- Crude Oil (WTI) 98.05 USD/bbl -0.45%
- Crude Oil (Brent) 108.83 USD/bbl -0.42%
- NYMEX Natural Gas 3.22 USD/MMBtu 0.0%
- OPEC Basket Price 108.62 USD/bbl 0.57%
Gulf Keystone Petroleum
Gulf Keystone-Shamaran $601mn merger to create major Iraqi Kurdistan oil producer
Gulf Keystone Petroleum, a London-listed oil producer, will merge with Norway's Shamaran Petroleum in an all-share deal valued at $601mn, creating one of the largest oil producers in Iraq's Kurdistan Region, Gulf Keystone said on October 20, according to Reuters.
Mediterranean Oil and Gas Conference and Exhibition (MOC 2026).
Egypt Adds 591 Wells to Production, Records 113 Discoveries in Two Years
Egypt brought 591 new wells into production and made 113 discoveries from the period of July 2024 to June 2026, said Karim Badawi, Minister of Petroleum and Mineral Resources, at the opening ceremony of the Mediterranean Oil and Gas Conference and Exhibition (MOC 2026). This came as part of a broader initiative to bolster domestic production and offset the natural decline in field output, alongside expanding exploration activities, developing existing fields, and refining investment models to encourage the influx of new capital, Badawi noted.
MDC
Saipem and MDC Partner to Boost Oil and Gas Cooperation in Egypt
Italian energy services company Saipem and Egypt’s Modern Drilling Company (MDC) signed a memorandum of understanding (MoU) to expand cooperation in oil and gas activities. The signing took place during the Mediterranean Offshore Conference and Exhibition (MOC 2026), held in Alexandria from October 20 to 22. The MoU was signed by Alessandro Puliti, Saipem CEO; and Tamer Salah, MDC Chairman and Managing Director.
Chevron
Egypt, Cyprus Initial Aphrodite Gas Project Financial Agreement
Egypt’s Ministry of Petroleum and Mineral Resources and Chevron have initialed a financial framework agreement for the project to connect Cyprus’ Aphrodite gas field to Egypt’s gas infrastructure, marking another step toward developing the cross-border gas link. The agreement was initialed by Mohamed El-Bagoury, Head of the Central Department for Legal Affairs at Egypt’s Ministry of Petroleum and Mineral Resources, and Javier La Rosa, Chevron’s President of Base Assets and Emerging Countries (BAEC), in the presence of Karim Badawi, Egypt’s minister of petroleum and mineral resources, and Michael Damianos, Cyprus’ minister of energy, commerce and industry.
crude oil
Aramco Sells Eight High-Sulfur Fuel Oil Cargos for November Loading
Saudi Aramco has sold eight cargoes of high-sulfur fuel oil for November loading through a tender on a free-on-board (FOB) basis, according to Reuters. The cargoes range from 80,000 to 100,000 tons each. Five are scheduled to be loaded from Jubail, while the remaining three will be loaded from Ras Tanura.
Freight
Asian Refiners Shift to Smaller Tankers as Crude Shipping Costs Soar
Asian oil refiners are turning to smaller tankers, securing vessels through long-term charters, and buying Middle Eastern crude on a delivered basis to contain feedstock costs as oil shipping rates hover near record highs, Reuters reported. The adjustments reflect mounting pressure on crude procurement economics as tanker shortages and rising security risks around the Strait of Hormuz drive up freight costs.
Eni
Eni Launches Start-Up Activities for 100 mmcf/d Meleiha Gas Project in Egypt
Italy's energy major Eni has launched start-up activities at the Meleiha Phase 2 (MP2) project in Egypt’s Western Desert, introducing gas-processing capacity of up to 100 million standard cubic feet per day (mmcf/d) as the company develops a new gas hub in the Merged Meleiha concession, according to a press release by Eni.
electricity supply
Qatar Proposes LNG Supply Agreement, New Power Plants for Lebanon
Qatar plans to build two power plants in Lebanon over the next three years and establish a 20-year liquefied natural gas (LNG) supply agreement as part of a proposal to revive the country's struggling electricity sector, Reuters reported, citing a document dated October 2026.
