{"id":616148,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october-plus-oriental-weavers-net-income-doubles-in-2023\/","title":{"rendered":"ExxonMobil to drill first exploratory well in Egypt in October. Plus: Oriental Weavers\u2019 net income doubles in 2023"},"content":{"rendered":"

\n

ENERGY-<\/p>\n

ExxonMobil to drill its first exploratory well here in October:<\/strong> US-based energygiant ExxonMobil is reportedly looking to start drilling the first of three natural gas exploration wells in the Mediterranean\u2019s North Marakia concession in October, with initial investments of about USD 100 mn, an anonymous government source told Asharq Business<\/a>. Exxon owns 60% of the offshore block, while QatarEnergy owns the rest.<\/p>\n

More to come: <\/strong>Exxon is also gearing up to explore for gas in its other two wholly-ownedconcessions \u2014 Masry and Cairo \u2014 this year, the source added. Last year, it was reported<\/a> that Exxon will invest USD 200 mn to explore for oil and gas in the two wells.<\/p>\n

\n

EARNINGS-<\/p>\n

Oriental Weavers saw its net income more than double<\/strong> to EGP 1.74 bn in 2023, from EGP 842 mn a year prior, according to an EGX disclosure (pdf)<\/a>. The company\u2019s 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

Exxon is also gearing up to explore for gas in its Masry and Cairo other two concessions this year<\/p>\n","protected":false},"author":1,"featured_media":616149,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,302,72,778,91,1202],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616148","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-earnings","tag-enterpriseam","tag-exxonmobil","tag-oil-and-gas","tag-oriental-weavers","wpautop","entry"],"acf":{"mongo_id":"3f769c52-1d6a-4846-9e63-4c875d1235ae","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2862.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ExxonMobil to drill first exploratory well in Egypt in October. 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The US company will invest a minimum USD 332 mn to drill seven wells, paying the Egyptian\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/731.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590692,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/31\/exxon-mobil-corporation-acquires-more-than-1-7-mn-acres-for-exploration-offshore-egypt\/","url_meta":{"origin":616148,"position":3},"title":"Exxon Mobil Corporation acquires more than 1.7 mn acres for exploration offshore Egypt","author":"enterpriseam admin","date":"31 December 2019","format":false,"excerpt":"US oil giant ExxonMobil has acquired more than 1.7 mn acres for offshore exploration in Egypt, the company said yesterday. The awards include the 1.2 mn North Marakia Offshore block near the north coast, and 543k acres in the North East El Amriya Offshore block in the Nile Delta. Exxon\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":570500,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/04\/02\/tharwa-to-drill-7-new-wells-in-2020\/","url_meta":{"origin":616148,"position":4},"title":"Tharwa to drill 7 new wells in 2020","author":"enterpriseam admin","date":"2 April 2020","format":false,"excerpt":"The Tharwa Petroleum Company will drill seven new exploration wells in 2020, the Oil Ministrysaid in a statement. Tharwa president Amr El Leithi said that the company will also secure six new concessions and enter into joint ventures with Total, Exxon Mobil, Chevron, BP and Shell this year. Tharwa owns\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601960,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/14\/exxon-considers-israeli-oil-and-gas-exploration\/","url_meta":{"origin":616148,"position":5},"title":"Exxon considers Israeli oil and gas exploration","author":"enterpriseam admin","date":"14 March 2019","format":false,"excerpt":"In a potential boost to Egypt\u2019s regional gas ambitions, Exxon considers Israeli oil and gas exploration: US oil giant ExxonMobil is considering oil and gas exploration in Israeli waters, giving a further boost to regional plans for an East Med natural gas market, a source told Reuters. Company execs reportedly\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616148","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=616148"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/616148\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/616130"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/616149"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=616148"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=616148"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=616148"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=616148"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=616148"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}