CAIRO: Seven remaining wells are expected to be online at Libya’s Bahr Essalam offshore gas field by the end of the year, the Libyan National Oil Corporation (NOC) said in a statement on Sunday.
The statement came after a meeting between NOC Chairman Mustafa Sanalla and Eni CEO Claudio Descalzi. The field is operated by Mellitah Oil and Gas, a joint venture between the NOC and Eni.
The first wells in phase two of the development of Bahr Essalam came online in July.
At a meeting in the Libyan capital, Tripoli, Sanalla and Descalzi discussed plans for seven remaining wells, which the statement said were “expected to complete by the end of 2018.”
“The parties discussed opportunities to increase production, investment and exploration, and the importance of sustainability in all activities,” the statement added.
“The compression capacity upgrade project at the Wafa plant was also reviewed, with the first gas expected to come on stream in the next few days; a successful joint project in challenging conditions in Libya’s remote interior.”
Phase two development of Libya’s Bahr Essalam gas field to finish by end 2018: NOC
Phase two development of Libya’s Bahr Essalam gas field to finish by end 2018: NOC
- At a meeting in the Libyan capital, Tripoli, Sanalla and Descalzi discussed plans for seven remaining wells
Aramco’s 13% rally helps Saudi stocks post second weekly gain
RIYADH: Saudi Aramco extended its year-to-date rally to nearly 13 percent on Thursday, helping the Kingdom’s benchmark stock index secure a second straight weekly gain despite a weaker final trading session.
Saudi Aramco shares, which carry the heaviest weighting on the Saudi Exchange, closed at SR26.86 ($7.16), leaving the stock 12.72 percent higher since the start of 2026. The stock also remained 3.09 percent above last week’s close, even after falling 1.1 percent in Thursday’s session.
The rise in energy shares came as escalating tensions in the Middle East pushed oil prices above $100 a barrel, after attacks on tankers in the Gulf and the Strait of Hormuz heightened concerns over supply disruptions.
The Tadawul All Share Index maintained its weekly uptrend, rising nearly 1.07 percent week on week to close at 10,778.32, despite falling 0.45 percent in Thursday’s session. Compared with the first trading day of the year, the index has gained 4.01 percent.
Total trading turnover on the benchmark index reached SR5.05 billion at Thursday’s close, with 88 stocks advancing and 176 declining.
Aramco’s performance continued to anchor sentiment after the company reported adjusted net income of $104.7 billion for 2025 earlier this week, while net profit fell 12.1 percent year on year to $93.39 billion, compared with $106.25 billion in 2024, as lower crude prices weighed on earnings despite higher sales volumes across oil, gas and refined products.
On a March 10 earnings call, Aramco CEO Amin Nasser warned that prolonged disruption in the Strait of Hormuz could have severe implications for global energy markets. Roughly 20 percent of the world’s oil normally passes through the waterway each day, but shipments have been largely blocked.
“There would be catastrophic consequences for the world’s oil markets and the longer the disruption goes on ... the more drastic the consequences for the global economy,” he said.
“While we have faced disruptions in the past, this one by far is the biggest crisis the region’s oil and gas industry has faced.”
Saudi equities showed mixed performance in Thursday’s session. The MSCI Tadawul Index fell 5.99 points, or 0.40 percent, to close at 1,476.76.
The Kingdom’s parallel market Nomu gained 132.47 points, or 0.6 percent, to close at 22,370.4, with 38 stocks advancing and 34 declining.
On March 11, the International Energy Agency announced the release of 400 million barrels of oil from its reserves, the largest such move in its history. As part of that, the US said it would release 172 million barrels starting next week.
