logo
BP completes drilling at El Fayoum-5 Gas Discovery Well in offshore Egypt

BP completes drilling at El Fayoum-5 Gas Discovery Well in offshore Egypt

Zawya06-03-2025

BP announced on Thursday the successful completion of drilling operations at the El Fayoum-5 gas discovery well in the North Alexandria Offshore Concession, marking the final well in its four-slot drilling campaign in the West Nile Delta (WND).
The well was spudded on 14 February 2025. Plans are underway to tie back the discovery to the existing onshore Giza/Fayoum infrastructure as part of the West Nile Delta project.
This marks BP's second consecutive gas discovery in recent months, following the successful El King-2 well in the North King Mariout Offshore Concession, and Raven second phase start=up
The WND Gas Development consists of a series of gas condensate fields located offshore Egypt, within the North Alexandria and West Mediterranean Deepwater concessions.
The Raven field, the final phase of the WND project, has been in production since early 2021. Its initial phase included the development of eight subsea wells, located up to 65 km offshore, at water depths ranging from 550 to 700 metres.
BP, the project operator, holds an 82.75 percent stake, while Harbour Energy owns the remaining 17.25 percent.
(Writing by Majda Muhsen; Editing by Anoop Menon)

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Gas development projects to save Iraq $17bln
Gas development projects to save Iraq $17bln

Zawya

time18 hours ago

  • Zawya

Gas development projects to save Iraq $17bln

Gas development projects awarded to BP, TotalEnergies and other oil majors will save Iraq nearly $17 billion per year, an official revealed. The funds will be saved as such projects will massively reduce quantities of gas flared during the production process at key oilfields. 'Iraq has made noticeable progress in reducing gas flaring and turn produced gas into an efficient investment…this will contributes to saving nearly $17 billion a year, improving the environment and creating jobs for Iraqis,' Oil Ministry undersecretary for gas Izzat Ismail said, quoting by the official Iraqi News Agency on Thursday. He said the gas investment ratio increased to 53 percent in 2022, nearly 60 percent in 2023 and 68 percent in 2024, adding that the ratio currently stands at 70 percent. Ismail said the ratio is set to sharply increase in the coming years when major gas development projects are completed, mainly those executed by France's energy giant TotalEnergies and UK-headquartered BP. TotalEnergies has already started working on a project to develop the Artawi gas field in the Southern Basra province, with an expected production of 600 million cubic feet per day. The project, part of the $10 billion Gas Growth Integrated Project (GGIP), is being developed by a consortium led by TotalEnergies, which holds a 45 percent stake. It also includes Basrah Oil Company (30 percent) and QatarEnergy (25 percent). BP is developing four fields in the Northern Kirkuk governorate under an agreement it signed with Iraq in March. The Oil Ministry has said the contract with BP includes increasing oil production to a record high of 420,000 barrels per day, boosting gas output to 400 million cubic feet per day and the construction of a 400-megawatt (MW) power plant. 'We believe that by the end of 2027, Iraq will totally shut the gas-flaring the next five years, Iraq's gas imports will be zero and in 2030 it will be able to export gas,' Ismail said. Iraq, OPEC's second largest oil producer, controls around 145 billion of proven crude deposits and 3.5 trillion cubic metres of natural gas. (Writing by Nadim Kawach; Editing by Anoop Menon) (

Dubai sees 95 project launches in Q1 2025, adds 29,000 units
Dubai sees 95 project launches in Q1 2025, adds 29,000 units

Zawya

time5 days ago

  • Zawya

Dubai sees 95 project launches in Q1 2025, adds 29,000 units

Nearly 95 new projects were launched in Dubai in the first quarter of 2025, which are expected to add 29,000 residential units to the market, according to a report by real estate consultancy firm Cavendish Maxwell. Approximately 9,300 residential units were completed in the first quarter of 2025, with apartments accounting for 79 percent of the total and the remainder comprising villas and townhouses, the report said. This marks the second-highest quarterly completion volume in the past two years, surpassed only by the fourth quarter of 2023. Dubai's housing supply is expected to see substantial growth, with nearly 300,000 units projected to enter the market by 2028. A significant portion of this new supply is anticipated in 2026 and 2027, indicating a potential surge in completions during those years, the report said. Over the rest of 2025, 73,000 units are forecast for delivery. However, actual completions may be impacted by shifting market dynamics, evolving buyer preferences, and potential delays in construction timelines. 'Given these factors, it will be crucial to observe how developers adjust their strategies to manage this increased supply, respond to market demand, and ensure timely delivery,' the consultancy stated. (Writing by P Deol; Editing by Anoop Menon) (

Global Investors Eye Bangkok's Rarest Luxury Wellness Penthouses at Award-Winning ROMM Convent
Global Investors Eye Bangkok's Rarest Luxury Wellness Penthouses at Award-Winning ROMM Convent

Arabian Post

time6 days ago

  • Arabian Post

Global Investors Eye Bangkok's Rarest Luxury Wellness Penthouses at Award-Winning ROMM Convent

