Category: 3. Business

NICOSIA, Cyprus — A consortium made up of ExxonMobil and partner Qatar Energy International has made a second natural gas discovery beneath the seabed south of Cyprus, the government said Monday, a find that bolsters the region’s potential as an energy exporter.

New natural gas discoveries in the eastern Mediterranean could help Europe lessen its dependence on Russian hydrocarbons by diversifying its energy supply and help buttress a budding energy partnership between Cyprus, Greece and Israel, said John Sitilides, a senior fellow at the Foreign Policy Research Institute and geopolitical strategist at Trilogy Advisors in Washington.

“Washington and Brussels would be wise to support this hydrocarbon network to develop a greater measure of critical energy independence for Europe’s hopeful re-industrialization,” Sitilides said.

Cypriot government spokesman Konstantinos Letymbiotis said in a written statement that the ExxonMobil’s vice president, John Ardill, briefed Cypriot President Nikos Christodoulides about the discovery at the Pegasus-1 well during a teleconference.

The well was discovered about 190 kilometers (118 miles) southwest of Cyprus at a depth of 1,921 meters (6,302 feet) of water. No estimates of the quantity of natural gas were given. The statement said more assessments will be conducted in the coming months to evaluate the results.

The ExxonMobil-Qatar Energy consortium holds exploration licenses for two areas — or blocks — inside Cyprus’ exclusive economic zone. In 2019, the consortium discovered the Glaucus-1 well inside the same Block 10 where the Pegasus-1 well is located. Cypriot authorities say Glaucus-1 is estimated to contain 3.7 trillion cubic feet of gas.

Overall, Pegasus-1 is the sixth natural gas deposit to be discovered inside Cyprus’ economic zone in the last 14 years. Other deposits include the Zeus, Cronos and Calypso wells, which lie inside Block 6 that is operated by a consortium made up of Italy’s Eni and Total of France. Cronos is estimated to hold 3.1 trillion cubic feet of gas and Zeus 2.5 trillion cubic feet. Calypso is still being evaluated.

The Eni-Total consortium holds exploration licenses for four blocks.

The earliest field to be discovered, Aphrodite, is estimated to hold 5.6 trillion cubic feet of gas. The field is inside Block 12, which is operated by a consortium made up of Chevron, NewMed Energy and Shell.

Agreements with Egypt foresee gas from the Cronos and Aphrodite fields to be sent to Egypt via a pipeline for either domestic use or to be processed at Egyptian facilities for export to Europe and other markets.

Cyprus’ Energy Minister George Panastasiou also said that ExxonMobil, Eni and Total could partner up to jointly develop their gas deposits found in close proximity to each other.

Jaguar Land Rover has said its sales have dropped by 15.1% over the three months to June, partly because of the threat of US tariffs.

The Coventry-based car manufacturer, which also has sites in Solihull and at i54 near Wolverhampton, paused shipments to the US in April after President Trump’s administration introduced new tariff plans.

It said the drop in sales was also partly due to the planned wind-down of older Jaguar models.

In April, the US government said it would launch an additional 25% tariff on car imports, but it later came to a deal with the UK and JLR restarted exports in May.

JLR said its retail sales were down by 94,420 units over the three months to June and wholesale sales dropped by 10.7% to 87,286 units compared with a year earlier.

The US said its tariff on car imports was intended to encourage more car production within the country.

The deal it reached with the UK was to introduce a lower 10% tariff for the first 100,000 UK-manufactured cars imported into the US each year.

UK cars imported to the US beyond this threshold will, however, face a 27.5% tariff.

The car firm said on Monday that wholesale sales in North America dropped by 12.2% year-on-year when it paused shipments.

However, wholesale sales in the UK saw a bigger fall, by a quarter, because of the “planned cessation of the legacy Jaguar models”.

Jaguar stopped selling new cars in the UK late last year to allow it to shift production to new electric models, which are set to go on sale in 2026.

At the time the import tariffs were first announced, Prof David Bailey of Birmingham Business School said one in four JLR cars were sent to the United States.

He said it was the premium and luxury cars which sold especially well there and the US was the second biggest market for the UK’s industry after the European Union.

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The first malaria treatment suitable for babies and very young children has been approved for use.

It’s expected to be rolled out in African countries within weeks.

Until now there have been no approved malaria drugs specifically for babies.

Instead they have been treated with versions formulated for older children which presents a risk of overdose.

In 2023 – the year for which the most recent figures are available – malaria was linked to around 597,000 deaths.

Almost all of the deaths were in Africa, and around three quarters of them were children under five years old.

Malaria treatments for children do exist but until now, there was none specifically for the very youngest babies and small children, who weigh less than 4.5kg or around 10lb.

Instead they have been treated with drugs designed for older children.

But that presents risks, as doses for these older children may not be safe for babies, whose liver functions are still developing and whose bodies process medicines differently.

Experts say this has led to what is described as a “treatment gap”.

Now a new medicine, developed by the drug company Novartis, has been approved by the Swiss authorities and is likely to be rolled out in regions and countries with the highest rates of malaria within weeks.

Novartis is planning to introduce it on a largely not-for-profit basis.

The company’s chief executive, Vas Narasimhan, says this is an important moment.

“For more than three decades, we have stayed the course in the fight against malaria, working relentlessly to deliver scientific breakthroughs where they are needed most.

“Together with our partners, we are proud to have gone further to develop the first clinically proven malaria treatment for newborns and young babies, ensuring even the smallest and most vulnerable can finally receive the care they deserve.”

The drug, known as Coartem Baby or Riamet Baby in some countries, was developed by Novartis in collaboration with the Medicines for Malaria Venture (MMV), a Swiss-based not-for-profit organisation initially backed by the British, Swiss and Dutch Governments, as well as the World Bank and the Rockefeller Foundation.

Eight African nations also took part in the assessment and trials of the drug and they are expected to be among the first to access it.

Martin Fitchet, CEO of MMV, says this is another important step on the road towards ending the huge toll taken by malaria.

“Malaria is one of the world’s deadliest diseases, particularly among children. But with the right resources and focus, it can be eliminated.

“The approval of Coartem Baby provides a necessary medicine with an optimised dose to treat an otherwise neglected group of patients and offers a valuable addition to the antimalarial toolbox.”

Dr Marvelle Brown, associate professor at the University of Hertfordshire’s School of Health, Medicine and Life Sciences, says this should be seen as a major breakthrough in saving the lives of babies and young children.

“The death rate for malarial infections, particularly in sub-Saharan Africa is extremely high – over 76% of deaths occur in children under five years old.

“Increase in death from malaria is further compounded in babies born with sickle cell disease, primarily due to a weak immune system.

“From a public health perspective, Novartis making this not-for-profit can help with reducing inequality in access to healthcare.”