- Crude Oil (WTI) 91.22 USD/bbl -0.89%
- Crude Oil (Brent) 94.97 USD/bbl -2.35%
- NYMEX Natural Gas 2.98 USD/MMBtu 2.05%
- OPEC Basket Price 98.50 USD/bbl 0.21%
South East El Moghra
EGPC Launches South East El Moghra Block Bid Round
Egypt’s Egyptian General Petroleum Corporation (EGPC) is promoting the South East El Moghra exploration block in the Western Desert as part of its 2026 international bid round, with bids due by November 11, 2026, at noon Cairo time, according to the Egypt Upstream Gateway (EUG). The EUG said that South East El Moghra offers companies an opportunity to explore “new upstream potential” in Egypt’s Western Desert.
mining sector
Egypt Showcases Diverse Mineral Wealth at Africa Down Under Conference
Egypt has an estimated 3 billion tons of geological phosphate resources, Karim Badawi, Minister of Petroleum and Mineral Resources, said during a session at the Africa Down Under Mining and Energy Conference in Perth, Australia, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Speaking during a session titled “Invest in Egypt,” attended by Australian and international mining companies and financial institutions, Badawi outlined Egypt’s strategy to develop an integrated mining industry spanning exploration and extraction through processing, manufacturing, related industries, and exports. The strategy aims to increase the mining sector’s contribution to gross domestic product (GDP), he said.
Contract
Eni Becomes Operator of Venezuela’s Giant Junín-5 Oil Field
Italian energy company Eni has signed a 25-year production contract with Venezuela’s state-owned oil company PDVSA to develop the giant Junín-5 heavy oil field in the Orinoco Belt, taking exclusive operatorship of the project. Under the new Contrato de Participación Productiva de Hidrocarburos (CPPH), Eni will assume full responsibility for the field’s technical, financial, and commercial management. The contract can be extended beyond its initial 25-year term.
Shell
bp to Sell Brazilian and Gulf of Mexico Exploration Assets to Shell
bp has agreed to sell exploration stakes in Brazil’s Santos Basin and the Gulf of America to Shell, while retaining operatorship of both assets as part of its portfolio optimization strategy.
Egypt
Badawi Invites Global Firms to Egypt’s Mining Sector Opportunities
On the sidelines of his participation in the Africa Down Under Mining and Energy Conference in Perth, Australia, Karim Badawi, Minister of Petroleum and Mineral Resources, with chairmen and executives of several major Australian, Chinese, and South African mining companies to discuss opportunities for attracting new investments into Egypt’s mining sector, particularly in gold and mineral exploration activities, and to capitalize on the investment opportunities that Egypt continuously offers under the open-sector mechanism.
ARC
Shell Completes $16.5 Bn Acquisition of ARC Resources
Shell has completed its acquisition of ARC Resources, adding 370,000 boe/d of production and strengthening its long-term growth and cash flow outlook.
mining sector
Badawi Highlights Egypt’s Mining Reforms at Africa Down Under Conference
Egypt had introduced practical measures over less than two years to prepare the mining sector for increased investment and turn the country’s geological potential into clearer and more investment-ready opportunities, said Karim Badawi, Minster of Petroleum and Mineral Resources, at the Africa Down Under mining and energy conference in Perth, Australia.
China
Egypt, China Reaffirm Energy Cooperation as President Xi Jinping Visits Cairo
Egypt and China reaffirmed their commitment to strengthening cooperation in the energy sector, including renewable energy projects, as Chinese President Xi Jinping began a state visit to Egypt on September 1–2, 2026, marking the 70th anniversary of diplomatic relations between the two countries. The two presidents praised continued successful cooperation on major projects in infrastructure, transportation, energy, manufacturing, space, and technology, according to a joint statement issued following their official talks.
