- 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%
Enoc
ENOC Seeks to Expand Emirati Oil and Gas Investments in Egypt
Karim Badawi, Minister of Petroleum and Mineral Resources, met with a delegation from the state-owned Emirates National Oil Company (ENOC), headed by its CEO, Hussain Sultan Lootah and Abdulkarim Almaazmi, CEO of Dragon Oil, a subsidiary of ENOC, to discuss opportunities for expanding Emirati investments in Egypt’s oil and gas sector. The two sides agreed to form a joint working team to develop an executive program for expanding UAE's investments in Egypt’s petroleum sector and to study available opportunities in aviation fuel supply, exploration, and production,supporting the strategic partnership between the two countries and opening new horizons for growth and investment.
Minister of Petroleum and Mineral Resources Karim Badawi
Badawi Reviews EGAS Projects Following New Discoveries
Karim Badawi , Minister of Petroleum and Mineral Resources, met with leaders from the Egyptian Natural Gas Holding Company (EGAS) ) to review the progress for ongoing projects as well as future plans across various natural gas value chain.
recovery
Hormuz Shipping Recovery Likely Weeks Away, Mitsui CEO Says
Shipowners are expected to delay resuming transit through the Strait of Hormuz for several weeks until they are assured that the recently announced US -Iran agreement is effectively implemented on the ground, according to the CEO of Japan’s Mitsui O.S.K. Lines, Jotaro Tamura talks to the Financial Times, Reuters reported.
Renewable projects
EU to Finance €690m Upgrade of Egypt’s Grid to Boost Renewables
Egypt and the European Union (EU) are strengthening their strategic partnership in renewable energy through a financing package of up to €960 million to upgrade and expand Egypt’s electricity transmission network.
Taqa Arabia
Qalaa Signals Potential 55% Control of TAQA Arabia by 2029
Qalaa Holdings, a leading MENA‑focused investment company, announced that its ownership stake in TAQA Arabia could rise from 6.2% currenlty to more than 55% by 2029 if it exercises its rights to purchase additional shares from other TAQA Arabia shareholders, according to a disclosure to the Egyptian Exchange (EGX)..
Iraq
Iraq Seeks One-Year Extension of Kirkuk-Ceyhan Pipeline Agreement
Iraq has formally requested Türkiye to extend the existing Kirkuk-Ceyhan oil pipeline agreement for at least one year, as both sides continue negotiations on a new long-term accord, according to Ali Nizar, head of the State Organization for Marketing of Oil (SOMO).
oil and gas
PM Reviews Financial Allocations for Egypt’s Petroleum Supply
Prime Minister Mostafa Madbouly met with Ahmed Kouchouk, Minister of Finance, and Karim Badawi, Minister of Petroleum and Mineral Resources, to review the status of financial allocations required to secure the country's needs for various petroleum products. The meeting was also attended by senior officials from both ministries and the Egyptian General Petroleum Corporation (EGPC).
Khalda Petroleum
Egypt Adds 12,000 bbl/d in Western Desert Output in Two Weeks
As part of its strategy to boost domestic oil and gas output, the Egyptian oil and gas sector has added roughly 12,000 barrels per day (bbl/d) of crude oil and condensates to Western Desert production over the past two weeks, the Ministry of Petroleum and Mineral Resources (MoPMR) announced in a statement. This comes as Khalda Petroleum Company, a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and US-based Apache, has achieved a significant production leap by adding more than 10,000 bbl/d of crude oil and condensates in just two weeks. In a related effort to maximize output from state-owned assets, the General Petroleum Company (GPC) has achieved its highest production levels since October 2024, with total output reaching around 74,500 barrels of oil equivalent per day (boe/d)
