Latest news with #Eni
Saba Yemen
4 hours ago
- Business
- Saba Yemen
Egypt Increases Gas Production by 60 Million Cubic Feet Daily After Successful Drilling in Zohr Field
Cairo – Saba: Egypt's Ministry of Petroleum announced on Friday the successful completion of drilling operations at Well 6 in the Zohr field, operated by Italy's Eni, boosting production by 60 million cubic feet of gas per day. The ministry stated in a release: "Continuing the positive results of the first axis of our petroleum and mineral resources strategy aimed at increasing domestic production and meeting national energy needs, following the return of the Saipem 10000 offshore drilling rig to Zohr field in January 2025 to resume development drilling, the rig has now successfully completed sidetrack drilling operations at Zohr 6". The new production adds approximately 60 million cubic feet of natural gas daily to current output levels, significantly supporting the country's gas supply system. The ministry added: "After this successful operation, the drilling rig will proceed to its next scheduled task – commencing operations at Zohr 13, which engineering studies indicate could contribute an additional 55 million cubic feet of gas daily, further strengthening domestic production capabilities Whatsapp Telegram Email Print
Al-Ahram Weekly
9 hours ago
- Business
- Al-Ahram Weekly
Zohr gas field output increases after well redrilling - Energy
Egypt's Zohr gas field has increased its natural gas output by 60 million cubic feet per day following the successful redrilling of the Zohr-6 well, the Ministry of Petroleum and Mineral Resources announced on Friday. The redrilling was carried out using the deepwater drilling rig "Saipem 10000," after it returned to the Zohr gas field in January to resume operations per the approved development plan. Following the completion of Zohr-6, the rig carried out its scheduled tasks. It began drilling at the "Zohr-13" well, which engineering studies estimate will add 55 million cubic feet of gas per day. The drilling operations mark a significant step toward strengthening the natural gas supply system. They will further enhance domestic production levels and confirm earlier predictions by the Ministry of Petroleum. Furthermore, these efforts align with the ministry's strategy to boost domestic production, ensure energy availability, and provide petroleum products to various sectors while meeting citizens' needs. In a statement, the ministry further highlighted its successful partnership with Italian company Eni, operator of the Zohr Field, resulting in the implementation of previously agreed development plans. It highlighted the Egyptian government's full support of its operations to encourage investment in the petroleum sector, maximise domestic output, and ensure energy security and resource sustainability. Follow us on: Facebook Instagram Whatsapp Short link:
Yahoo
a day ago
- Business
- Yahoo
Israel-Iran conflict fuels best month for energy stocks since 2022
The European energy sector is staging its strongest rally in years as escalating hostilities between Israel and Iran stoke fears of supply disruptions. The conflict is sending oil prices and energy shares sharply higher across the continent. The Euro STOXX 600 Energy index, which tracks major European oil and gas firms including BP, TotalEnergies, Eni and Repsol, has surged nearly 8% month-to-date, on track for its strongest monthly gain since October 2022. The rally stands in stark contrast to the broader Euro STOXX 600 index, which has declined by 1% over the same period. This 9 percentage point gap marks the sector's widest monthly outperformance since May 2022, underscoring the market's sharp pivot towards energy names as investors brace for prolonged geopolitical tensions in the Middle East. BP shares have climbed 9% so far in June, on course for their best month since September 2023. Italy's Eni has gained 9.1%, its strongest monthly showing since October 2022, while France's TotalEnergies is up 7%, a level last seen in April 2024. Portuguese energy company Galp Energia has led the sectoral gains with a 12% jump. The surge in energy equities mirrors a significant rally in oil prices. Brent crude has spiked to $75 a barrel, up 20% this month. That marks the largest monthly increase since November 2020, when news of successful COVID-19 vaccine trials first lifted global markets. Related Trump demands Iran's 'unconditional surrender' again as conflict with Israel continues Israel starts flying home citizens stranded abroad during conflict with Iran Iran asks its citizens to delete WhatsApp from their devices Tehran residents flee as Israel-Iran conflict continues for fifth day Oil prices may stay higher for longer, with analysts warning that the geopolitical risk premium now embedded in crude markets could persist. Following Israeli airstrikes on Iranian nuclear and military targets, Tehran has raised the spectre of a potential closure of the Strait — a move that would choke off nearly 20 million barrels per day of crude and refined products, according to the International Energy Agency (IEA). While a complete shutdown remains unlikely, even limited disruptions could unsettle markets. 