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.



Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
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Abu Dhabi's Long-haul Carrier Etihad Airways Sees Record $476 ml Profit in 2024

An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo
An Etihad Airways plane lands at Heathrow during Storm Isha in London, Britain, January 22, 2024. REUTERS/Matthew Childs/File Photo

Long-haul carrier Etihad Airways announced Wednesday it made a record $476 million profit in 2024, part of a financial rebound for the Abu Dhabi-based airline.

The airline had revenues of nearly $6.9 billion in 2024, compared to $5.5 billion in 2023. Its profit in 2023 was just $143 million.

Etihad attributed its higher profit to increased passenger numbers, a recovery in its cargo operations and cutting its costs. It flew 18.5 million passengers in 2024, up 32%. Its cargo revenues for the year were $1.1 billion, up 24%, The AP reported.

“These results are testament to the dedication of our people who have worked together for a purpose: delivering our strategy," CEO Antonoaldo Neves said in a statement. “Looking ahead, I am confident we will continue to be a financially strong airline delivering extraordinary customer experiences, fulfilling our shareholders' mandate and contributing to the long-term prosperity and success of the UAE.”

Etihad’s network now flies to 80 locations with a fleet of 97 aircraft.