- Crude Oil (WTI) 82.49 USD/bbl 2.09%
- Crude Oil (Brent) 88.26 USD/bbl 0.80%
- NYMEX Natural Gas 2.91 USD/MMBtu 0.00%
- OPEC Basket Price 83.39 USD/bbl -1.18%
Kirkuk fields
CocoPhilips Acquires 42% Stake in BP Energy Kirkuk
ConocoPhillips announced it has agreed to acquire a 42% stake in BP Energy Kirkuk Limited from BP, supporting the redevelopment of four oil-producing fields in northern Iraq.
Egypt Stocks
ASCOM Reports Surge in 2025 Revenues
ASEC Company for Mining (ASCOM), a regional mining company, reported net profits in both its standalone and consolidated financial statements for the fiscal year ended December 31, 2025.
Jack-Up Rigs
ADES Secures SAR 858 Mn UK, Nigeria Drilling Contracts
ADES International Holding (ADES) secured two offshore drilling contracts in the UK North Sea and Nigeria, totaling approximately SAR 858.3 million. In the UK, ADES signed an agreement with NEO NEXT+ Energy E&P UK Limited to deploy the Shelf Drilling Fortress jack-up rig. ADES is also expanding in West Africa with a contract for the Shelf Drilling Odyssey jack-up rig in Nigeria, awarded by Seplat Energy Producing Nigeria Unlimited.
Qalaa Highlights
Qalaa Holdings: ERC Runs Above Capacity, TAQA Arabia Delivers Growth in 2025
The Egyptian Refining Company (ERC), a leading Egyptian privately owned refinery, continued to run above its nameplate capacity and benefited from stronger refining spreads amid geopolitical volatility in global energy markets during 2025. The refinery posted US dollar‑denominated revenues of EGP 30.7 billion in the fourth quarter of 2025 and reported no outstanding receivables, with EGPC current on all payments, according to a press statement by Qalaa Group, ERC's parent company. The statement also outlined Qalaa’s overall financial performance for the year.
Sanctions
Revised US, Russia Sanctions Bill Sparks Tariff Concerns
US senators have released a sanctions bill targeting Russia, lowering the proposed tariff to 100% from 500% in the previous version in an effort to secure broader congressional support, Reuters reported. However, Democratic lawmakers have expressed concerns over tariff provisions in a bipartisan US sanctions bill targeting Russia, warning that the legislation could expand President Donald Trump's authority to impose tariffs on countries importing Russian oil and natural gas.
Acquisition
ARC Shareholders Approve Shell Acquisition
Canadian ARC Resources announced that its shareholders approved the company’s acquisition by Shell, according to a press release by ARC. Shell announced earlier this year it would buy the Canadian natural gas producer in a $16.4 billion transaction, aiming to strengthen its North American gas portfolio, according to Reuters.
BP
bp Signs Deal to Transfer Most Venture Investments to Verdane
bp has agreed to sell the majority of bp Ventures’ minority investment portfolio to European investment firm Verdane, as part of its strategy to simplify its business and sharpen capital allocation. The transaction, expected to close by the second quarter of 2027, will transfer stakes in more than 10 energy technology companies while allowing bp to retain select investments with strategic value.
reserves growth
EGPC Reviews JV Exploration Progress and Outlines Five‑Year Plan
The Egyptian General Petroleum Corporation (EGPC) hosted a meeting with several exploration managers from joint venture companies (JVs) to review exploration and appraisal activities as well as discuss the petroleum sector’s five-year plan to boost hydrocarbon production and reserves.
