ENERGY-

ExxonMobil to drill its first exploratory well here in October: US-based energygiant ExxonMobil is reportedly looking to start drilling the first of three natural gas exploration wells in the Mediterranean’s North Marakia concession in October, with initial investments of about USD 100 mn, an anonymous government source told Asharq Business. Exxon owns 60% of the offshore block, while QatarEnergy owns the rest.

More to come: Exxon is also gearing up to explore for gas in its other two wholly-ownedconcessions — Masry and Cairo — this year, the source added. Last year, it was reported that Exxon will invest USD 200 mn to explore for oil and gas in the two wells.

EARNINGS-

Oriental Weavers saw its net income more than double to EGP 1.74 bn in 2023, from EGP 842 mn a year prior, according to an EGX disclosure (pdf). The company’s top line grew 33% y-o-y to EGP 17.7 bn for the year, led by a 34% y-o-y increase in international sales and 31% y-o-y increase in local sales.

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