{"id":658720,"date":"2025-01-15T00:00:00","date_gmt":"2025-01-15T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/15\/exxonmobil-discovers-natural-gas-at-its-first-ever-offshore-well-in-egypt-plusalqahtani-holding-tanmia-petroleum-enppi-petrojet-alstom-ci-capital-misr-beni-suef-cement\/"},"modified":"2025-01-15T00:00:00","modified_gmt":"2025-01-15T00:00:00","slug":"exxonmobil-discovers-natural-gas-at-its-first-ever-offshore-well-in-egypt-plusalqahtani-holding-tanmia-petroleum-enppi-petrojet-alstom-ci-capital-misr-beni-suef-cement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/15\/exxonmobil-discovers-natural-gas-at-its-first-ever-offshore-well-in-egypt-plusalqahtani-holding-tanmia-petroleum-enppi-petrojet-alstom-ci-capital-misr-beni-suef-cement\/","title":{"rendered":"ExxonMobil discovers natural gas at its first ever offshore well in Egypt. PLUS:Alqahtani Holding + Tanmia Petroleum + Enppi + Petrojet, Alstom, CI Capital, Misr Beni Suef Cement"},"content":{"rendered":"<p class=\"tag-border-left\">ENERGY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- <\/strong><strong>ExxonMobil has found natural gas <\/strong><strong>at its Mediterranean\u2019s North Marakia offshore<\/strong><strong> concession <\/strong>after <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/9119be50-1b01-40b5-a340-4b20cf3bfb45\" style=\"\" rel=\"noopener\">drilling at the block began<\/a> in mid-December, according to a report from industry publication Mees. The size of the find has yet to be determined, but pre-drill estimates came in at around 3.5 tn cubic feet, the report reads.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember: The exploratory well is ExxonMobil\u2019s first in Egypt, <\/strong>with the company having reportedly invested <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/3f769c52-1d6a-4846-9e63-4c875d1235ae\/exxonmobil-to-drill-first-exploratory-well-in-egypt-in-october.-plus:-oriental-weavers%25e2%2580%2599-net-income-doubles-in-2023\" style=\"\" rel=\"noopener\">USD 100 mn<\/a> in the first phase of the exploration process. ExxonMobil owns 60% of the Mediterranean\u2019s North Marakia offshore concession, while Qatari state-owned oil and gas company Qatar Energy owns the remaining 40%.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Some corners of the international business press also picked up the story: <\/strong><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-01-14\/exxon-makes-natural-gas-discovery-in-mediterranean-sea-off-egypt\" style=\"\" rel=\"noopener\">Bloomberg<\/a> <\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Saudi Arabia\u2019s Alqahtani Holding inked two<\/strong><strong> cooperation agreements with Tanmia<\/strong><strong> Petroleum, Enppi, and Petrojet <\/strong>to cooperate through Africa and the Middle East, according to an Oil Ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptMOP\/posts\/pfbid02RENaLiC29dyuVaGwPvnHyVtkTaBJj4QWSVtiyrgvw43vnriDyLhBVzG1bwM9rKfAl\" style=\"\" rel=\"noopener\">statement<\/a>. The agreements aim to foster cooperation between the parties to work together on engineering, supply, and construction projects related to petrochemicals, infrastructure, and industry.<\/p>\n<p class=\"tag-border-left\">FINANCIAL SERVICES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>CI Capital has launched a new research portal to expand investors\u2019 access to its MENA<\/strong><strong> research offering<\/strong>, the investment banking group said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/1\/857.pdf\" style=\"\" rel=\"noopener\">press release (pdf).<\/a> The portal allows \u201cinstitutional and high-net-worth investors\u201d to access research publications, coverage lists, and forecasts for MENA-listed stocks, while facilitating direct interaction with CI Capital's analysts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said: <\/strong>\u201cWe are excited to introduce our new research portal, which reflects an important step in our digital transformation strategy. This platform will streamline access to our research, providing enhanced tools and timely insights, while also facilitating more efficient scheduling of analyst interactions and easy access to financial models. Although this marks a crucial advancement, we recognize its arrival as a timely development to our research capabilities,\" said Managing Director and Head of Research Monsef Morsy.<\/p>\n<p class=\"tag-border-left\">MANUFACTURING-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Alstom has launched a tender for the construction of its planned EUR 80 mn Borg El Arab <\/strong><strong>railway manufacturing complex<\/strong>, which was sent by the French rolling stock manufacture to around 15 Egyptian contracting firms, <a target=\"_blank\" href=\"https:\/\/www.alborsaanews.com\/2025\/01\/13\/1860877\" style=\"\" rel=\"noopener\">Al Borsa<\/a> reports. The winning company is set to be announced in February before construction begins in March, with the factory expected to begin production in 1Q 2027.