Kuwait Announces ‘Major’ Gas Discovery at Offshore Field - Bloomberg
State-owned Kuwait Oil Co. made a “major” discovery in the Jazah natural gas field in the OPEC member’s offshore region.
“The initial exploration well recorded the highest production rate from a vertical well in the Minagish formation in Kuwait’s history,” KOC said in a statement on Monday. The company has made similar announcements for oil and gas offshore discoveries since last year.
Initial tests from the Jazah-1 well revealed “exceptional production exceeding 29 million cubic feet of gas per day, and more than 5,000 barrels per day of condensate,” KOC, a unit of state-owned Kuwait Petroleum Corp., said.
The field’s initial estimated area measures about 40 square kilometers (15.4 square miles), with projections indicating about 1 trillion cubic feet of gas and 120 million barrels of condensate, KOC said.
Kuwait is OPEC’s fifth-biggest producer, with a current output of about 2.52 million barrels a day. It aims to boost capacity to 4 million barrels a day by 2035.
Monday, 13 October 2025
#Sharjah Islamic Bank records $299mln profits in 9M-25
Sharjah Islamic Bank records $299mln profits in 9M-25
Sharjah Islamic Bank generated AED 1.10 billion in net profit during the first nine months (9M) of 2025, compared to AED 891.27 million in 9M-24.
Total operating income hiked to AED 1.84 billion at the end of September 2025 from AED 1.61 billion in the year-ago period, according to the financial results.
Basic and diluted earnings per share (EPS) increased to AED 0.33 in 9M-25 from AED 0.26 a year earlier.
Financials for Q3
In the third quarter (Q3) of 2025, the ADX-listed lender logged net profits amounting to AED 408.04 million, up year-on-year (YoY) from AED 332.61 million.
Sharjah Islamic Bank registered total operating income valued at AED 683.28 million in Q3-25, an annual rise from AED 585.20 million. Basic and diluted EPS climbed to AED 0.12 from AED 0.09.
#Algeria signs $5.4 billion oil and gas deal with #Saudi firm Midad Energy | Reuters
Algeria signs $5.4 billion oil and gas deal with Saudi firm Midad Energy | Reuters
Algeria's state-owned energy company Sonatrach said on Monday it has signed a contract worth around $5.4 billion with Saudi Arabia's Midad Energy for oil and gas exploration and development in Algeria's Illizi Basin.
The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period.
Midad Energy North Africa will fully fund the investment, including $288 million allocated to exploration. The Illizi South perimeter lies about 100 km (62 miles) south of the Algerian town of In Amenas, near the Libyan border.
The deal was first announced by Ennahar TV.
Sonatrach is Algeria's largest oil and gas producer and has been actively seeking foreign partnerships to boost output and modernize infrastructure.
The company has previously signed deals with international partners, including a recent $850 million contract with China's Sinopec for hydrocarbon development and exploration.
Earlier this month, Algeria's energy minister said the country plans to invest $60 billion in its energy sector over the next five years, with a focus on upstream exploration and production.
The North African country, a member of the Organization of the Petroleum Exporting Countries (OPEC), aims to strengthen its role as a key supplier of energy to international markets while meeting domestic demand and making a transition to more sustainable sources.
Midad Energy is part of Saudi Arabia’s Alturki Holding, which has investments in industrial and energy services, including upstream oil and gas operations.
Algeria's state-owned energy company Sonatrach said on Monday it has signed a contract worth around $5.4 billion with Saudi Arabia's Midad Energy for oil and gas exploration and development in Algeria's Illizi Basin.
The production-sharing contract spans 30 years with an option to extend for an additional 10 years and includes a seven-year exploration period.
Midad Energy North Africa will fully fund the investment, including $288 million allocated to exploration. The Illizi South perimeter lies about 100 km (62 miles) south of the Algerian town of In Amenas, near the Libyan border.
The deal was first announced by Ennahar TV.
Sonatrach is Algeria's largest oil and gas producer and has been actively seeking foreign partnerships to boost output and modernize infrastructure.
The company has previously signed deals with international partners, including a recent $850 million contract with China's Sinopec for hydrocarbon development and exploration.
Earlier this month, Algeria's energy minister said the country plans to invest $60 billion in its energy sector over the next five years, with a focus on upstream exploration and production.