'There's the potential for disruptions to shipping through the Strait of Hormuz,' said Warren Patterson, head of commodities strategy at ING. According to the expert, almost a third of global seaborne oil passes through this checkpoint and any material threat to that route sends an immediate signal to energy markets. Patterson indicated that in the event of a significant disruption to flows through the Strait of Hormuz, oil prices could surge to $120 per barrel. On Tuesday, President Donald Trump convened a high-stakes meeting with his national security team inside the White House Situation Room to discuss the possibility of US military involvement alongside Israel in its war against Iran. Earlier that day, Trump had abruptly departed the G7 summit in Canada, fuelling speculation that a major foreign policy shift was imminent. Although no official decision has yet been announced, Iran issued a clear warning that it would target US military bases across the Middle East if Washington entered the conflict. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
2 days ago
- Business
- Zawya
Egypt: EGAS awards 6 natural gas exploration blocks worth $245mln
Arab Finance: The Egyptian Natural Gas Holding Company (EGAS) has awarded six new exploration blocks to a group of international companies, with expected investments totaling approximately $245 million, as per a statement. The awards include four offshore blocks in the Mediterranean, offered under the 2024 international bid round through the Egypt Upstream Gateway (EUG), along with two onshore blocks in the Nile Delta and North Sinai. The agreements involve drilling at least 13 new exploratory wells during the designated exploration period. Chevron Egypt and Shell secured two offshore blocks, North Samian and Northwest Atoll, where they plan to drill two exploratory wells in each. IEOC Production, a subsidiary of Eni, was awarded the North Ras El Tin offshore block and will drill three wells. Cheiron Egypt obtained the East Alexandria offshore block, also committing to three exploratory wells. IPR will operate the North Tanta onshore block in the Nile Delta and plans to drill two wells. Perenco was awarded the El Fayrouz onshore block in North Sinai and intends to carry out a 3D seismic survey along with one exploratory well. These developments are in line with the Ministry of Petroleum and Mineral Resources' broader efforts to enhance the exploration landscape and increase Egypt's hydrocarbon output. Additional investment opportunities remain available through the EUG, including several undeveloped offshore discoveries in the Mediterranean. Bidding for these areas is open until July 2nd, 2025, with results to be announced shortly after. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
2 days ago
- Business
- Zawya
Oando Posts 172% Growth in Gross Profit in Q1 2025 Financial Report as Crude Oil Production Increases 132%
Oando ( one of Africa's leading indigenous energy solutions providers, has ended the first quarter of the year on a high with the publication of ₦933 billion revenue in its Q1 2025 unaudited results. This performance comes in the wake of its recent release of its 2024 FY Audited Financial Statement, where it reported a 44% year-on-year revenue increase to ₦4.1 trillion compared to ₦2.9 trillion in FY 2023 and a 267% increase in Profit-After-Tax to ₦220 billion. Oando, like a few indigenous oil and gas companies in Nigeria, who keyed into the International Oil Companies (IOCs) divestment of onshore assets, has begun reaping the gains of its acquisition of Nigerian Agip Oil Company (NAOC) from Italian oil giant, Eni. An analysis of Oando's financials shows that the company's turnover grew by 2% year-on-year to ₦933 billion in Q1 2025 compared to ₦915 billion in Q1 2024. Additionally, the company posted a 172% increase of ₦85 billion in Gross Profit in Q1 2025 compared to ₦31 billion in Q1 2024, reflecting stronger E&P