- Crude Oil (WTI) 72.07 USD/bbl +1.27%
- Crude Oil (Brent) 76.00 USD/bbl +1.40%
- NYMEX Natural Gas 2.32 USD/MMBtu +6.14%
- OPEC Basket Price 76.06 USD/bbl -0.41%
Regulatory approval
ADNOC–Covestro Deal Gets Final Green Light in Germany
The Abu Dhabi National Oil Company (ADNOC), through its international investment company XRG P.J.S.C., announced on November 21 the receipt of the final outstanding regulatory approval needed for its €14.7 billion acquisition of German chemicals producer Covestro. The final clearance, granted by the German Federal Ministry for Economic Affairs and Energy, means all closing conditions are now satisfied, and the transaction is expected to be finalized within days.
ELNG Hosts Safety Day, Showcases 17 Million Safe Work Hours Record
The Egyptian Liquefied Natural Gas (ELNG) celebrated surpassing 17 million safe working hours without lost-time injuries as it held its annual Safety Day at its headquarters in Idku. The event, which focused on boosting a safe work culture among its employees, was inaugurated by Yassin Mohamed, First Undersecretary of the Ministry of Petroleum and Mineral Resources (MoPMR) and supervisor of Safety, Occupational Health, Environment, Energy Efficiency, and Climate.
Eni
UK Energy Companies Eye Petrochemical, oil, SAF Investments in Egypt
British companies, including BP, Shell, Harbour Energy, and Capricorn show increased interest in Egypt with an obvious commitment to inject substantial investments into is evident of the appeal of Egypt’s energy investment landscape, said Karim Badawi, Minister of Petroleum and Mineral Resources, during his meeting with Mark Bryson-Richardson, the British Ambassador to Cairo, and his accompanying delegation, on November 20. The Minister also highlighted Egypt's growing role as a regional gas and oil trading hub, which receives significant quantities of gas, particularly those expected from Cypriot fields, that can be directed to value-added industries. He also reviewed the ongoing mutual projects in the oil, gas, petrochemical, and mining sectors.
SLB, MoPMR Host Workshop to Advance AI in Exploration and Production
Ministry of Petroleum and Mineral Resources (MoPMR) organized the second workshop about the applications of Artificial Intelligence (AI) in oil and natural gas Exploration and Production (E&P), in cooperation with SLB. The attendees included Ehab Ragaee, First Undersecretary for Production Affairs at the Ministry of Petroleum and Mineral Resources (MoPMR), and Mohamed Radwan, Vice Chairman of South Valley Egyptian Holding Company for Petroleum (GANOPE) for Agreements and Exploration, and Director of the Egypt E&P Gateway, alongside several company chairmen, exploration managers, and representatives of foreign partners.
Oil
Egypt Makes New Offshore Oil Discovery in Gulf of Suez
Ministry of Petroleum and Mineral Resources announced a new offshore oil discovery in the Gulf of Suez after drilling the NER-1X well. Production is expected to begin within days at about 3,000 bbl/d, using the existing Al-Fanar platform to reduce development costs.
West Qurna 1 oilfield
Wood Secures Major EPC Contract at Iraq’s West Qurna 1 Field
Wood, a UK-based consulting and engineering company, has secured a new contract to manage Engineering, Procurement, and Construction (EPC) services for PetroChina at the West Qurna 1 oilfield in southern Iraq.
Lukoil-Owned Teboil Shuts Stations in Finland Due to US Sanctions
Finnish petrol station operator Teboil, owned by Russian Lukoil, announced on November 19 that it is preparing to shut down all of its stations in the Nordic country, as reported by Reuters. The decision comes as fuel supplies run out amid US sanctions imposed on its parent company. The decision comes as fuel supplies run out amid US sanctions imposed on its parent company. Teboil is the first Lukoil-owned international business to publicly confirm it will close down as a direct result of the sanctions.
LNG
Aramco Seals 17 Major US Agreements Worth Over $30bn
Oil giant Saudi Aramco has made over $30 billion in 17 Memoranda of Understanding (MoUs) and agreements with major companies in the US during a visit to Washington by the Saudi Crown Prince Mohammed bin Salman. The deals span LNG, financial services, advanced materials manufacturing, and procurement partnerships.