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Remember:<\/strong> The cabinet <a target=\"_blank\" href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/beab91ea-f32f-4765-9049-eede0f3b26d1\/cabinet-approves-new-rules-for-nile-facilities-%2B-maritime-cooperation-with-oman-%2B-extended-land-lease-for-france%25e2%2580%2599s%253cmark%253e-alstom%253c%2Fmark%253e\" style=\"\" rel=\"noopener\">last week<\/a> approved extending Alstom's land lease period to 30 years from 15 years for the complex, which is expected to house two factories on 40 acres alongside an additional 50 feddans for future expansion. The first phase of the project\u2019s development will see a components factory built on 13 acres, while the second phase will add a vehicle factory on 27 acres.<\/p>\n<p class=\"tag-border-left\">RENEWABLES-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Misr Beni Suef Cement will build an EGP 298 mn solar project <\/strong>in partnership with Chinese tech giant Huawei, Chinese solar module manufacturer Jinko Solar, and local renewables company Integrated Renewable &amp; Sustainable Communities, the company said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/1\/840.pdf\" style=\"\" rel=\"noopener\">disclosure (pdf)<\/a>. The solar project will support the company\u2019s efforts to power its industrial activities with renewables.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The size of the find has yet to be determined, but pre-drill estimates came in at around 3.5 tn cubic feet<\/p>\n","protected":false},"author":1,"featured_media":658721,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[111,1249,102,136,93,72,778,503,91,7101,151,7234],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-658720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-alstom","tag-capital-markets","tag-ci-capital","tag-energy","tag-enterpriseam","tag-exxonmobil","tag-financial-services","tag-oil-and-gas","tag-railways","tag-renewables","tag-solar-power","wpautop","entry"],"acf":{"mongo_id":"241ecfa8-b0df-4d63-9cf2-01c8a6c34205","order":"14","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/916.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ExxonMobil discovers natural gas at its first ever offshore well in Egypt. PLUS: Alqahtani Holding + Tanmia Petroleum + Enppi + Petrojet, Alstom, CI Capital, Misr Beni Suef Cement","related_issue":[658696],"teaser":"The size of the find has yet to be determined, but pre-drill estimates came in at around 3.5 tn cubic feet","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.6055933d-f26d-4c95-b6bd-7404e6eb4edb.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>ExxonMobil discovers natural gas at its first ever offshore well in Egypt. 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Plus: Oriental Weavers\u2019 net income doubles in 2023","author":"enterpriseam admin","date":"29 February 2024","format":false,"excerpt":"Exxon is also gearing up to explore for gas in its Masry and Cairo other two concessions this year","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/2\/2862.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":568634,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/29\/egypt-exxonmobil-sign-usd-332-mn-in-oil-and-gas-agreements\/","url_meta":{"origin":658720,"position":2},"title":"Egypt, ExxonMobil sign USD 332 mn in oil and gas agreements","author":"enterpriseam admin","date":"29 January 2020","format":false,"excerpt":"Egypt, ExxonMobil sign USD 332 mn oil and gas agreements: The Oil Ministry has signed two new agreements with ExxonMobil for oil and gas exploration in the Mediterranean, according to a cabinet statement. The US company will invest a minimum USD 332 mn to drill seven wells, paying the Egyptian\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":577770,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/chevron-finds-3-5-tn-cf-of-gas-in-the-eastmed\/","url_meta":{"origin":658720,"position":3},"title":"Chevron finds 3.5 tn cf of gas in the EastMed","author":"enterpriseam admin","date":"5 December 2022","format":false,"excerpt":"A big gas find in the EastMed: Chevron has discovered an offshore gas field in the Mediterranean estimated to hold 3.5 tn cubic feet of gas, a source tells MEES. The US energy giant made the finding drilling its first ever offshore well in Egypt at its Narges block off\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/66.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":660057,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/05\/exxonmobil-to-begin-drilling-long-awaited-exploratory-gas-wells-in-early-2026\/","url_meta":{"origin":658720,"position":4},"title":"ExxonMobil to begin drilling long-awaited exploratory gas wells in early 2026","author":"enterpriseam admin","date":"5 February 2025","format":false,"excerpt":"Good afternoon, wonderful people, and welcome to the almost-weekend. 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