape expectations around monetary policy.

"I do see the consolidation as a continuation pattern within the longer term uptrend in gold. I think that trend will re-exert itself in the first quarter of 2025," said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Grant highlighted that bullion remains underpinned by easing central bank policies, geopolitical tensions, sustained buying by central banks, and rising global political instability.

UBS echoed this sentiment in a note, predicting gold would "build on its gains in 2025." The bank emphasized that central banks are likely to continue accumulating gold as they diversify reserves, while heightened demand for hedges could drive inflows into gold-backed exchange-traded funds (ETFs).

Spot silver fell 1.1% at $30.19 per ounce, platinum slipped 1.3% to $926.90, while palladium declined 1.3% to $922.19.