Multi-Award Winning Development Captures International Attention with 2-Star Fitwel Certification, Asia Pacific Property Awards, and PropertyGuru Excellence Recognition BANGKOK, THAILAND – Media OutReach Newswire – 4 June 2025 – Proud Real Estate has unveiled an extraordinary investment opportunity at ROMM Convent—Bangkok's premier wellness-integrated residence in the prestigious Sathorn-Silom CBD. The only two duplex sky penthouses available, representing the pinnacle of luxury wellness living in Southeast Asia, are now available to discerning global investors. ROMM CONVENT – Duplex Sky Penthouse These architectural masterpieces have captured international attention, with ROMM Convent receiving multiple prestigious accolades including Best Condo Development and Best Architectural Design at the Asia Pacific Property Awards, Best Wellness Residences Development from PropertyGuru, and a coveted 2-Star Fitwel Built Certification—a global standard in wellness design excellence. ADVERTISEMENT Investors are drawn by proven returns, with rental yields of 4–5.8% per annum and capital gains averaging 3–5.4% annually. Amid a climate of accelerating international demand, ROMM Convent stands out as both a secure asset and an aspirational lifestyle investment—offering exceptional value in one of Southeast Asia's fastest-growing real estate markets. Bangkok's Luxury Market: A Magnet for Global Capital Bangkok continues to command the interest of investors worldwide, with the luxury condominium segment outpacing regional peers and anticipated to achieve sustained annual growth of 3–5% through 2027. In 2024 alone, international buyers accounted for 39% of total sales value, with large-format residences over 150 sq.m. in prime central locations witnessing robust absorption. The Silom–Sathorn district is in the midst of a transformation, with over THB 600 billion in public and private investment projected through 2035. This surge of mega-projects is redefining the urban landscape, creating new opportunities for capital appreciation and rental demand—particularly as Bangkok's tourism sector continues its strong recovery. ROMM Convent: A Sanctuary for Global Citizens ADVERTISEMENT Strategically positioned for expatriates, professionals, digital nomads, and retirees, ROMM Convent offers unrivaled access to both tradition and modernity. Residents enjoy proximity to Bangkok's leading international schools—including St. Andrews Sathorn, Shrewsbury International, and King's College—as well as world-class medical centers such as BNH Hospital, MedPark, and King Chulalongkorn Memorial Hospital. With average rental rates of THB 800–1,200 per sq.m. per month, the area delivers healthy yields of 4–5.8% per year and robust capital gains of approximately 3–5.4% annually, underpinned by consistently high tenant demand. The Pinnacle of Wellness-Integrated Living The Duplex Sky Penthouses at ROMM Convent are a masterclass in architectural innovation and holistic well-being. Each residence spans 418.61–467.86 sq.m., offering house-like layouts with soaring 6.45-meter ceilings and panoramic skyline views, including Bangkok's most iconic landmarks. Private rooftop gardens create a tranquil green haven, seamlessly visible from both living and bedroom spaces. Exceptional Features Include: • Ultra-Exclusive Ownership: Only two duplex penthouses available. • House-Like Living: Two-story layout located in the heart of Bangkok's CBD • Skyline Views: Panoramic vistas in three directions, including iconic landmarks like MahaNakhon and One Bangkok • Private Rooftop Garden: A serene green escape visible from the main living and bedrooms • Signature Design Elements: Full-height glass, custom wellness detailing, and a serene rooftop retreat. • Gourmet Entertaining: Ice Jade kitchen island, Gorenje ORA ITO appliances, and a 46-bottle wine cellar. • Sophisticated Finishes: Engineered walnut floors, stone-clad kitchens, premium fixtures, and bespoke cabinetry. • Grand Proportions: Four bedrooms, five bathrooms, powder room, and a flexible multi-purpose space. Wellness Technology & Privileged Services: • 2-Star Fitwel Certified Wellness: Recognized global standards in health-optimized living. • 24/7 Health Butler Concierge: Personalized healthcare coordination and support. • Six Levels of Wellness Amenities: Thoughtfully curated for holistic mind-body well-being. • Smart Home Ecosystem: Advanced technology for air quality, energy efficiency, and comfort. • Exclusive Healthcare Partnerships: VVIP privileges with BNH Hospital and BeDee by BDMS. Unmatched Value in Bangkok's Central Business District Starting at just THB 290,000 per sq.m., ROMM Convent's Duplex Sky Penthouses represent one of the most compelling luxury investments in the Sathorn district—delivering exceptional value compared to global property capitals. Ownership is further enhanced by immediate access to VVIP medical privileges at BNH Hospital including special discounts and personalized care from Thailand's top-tier medical professionals—, ensuring both peace of mind and premier healthcare for residents and their families. See also BNM's Policy Rate Call Looms: Octa Broker Highlights Inflation, Exchange Rate and Trade Challenges Limited International Allocation: Secure Your Early Investor Advantage As foreign ownership quotas rapidly reach capacity, Proud Real Estate is pleased to offer the exclusive Early Investor Package (available until June 30, 2025). This limited-time opportunity includes bespoke layout customization and privileged access to tailored services—making now the optimal moment for international investors to secure their stake in one of Bangkok's most rarefied addresses. Invest in an Iconic Lifestyle at ROMM Convent – Where Wellness Meets Luxury Seize the opportunity to own one of the last two Duplex Sky Penthouses at ROMM Convent, where visionary design, holistic wellness, and world-class investment potential converge. Availability is strictly limited—act now to elevate your lifestyle and portfolio with Bangkok's most coveted luxury residence. For more information and personalized assistance, please visit Proud Real Estate or call +662-026-8999. Note: This press release contains forward-looking statements about market performance and investment returns. Actual results may vary. Investors should conduct their own due diligence before making investment decisions. Hashtag: #ProudRealestate #AllisWell #RommConvent #LuxuryWellnessResidences #CondoSathorn #CondoHighRise #Condo #Bangkok #CBD The issuer is solely responsible for the content of this announcement. PROUD REAL ESTATE PUBLIC COMPANY LIMITED Proud Real Estate is Thailand's leading luxury wellness-focused property developer, renowned for creating holistic living environments that seamlessly integrate health optimization, sustainability, and timeless design. With a portfolio of internationally awarded projects, Proud Real Estate consistently delivers above-market investment returns while setting new benchmarks in luxury and resident well-being. The company gained global recognition for the development of InterContinental Residences Hua Hin, one of only eight world-class branded residences under the InterContinental name—further solidifying Proud's reputation for excellence in luxury real estate.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store