- 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%
ADNOC Distribution
ADNOC Distribution’s Net Profit Increases 15.4% in 2025
ADNOC Distribution, the UAE’s largest fuel and convenience retailer, reported a record net profit of $761 million for 2025, marking a 15.4% year-on-year (YoY) increase that exceeded analyst expectations. The performance was driven by disciplined execution of its growth strategy, a significant expansion of its retail network, and sustained earnings momentum across all business verticals.
FY
NOSPCO and PetroZenima to Invest $112.6 Million to Boost Gas and Oil Production
North Sinai Petroleum Company (NOSPCO) has announced an investment budget of $89 million for the upcoming fiscal year (FY), targeting the drilling of three new exploration wells. The plan aims to sustain and increase current production levels, which stand at approximately 60 million cubic feet per day (mmcf/d), as part of the company's five-year production strategy. In a separate session, South Abu Zenima Petroleum Company (PetroZenima) and Malek Petroleum Company (PetroMalek) reviewed their own financial and production plans. Tarek Abdel Fattah, Chairman of PetroZenima, presented an investment budget of $23.6 million for the FY 2026/2027. The focus will be on accelerating exploration across promising geological areas within their concessions.
Contract
KOC awards SLB $1.5 Bn Mutriba field contract
Kuwait Oil Company (KOC) has awarded the global oilfield services firm, SLB, a five-year integrated contract worth about $1.5 billion for the next phase of development at Kuwait’s Mutriba oil field. The contract covers design, development and production management work and builds on SLB’s existing subsurface studies of the Mutriba field. It includes development of high-pressure, high-temperature reservoirs with sour conditions, expanding SLB’s scope as the project moves into more technically complex stages.
Petronas
QatarEnergy, Petronas Sign 20-year LNG Supply Deal
QatarEnergy has entered into a long-term agreement with Malaysia’s state energy firm, Petronas, to supply two million tons of liquefied natural gas (LNG) annually for 20 years. The sales and purchase agreement, scheduled to begin in 2028, marks the first long-term LNG supply partnership between the two national energy giants.
bonds
Saudi Aramco Completes $4 Bn Multi-tranche Bond Sale
Saudi Aramco, one of the world’s largest integrated energy and chemicals companies, has completed a $4 billion bond issuance across four tranches under its Global Medium Term Note Program, the company said, underscoring its strategy to optimize its capital structure while maintaining financial discipline.
Kuwait
Kuwait Expects Durra Field Bid Rounds to Launch this Year
Kuwait expects to launch tenders this year for the long-delayed development of the Durra oil and gas field, a major offshore project to be developed in cooperation with Saudi Arabia, Kuwait’s Oil Minister Tariq Al-Roumi said.
PPC
PPC to Invest EGP 16 Bn in Pipeline Modernization in FY 2026/27
The Petroleum Pipelines Company (PPC), a state-owned company specialized in transporting crude oil and its products between production fields, refineries, and distributors, plans to implement EGP 16 billion projects aimed at developing, replacing, and enhancing the efficiency of Egypt’s national pipeline network, Haggag Kilany, PPC Chairman, said during a meeting chaired by Minister of Petroleum and Mineral Resources Karim Badawi to approve the company's 2026/27 budget. Badawi stressed the importance of increasing capital expenditure to modernize the pipeline infrastructure of crude oil and refined products, thereby strengthening network reliability, capacity, and operational resilience.
General Assembly
CORC Plans to Invest EGP 679 Mn in 2026/27
The Cairo Oil Refining Company (CORC), Egypt’s largest refining entity, plans to invest EGP 679 million in local manufacturing projects during the 2026/27 fiscal year (FY). CORC Chairman Tarek Abdel Latif announced the target during a general assembly meeting held to approve the company’s investment budget. During the meeting, Cahired by Minister of Petroleum and Mineral Resources Karim Badawi, Abdel Latif highlighted CORC's role in deepening local industry through its specialized manufacturing workshops. These facilities, equipped with modern machinery, serve as a critical pillar for the national refining sector by providing essential equipment and technical services to sister companies.
