- 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%
mining sector
Egypt and EBRD Discuss Financing for National Aeiral Survey
Egypt is advancing discussions with the European Bank for Reconstruction and Development (EBRD) to secure financing for a national aerial survey project aimed at mapping the country's mineral potential, according to a statement from the Ministry of Petroleum and Mineral Resources. The talks took place during a meeting between Minister of Petroleum and Mineral Resources Karim Badawi and an EBRD delegation, where both parties explored enhanced cooperation across the petroleum and mining sectors, according to a statement from the Ministry of Petroleum and Mineral Resources (MoPMR).
Shell
Shell Nears $3 Billion Deal to Acquire LLOG Exploration Offshore
Shell, one of the giant global energy companies, is reportedly nearing an agreement to acquire LLOG Exploration Offshore in a transaction valued at over $3 billion. If completed, the deal would significantly expand Shell’s upstream footprint through the addition of one of the largest privately owned oil and gas operators in the U.S. Gulf of Mexico.
Natural Gas Vehicles Company (Cargas)
Arab and African Markets Next Stop for CARGAS
Natural Gas Vehicles Company (CARGAS) is planning to expand into several Arab and African markets through new vehicle conversion centers and modern fueling stations capable of transporting compressed natural gas to areas beyond pipeline networks, according to Chairman Khaled Raslan. The move follows a meeting of Karim Badawi, Minister of Petroleum and Mineral Resources with the company's leaders to discuss regional opportunities. Badawi praised CARGAS’ contribution to Egypt’s natural gas vehicle program, which has reduced gasoline consumption and supported lower import costs. In 2024, CARGAS has converted 258,000 vehicles, cut 44,000 tons of carbon emissions, sold 514 mcm of natural gas , and expanded its fueling network to 336 stations nationwide.
Eni
Eni Discovers Up to 1 Tcf of Natural Gas Offshore Indonesia
Eni has confirmed a significant natural gas discovery at the Konta-1 exploration well in the Muara Bakau Production Sharing Contract (PSC), located approximately 50 kilometers offshore East Kalimantan in Indonesia's Kutei Basin. Early estimates place the gas initially in place at around 600 billion cubic feet (bcf), with the potential to exceed 1 trillion cubic feet (tcf) once additional reservoir segments are assessed.
renewable energy
Scatec Signs Agreements for 1.1 GW Obelisk Hybrid Project in Egypt
Norwegian firm Scatec signed on Monday shareholder agreements with Norfund and renewable energy developer EDF Power Solutions for a partnership in Egypt’s Obelisk hybrid project. The project, located in Nagaa Hammadi near Luxor, includes a 1.1-gigawatt (GW) solar plant and a 100-megawatt (MW) / 200-megawatt-hour (MWh) battery storage system.
Exxon Mobil
Aramco, ExxonMobil to Explore Major Expansion of Samref Refinery
Aramco, ExxonMobil and Saudi Aramco Mobil Refinery (Samref) have entered a Venture Framework Agreement (VFA) to explore a major expansion and upgrade of the Samref refinery in Yanbu, aiming to transform the site into an integrated petrochemical complex. The review will assess potential investments to enhance and broaden production, including lower-emission premium distillates and high-performance chemical products, alongside measures to cut operational emissions through a coordinated reduction strategy.
Natural Gas
WASCO Makes New Gas Discovery in Nile Delta
El Wastani Petroleum Company (WASCO) has drilled the North El-Basant–1 exploratory well in the Delta, uncovering an estimated 15–25 billion cubic feet (bcf) of additional natural gas reserves according to initial test results. WASCO, a joint venture between UAE Dana Gas and the Egyptian Natural Gas Holding Company (EGAS), is currently completing procedures to bring the well onstream, with expected production reaching around 10 million cubic feet per day (mmcf/d), according to the Ministry of Petroleum and Mineral Resources.
Natiral Gas
Egypt Exports New LNG Shipment to Turkey
Egypt exported a new liquefied natural gas (LNG) shipment from the Idku liquefaction plant to Turkey aboard the LNG HARMONY carrier, transporting approximately 150,000 cubic meters (m³) of LNG for Shell Global, according to the Ministry of Petroleum and Mineral Resources.
