Eni, Chevron Announce New Gas Discovery in Egyptian Field

An Egyptian gas field. Reuters file photo
An Egyptian gas field. Reuters file photo
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Eni, Chevron Announce New Gas Discovery in Egyptian Field

An Egyptian gas field. Reuters file photo
An Egyptian gas field. Reuters file photo

Italian energy group Eni and US energy major Chevron said on Sunday they had made a new gas discovery in an Egyptian offshore field in the Eastern Mediterranean sea.

The Nargis-1 well is part of Egypt's 1,800-sq. km Nargis Offshore Area concession operated by Chevron, which holds a 45% interest in it. Eni also holds a 45% stake, while Egypt's Tharwa Petroleum Company SAE holds a 10% interest, Reuters reported.

Egypt's state-owned EGAS said the quantity of reserves in the well were being evaluated, and it would work with Chevron and the other partners to start production as soon as possible.

Chevron was "encouraged and excited by the success of this first exploration well which encountered high-quality reservoirs," Clay Neff, president of Chevron International Exploration and Production, said in a statement.

State-controlled Eni is looking for new gas sources as it aims to completely replace gas imports from Russia by 2025 following the fallout from Russia's invasion of Ukraine.

The new discovery is located in the Nargis-1 exploration well and "can be developed leveraging the proximity to Eni's existing facilities", the group said in a statement.



Syria Completes First Global SWIFT Transfer since War

FILE PHOTO: A drone view shows the Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, December 16, 2024. REUTERS/Yosri Al Jamal/File Photo
FILE PHOTO: A drone view shows the Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, December 16, 2024. REUTERS/Yosri Al Jamal/File Photo
TT

Syria Completes First Global SWIFT Transfer since War

FILE PHOTO: A drone view shows the Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, December 16, 2024. REUTERS/Yosri Al Jamal/File Photo
FILE PHOTO: A drone view shows the Syrian central bank, after the ousting of Syria's Bashar al-Assad, in Damascus, Syria, December 16, 2024. REUTERS/Yosri Al Jamal/File Photo

Syria has carried out its first international bank transaction via the SWIFT system since the outbreak of its 14-year civil war, its central bank governor said on Thursday, a milestone in Syria's push to reintegrate into the global financial system.

Central bank governor Abdelkader Husriyeh told Reuters in Damascus that a direct commercial transaction had been carried out from a Syrian to an Italian bank on Sunday, and that transactions with US banks could begin within weeks.

"The door is now open to more such transactions," he said.

Syrian banks were largely cut off from the world during the civil war after a crackdown by Bashar al-Assad on anti-government protests in 2011 led Western states to impose sanctions, including on Syria's central bank. Assad was ousted as president in a lightning offensive by opposition factions last year and Syria has since taken steps to re-establish international ties, culminating in a May meeting between interim President Ahmed al-Sharaa and US President Donald Trump in Riyadh. The US then significantly eased its sanctions and some in Congress are pushing for them to be totally repealed. Europe has announced the end of its economic sanctions regime.

Syria needs to make transfers with Western financial institutions in order to bring in huge sums for reconstruction and to kickstart a war-ravaged economy that has left nine out of 10 people poor, according to the United Nations.

Husriyeh chaired a high-level virtual meeting on Wednesday bringing together Syrian banks, several US banks and US officials, including Washington's Syria envoy Thomas Barrack.

The aim of the meeting was to accelerate the reconnection of Syria's banking system to the global financial system and Husriyeh extended a formal invitation to US banks to re-establish correspondent banking ties.

"We have two clear targets: have US banks set up representative offices in Syria and have transactions resume between Syrian and American banks. I think the latter can happen in a matter of weeks," Husriyeh told Reuters.

Among the banks invited to Wednesday's conference were JP Morgan, Morgan Stanley and Citibank, though it was not immediately clear who attended.