The Egyptian Ministry of Petroleum announced, on Friday, positive results from drilling the “Naseem-1X” natural gas exploratory well in the Taiba concession area in the Mediterranean Sea.
The Ministry explained in a press statement that the drilling and initial evaluation work revealed the presence of a natural gas-bearing layer with distinct petrophysical characteristics, with initial estimates indicating the presence of about 200 billion cubic feet of natural gas in the reservoir.
The ministry added that “the well is located in the Taiba concession area, in which the Italian company Eni is investing as a major operator, in partnership with the Australian company Woodside, while the operating company, Petrobel, carried out the work of drilling the well on behalf of the partners.”
The results of the initial assessment showed, according to the statement, “the presence of distinct petrophysical properties in the gas-bearing rocks, with a net thickness of the producing layer of about 15 meters at the true vertical depth, while preliminary estimates indicate that the volume of the original gas in the reservoir is estimated at about 200 billion cubic feet.”
The Ministry stated that technical and reservoir studies are currently continuing to further evaluate the reservoir and determine the size of extractable reserves and the productive potential of the well, in preparation for developing a gas development and production plan.
The statement stated, “Within the framework of accelerating benefit from the results of the detection, planning is underway to connect the well to existing production facilities, through the implementation of a gas transmission line with a length of about 22 kilometers, to connect it to the Abu Madi-Al-Jamil line, which will allow benefiting from the available infrastructure, shorten the time required to place the discovery on the production map, and contribute to supporting Egypt’s local production of natural gas.”
This disclosure comes in light of the growing research and exploration activities in the concession areas, supported by an improvement in the investment climate in the oil and gas sector, and after the settlement of foreign companies’ dues.
Several major central banks raised interest rates this week, but they appear to be in widely different stages of the monetary tightening cycle; Some are still in their infancy, while others are approaching their potential end. As monetary policymakers remain cautious about inflationary pressures, the outlook for interest rates will remain dependent, in part, on the course of the conflict in the Middle East and its repercussions on energy markets, which have witnessed a decline since the Democrats’ sweeping victory in the US midterm elections.
The Bank of England raised interest rates for the first time in more than three years on Thursday, while the Reserve Bank of Australia approved the fifth increase during 2026 this week, and it may be the last in the monetary tightening cycle. As for the US Federal Reserve, the European Central Bank, and the Bank of Japan, they kept interest rates unchanged last week, while keeping the door open for additional increases.
Below is the position of central banks in the group of ten developed countries, ranked from highest to lowest key interest rates:
1. Australia
The Reserve Bank of Australia raised the cash rate to 4.85 per cent this week, its highest level in 18 years. But the vote on the resolution was unexpectedly close, and the bank also took a less hawkish tone, indicating that monetary policymakers may be about to end the monetary tightening campaign. Markets do not currently expect additional increases in interest rates.
2. Norway
The Norwegian Central Bank left interest rates unchanged on Thursday, as expected, after raising them twice this year. The bank reiterated that further monetary tightening is still possible to contain inflation, noting that the conflict in the Middle East continues to create a state of uncertainty about price prospects.
3. United States
The Federal Reserve kept interest rates unchanged last week, awaiting more evidence on the path of inflation, which it said remains high. President Donald Trump has repeatedly called for lower interest rates, and accused policymakers of being “hostile” and “partisan” following the September rate increase. Federal Reserve Chairman Kevin Warsh rejected these accusations, stressing the independence of the central bank. Markets are pricing in an 80 percent chance of raising interest rates in December, and expect further monetary tightening in 2027.
4. Britain
The Bank of England raised interest rates for the first time in more than three years on Thursday, bringing the key interest rate to 4 percent. The bank said that at least one more increase would be likely if the conflict in the Middle East continued, and it expected inflation in Britain to rise to about 5 percent in mid-2027. All members of the Monetary Policy Committee voted in favor of raising interest, while one of them supported a larger increase.
5. New Zealand
The Reserve Bank of New Zealand surprised markets last week when it kept the official cash rate at 2.75 percent, in a close vote, rather than passing a third successive increase. Governor Anna Breman said that the chances of a rate hike in December are “high.”
6. Eurozone
The European Central Bank kept interest rates unchanged last week, but warned of rising inflation risks. Data released on Wednesday showed inflation accelerating to its highest level in three years in October. Monetary policymakers are also watching the sharp rise in France's debt risk premium, driven by investor concerns about the size of the country's debt and the uncertainty of its fiscal outlook. European Central Bank President Christine Lagarde also announced her early resignation.
7. Canada
The Bank of Canada raised its key interest rate for the first time in more than three years last week, as expected, but Governor Tiff Macklem said monetary policy was still a bit too easy. The bank increased the interest rate by 25 basis points to 2.5 percent, a level that is still lower than 2.75 percent, which the bank estimates as the neutral level, that is, the one that does not restrict or stimulate economic activity.
8. Sweden
Sweden's Riksbank, which has long been among the major central banks most dovish, raised interest rates for the first time since 2023 on Wednesday, bringing the key interest rate to 2 percent. This move was widely expected, after rising concerns about inflation and declining concerns about growth. Monetary policymakers have hinted at additional increases, although financial markets are not fully pricing in another increase before March 2027.
9. Japan
The Bank of Japan kept interest rates unchanged last week, as expected. The bank announced the achievement of its goal in its ongoing effort for nearly 14 years to reach the target inflation rate, but indicated that it continues to monitor price pressures, which suggests the possibility of approving another increase soon. The bank also raised its inflation expectations slightly, at a time when recent data indicate a widening scope of price pressures.
10. Switzerland
The Swiss National Bank is expected to keep its key interest rate at zero percent in the coming months. The minutes of its meeting in September showed that monetary policymakers saw monetary conditions as appropriate to keep inflation within the target range. Inflation rose in October to its highest levels in nearly three years, but remains under control at 1.5 percent. Low yields should help prevent excessive appreciation of the Swiss franc, although geopolitical tensions have increased demand for safe-haven assets this year.
European stocks opened trading on Friday lower, amid declines across various sectors, with the wave of selling accelerating in global markets, concluding a difficult week for investors who face a state of uncertainty regarding artificial intelligence stocks, following the Democrats’ control of the US Congress.
The comprehensive European Stoxx 600 index fell by 1.6 percent to 644.72 points by 08:10 GMT, while the main indices in most major European markets fell by more than 1 percent each, according to Reuters.
Friday's losses erased the index's gains during the week, declining by about 0.2 percent. The European index was relatively less affected this week compared to its counterparts in Asia and Wall Street, due to its limited exposure to artificial intelligence stocks.
Shares of the media, healthcare and retail sectors led the broad decline, falling by more than 2 percent each.
Fears that Congress, led by Democrats, will seek to impose restrictions on spending on artificial intelligence data centers, have raised further concerns about weak returns, high valuations and debt-financed investments.
A slowdown in spending on artificial intelligence would put pressure on the global economy, which has been supported by huge investments by major technology companies.
In the technology sector, shares of “Celtronic” fell by 2 percent, and “ASMI” by 1.3 percent, while shares of artificial intelligence equipment companies, such as “Schneider Electric” and “Siemens Energy,” recorded slight declines.
In terms of business results, Teleperformance's stock fell by 18 percent, after the company lowered its revenue growth expectations during the entire year, due to the weak performance of trust and safety activities in the outsourcing business, which exceeded the impact of growth in its services supported by artificial intelligence and back-office services.
