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
Saudi POS spending climbs 11% to $4.3bn in early March as retail activity broadens
RIYADH: Saudi Arabia’s total point-of-sale transactions rose 11 percent to SR16.1 billion ($4.3 billion) in the week ending March 7, with most sectors seeing positive weekly change.
According to the latest data from Saudi Central Bank, the number of transactions increased 7.4 percent to 226.2 million.
Spending on education saw the biggest uptick at 39.4 percent to SR130.7 million, followed by jewelry, which increased by 35.8 percent to SR693.11 million.
Expenditure on clothing and apparel saw an rise of 31.7 percent to SR2.5 billion, and spending on pastries posted an 18 percent increase. Hotel outlays dropped by 11 percent to reach SR334.83 million.
Spending in pharmacies on medical supplies was up 2.6 percent to reach SR261.06 million, while spending on medical services saw a 9 percent increase to SR579.33 million.
Expenditure on food and beverages rose 7.5 percent to SR2.5 billion, while spending on restaurants and cafes increased by 14.7 percent to SR1.4 billion.
The sharpest drop in spending occurred in freight transport, postal and courier services, which fell by 30.9 percent. This decline followed major disruptions in the region after the closure of the Strait of Hormuz, triggered by the ongoing armed conflict involving the US, Israel, and Iran.
Prior to the hostilities, this category had seen a 50 percent increase in the week ending Feb. 28 — the last day before the hostilities began, leading to the strait’s shutdown, causing significant disruptions in logistics and oil shipments across the region.
The Kingdom’s key urban centers mirrored the weekly surge.
Riyadh, which accounted for the largest share of total POS spending, saw a 10 percent surge to SR5.35 billion, up from SR4.86 billion the previous week.
The number of transactions in the capital reached 69.6 million, up 5.9 percent week on week.
In Jeddah, transaction values increased 17.6 percent to SR2.34 billion, while Dammam reported a 7.9 percent increase to SR743.65 million.
POS data, tracked weekly by SAMA, provides an indicator of consumer spending trends and the ongoing growth of digital payments in Saudi Arabia.
The data also highlights the expanding reach of POS infrastructure, extending beyond major retail hubs to smaller cities and service sectors, supporting broader digital inclusion initiatives.
The growth of digital payment technologies aligns with Saudi Arabia’s Vision 2030 objectives, promoting electronic transactions and contributing to the Kingdom’s broader digital economy.