The North African country, a member of the Organization of the Petroleum Exporting Countries (OPEC), aims to strengthen its role as a key supplier of energy to international markets while meeting domestic demand and making a transition to more sustainable sources.
Midad Energy is part of Saudi Arabia’s Alturki Holding, which has investments in industrial and energy services, including upstream oil and gas operations.
Gulf markets end mixed after Trump's China tariff move | Reuters
Gulf markets end mixed after Trump's China tariff move | Reuters
Gulf stocks ended mixed on Monday amid renewed U.S.-China trade tensions and expectations of U.S. Federal Reserve interest-rate cuts, while oil prices rebounded from five-month lows.
U.S. President Donald Trump on Friday threatened to impose 100% tariffs on Chinese goods by November 1, in response to China's curbs on rare-earth elements and equipment. Beijing defended its measures on Sunday as justified but stopped short of imposing additional levies on U.S. goods.
Oil rose as investors focused on potential talks between the U.S. and Chinese presidents that could ease tensions between the world's two largest economies.
Dubai's main share index (.DFMGI), opens new tab fell 0.5%, hit by a 1.8% fall in top lender Emirates NBD (ENBD.DU), opens new tab and a 0.7% decrease in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
Dubai-based classifieds firm Dubizzle Group said on Monday it plans to sell a 30.34% stake in an initial public offering (IPO) on the Dubai Financial Market.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.2%.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.9%, helped by a 0.9% gain in Al Rajhi Bank (1120.SE), opens new tab and a 0.9% rise in Saudi Aramco (2222.SE), opens new tab.
Aramco's maximum sustainable crude capacity of 12 million barrels per day can be maintained for a year at no additional cost, chief executive Amin Nasser said on Monday.
The Saudi stock market was higher today, recovering from yesterday's correction, said Milad Azar Market Analyst at XTB MENA. The correction followed a regional downturn triggered by risk-off sentiment from fresh U.S.-China tariff escalation and a fall in oil prices to a five-month low, he added.
The Qatari index (.QSI), opens new tab ended flat.
On the monetary policy front, traders are now pricing in a 25-basis-point cut each in October and December by the Federal Reserve, with a 97% and 91% chance, respectively.
Policy shifts in the U.S., where most Gulf currencies are pegged to the dollar, often sway regional markets.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.1%.
Gulf stocks ended mixed on Monday amid renewed U.S.-China trade tensions and expectations of U.S. Federal Reserve interest-rate cuts, while oil prices rebounded from five-month lows.
U.S. President Donald Trump on Friday threatened to impose 100% tariffs on Chinese goods by November 1, in response to China's curbs on rare-earth elements and equipment. Beijing defended its measures on Sunday as justified but stopped short of imposing additional levies on U.S. goods.
Oil rose as investors focused on potential talks between the U.S. and Chinese presidents that could ease tensions between the world's two largest economies.
Dubai's main share index (.DFMGI), opens new tab fell 0.5%, hit by a 1.8% fall in top lender Emirates NBD (ENBD.DU), opens new tab and a 0.7% decrease in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
Dubai-based classifieds firm Dubizzle Group said on Monday it plans to sell a 30.34% stake in an initial public offering (IPO) on the Dubai Financial Market.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.2%.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.9%, helped by a 0.9% gain in Al Rajhi Bank (1120.SE), opens new tab and a 0.9% rise in Saudi Aramco (2222.SE), opens new tab.
Aramco's maximum sustainable crude capacity of 12 million barrels per day can be maintained for a year at no additional cost, chief executive Amin Nasser said on Monday.
The Saudi stock market was higher today, recovering from yesterday's correction, said Milad Azar Market Analyst at XTB MENA. The correction followed a regional downturn triggered by risk-off sentiment from fresh U.S.-China tariff escalation and a fall in oil prices to a five-month low, he added.
The Qatari index (.QSI), opens new tab ended flat.
On the monetary policy front, traders are now pricing in a 25-basis-point cut each in October and December by the Federal Reserve, with a 97% and 91% chance, respectively.
Policy shifts in the U.S., where most Gulf currencies are pegged to the dollar, often sway regional markets.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.1%.
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