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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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Business

Eurozone Inflation Hits Three-year High at 3.8% in September

FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
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Eurozone Inflation Hits Three-year High at 3.8% in September

FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo
FILE PHOTO: The logo of the European Central Bank (ECB) is pictured outside its headquarters in Frankfurt, Germany, April 26, 2018. REUTERS/Kai Pfaffenbach/File Photo

Eurozone inflation jumped to 3.8 percent in September, the highest level in three years, as the war in the Middle East fueled a surge in energy costs, official data showed Friday.

The figure for the 21-country euro area was up sharply from 3.2 percent in August and remains well above the European Central Bank's two-percent target, raising the likelihood of another interest rate increase.

The September reading published by the statistical office of the European Union was slightly higher than the 3.7 percent forecast by economists for Bloomberg.

As the US war against Iran drags on, the conflict has caused major disruptions to fuel supplies from the Middle East, including from the Strait of Hormuz, a key energy trade route.

Energy price increases surged to 18.8 percent in September, up from 14.3 percent a month earlier, AFP quoted Eurostat as saying.

Core inflation, which strips out volatile energy and food prices, rose to 2.5 percent last month from 2.4 percent in August.

Meanwhile, food and drinks inflation increased to 1.4 percent from 1.1 percent in August.

Eurozone inflation was last above 3.8 percent in September 2023, when it stood at 4.3 percent.

Business

World Food Prices Near Four-year High in September

A street food vendor pushes a cart along the road in Ho Chi Minh City on October 2, 2026. (Photo by Nhac NGUYEN / AFP)
A street food vendor pushes a cart along the road in Ho Chi Minh City on October 2, 2026. (Photo by Nhac NGUYEN / AFP)
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World Food Prices Near Four-year High in September

A street food vendor pushes a cart along the road in Ho Chi Minh City on October 2, 2026. (Photo by Nhac NGUYEN / AFP)
A street food vendor pushes a cart along the road in Ho Chi Minh City on October 2, 2026. (Photo by Nhac NGUYEN / AFP)

World food prices rose in September to their highest in nearly four years as logistics disruptions and weather concerns affected crop markets, the United Nations' Food and Agriculture Organization said.

Fears about a severe El Nino weather pattern have pushed international sugar prices to an 18-month high, while a war-related collapse in Black Sea trade pushed wheat futures to a three-year peak early last month.

The FAO ⁠Food Price Index, ⁠which tracks monthly changes in international prices for a basket of food commodities, averaged 136.0 points, up from a revised 134.0 for August and the highest reading since November 2022.

FAO's benchmarks for cereal, sugar and vegetable oil ⁠prices all rose last month, though meat and dairy quotations fell.

“We are seeing a persistent and increasingly broad-based build up in global commodity prices, as disruptions in the Strait of Hormuz and the Black Sea combine with climate shocks, putting pressure on energy, transport and key food commodities,” FAO Chief Economist Maximo Torero said, according to Reuters.

“If sustained, these pressures will soon pass through to consumer food ⁠prices, especially ⁠in food and energy import-dependent countries,” he said in a statement.

In a separate report, FAO kept its forecast for global cereal production in 2026 almost unchanged at 2.979 billion metric tons, 2.1% below the previous year's peak but still the second-largest harvest on record.

FAO cut its forecast for world cereal trade in 2026/27 by 0.7% from September, citing lower wheat and maize export expectations due largely to constrained Black Sea shipping routes.

Business

Airbus Delivered Around 72 Aircraft in September

The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe
The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe
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Airbus Delivered Around 72 Aircraft in September

The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe
The logo of Airbus is picuted at the Airbus facility in Montoir-de-Bretagne near Saint-Nazaire, France, March 4, 2022. REUTERS/Stephane Mahe

Airbus delivered around 72 aircraft in September, almost matching 73 a year earlier, industry sources said.

Airbus declined comment on the provisional delivery total ahead of a monthly industrial bulletin due ‌on October ‌8, said Reuters.

If confirmed, the ‌tally ⁠would be higher ⁠than the visible total of tracked deliveries estimated by analysts in the mid to high 60s. Jefferies analysts ⁠estimated 68 deliveries.

The pick-up ‌in ‌pace follows concerns about ‌the effect of delays in ‌the system including any impact from the latest industrial glitch involving parts for ‌the A321neo, as well as existing shortages of ⁠engines ⁠and other parts.

Commercial CEO Lars Wagner said this week that he was "very confident" of meeting the full-year target of around 870 jets, which Airbus has informally defined as 850 to 890.