margins. In its upstream business, crude oil production rose 132% to 11,369 bopd, gas volumes grew by 56% to 25,185 boepd, and NGL production increased 30% to 1,040 bpd. The company recorded zero lost-time injuries (LTIs) and 12.3 million LTI-free hours, underscoring continued HSE excellence. In addition, the company achieved average daily production of 37,595 boepd (within guidance), up 72% year-on-year, driven by the full consolidation of NAOC assets and well reactivations. The company was awarded operatorship of Block KON 13 in Angola, marking its strategic entry into the Kwanza Basin, Angola and expanding Oando's African upstream footprint. Speaking on the Q1, 2025 financial results, Wale Tinubu CON, Group Chief Executive, Oando PLC remarks 'Q1 2025 marked a strong start to the year for us, with a 72% year-on-year increase in production volumes as a result of the successful integration of the NAOC assets into our portfolio, improved asset reliability and the reactivation of shut-in wells, reflecting early wins from our focus on operational efficiency and disciplined execution. Beyond Nigeria, we have expanded our regional presence with our entry into Angola's Kwanza Basin marking a major milestone in scaling our upstream footprint across Africa. Similarly, being named preferred bidder for the Guaracara Refinery in Trinidad and Tobago demonstrates the strength of our integrated business model, our growing role in the Afro-Caribbean landscape, and a reflection of our evolution into a more geographically diversified energy company.' There is evidence of a trend in the upward financial trajectory in the industry, as Seplat recorded revenues of N1.228 trillion, a 350% increase. Similarly, Aradel reported revenues of ₦199.9 billion, up 97.6%, and Profit after Tax of ₦34.2 billion, up 55.3%. In its downstream trading business, Oando Trading reported six (6) crude oil cargos (5.96 MMbbl) traded in Q1 2025, up from four (4) cargos (4.86 MMbbl) in Q1 2024, driven by stronger offtake execution. In its renewable energy business, Oando Clean Energy (OCEL) recorded 53,941 EV rides in Q1 2025 and 42,779 kg of CO₂ emissions averted through two (2) operational e-buses under the electric mobility programme operating in Lagos. It also successfully published Nigeria's National Wind Resource Capacity Report, identifying state-level wind potential across the country. Speaking on the outlook for 2025, Wale Tinubu CON, commented ' Following a transformative 2024, our priority is to maximize the value of our expanded upstream portfolio through targeted infrastructure upgrades, rig-less well interventions and an extensive drilling programme in the second half of the year. These activities are now enabled by the working capital we have secured, giving us financial flexibility to accelerate execution. We are also taking decisive action to restructure our balance sheet towards restoring financial resilience.' Oando is targeting a full-year production of 30–40 kboepd maintained, driven by a balanced capital programme of three (3) new wells, nine (9) workovers, and six (6) rig-less interventions. The company is also projecting capex of $250–270 million focused on drilling, infrastructure, and ESG projects, with a 20% cost reduction goal. The company has set a trading guidance for its Trading subsidiary of 25 – 35 MMbbl crude oil; 750,000 – 1,000,000 MT refined products. For its renewable energy arm, Oando targets the deployment of 50 electric buses and progress its solar PV module assembly plant toward Final Investment Decision (FID). These plans are strengthened by the company's recent announcement of the successful upsizing of its reserve-based lending ('RBL2') facility to $375 million. This critical financing will significantly improve the Company's ability to achieve its production target of 100,000 barrels of oil per day (bopd) and 1.5 billion cubic feet (Bcf) of gas per day by the end of 2029. These Q1 2025 results reinforce the growing momentum among indigenous operators in Nigeria's upstream sector, who are beginning to demonstrate operational efficiency and financial resilience following recent asset acquisitions. With a 2% rise in revenue, a remarkable 172% surge in gross profit to ₦85 billion, and a 72% increase in average daily production, all within guidance, Oando's performance signals not just the viability of the transition from IOC to indigenous ownership, but also the increasing capacity of local players to deliver value and drive long-term growth in Nigeria's energy landscape. Distributed by APO Group on behalf of Oando PLC.
