- 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%
Egypt
Mubadala Acquires 15% Stake in Egypt’s Nargis Offshore Concession
Mubadala Energy finalized the acquisition of a 15% stake in Egypt’s Nargis Offshore Concession from Eni. This move reinforces the company’s position in the East Mediterranean and its long-term commitment to Egypt.
MIDOR Reaches Peak Capacity of 170,000 bbl/d
The Middle East Oil Refinery (MIDOR) has officially reached its maximum production capacity following the successful completion of comprehensive maintenance works, marking a strategic shift in Egypt’s energy self-sufficiency goals. Amr Lotfy, Chairman of MIDOR, confirmed that the refinery is currently processing 170,000 barrels per day (bbl/d). During the company’s general assembly to approve the 2025 financial results, chaired by the Minister of Petroleum and Mineral Resources Karim Badawi, Lotfy highlighted several key operational achievements, including the successful restart of production units at 100% capacity.
Egypt
Badawi Chairs Second Preparatory Meeting for EGYPES 2026
The Executive Committee of the Egypt Energy Show (EGYPES 2026) convened its second meeting, chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to oversee preparations for the event’s ninth edition. Held under the patronage of President Abdel Fattah El-Sisi, the conference and exhibition are scheduled to run from March 30 to April 1, 2026.
Türkiye
Türkiye Expands Horn of Africa Ties with Ethiopia Energy Agreement
Türkiye and Ethiopia have signed a memorandum of understanding (MoU) on energy cooperation during President Recep Tayyip Erdogan’s visit to Addis Ababa, marking a step toward deeper collaboration in joint energy projects.
General Assembly
Petrosannan to Invest $40.32 Mn in FY 2026/27
Petrosannan company, a joint venture (JV) between Ukraine’s Naftogaz and the Egyptian General Petroleum Corporation (EGPC), plan to invest around $40.32 million for the upcoming fiscal year, targeting daily production of 4,439 barrels of crude oil and 7.9 million cubic feet (mmcf) of gas, Chairman Ayman Morshedy told the General Assembly that convened to approve plans and budget for fiscal year (FY) 2026/2027.
West Qurna 2
Basra Oil Company gains control over Lukoil's West Qurna2 field
The Iraqi cabinet approved what it described as an “amicable settlement” with Russia’s Lukoil over the transfer of operations at the giant West Qurna 2 oil field to the state-run Basra Oil Company, Reuters reported, citing an official statement. The move follows Baghdad’s decision last month to nationalize the field after the United States imposed sanctions on Lukoil as part of efforts to pressure Moscow over the war in Ukraine. West Qurna 2 is one of the world’s largest oilfields, contributing roughly 0.5% of global oil supply and nearly 10% of Iraq’s total crude output.
Shell
Badawi Inspects Shell's West Mina Gas Field, First Output Expected By End of 2026
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the drilling operations of the first development and production well at the West Mena gas field in the Northeast El Amreya area in the Mediterranean Sea. The field is scheduled to begin initial gas production by the end of this year, adding an estimated 160 million cubic feet per day (mmcf/d) of gas and 1,900 barrels of condensates, said the petroleum ministry on Thursday.
Agreement
Modern Gas to Develop Banan Riyadh Gas Network
Modern Gas has signed an agreement with Talaat Moustafa Group to implement and operate centralized gas networks for the Banan Riyadh residential city in Saudi Arabia. The first phase of the project is valued at SAR 24 million and will span 4 million square meters out of the city’s total 10 million square meters. The project will be executed in partnership with Egyptian FAJR Natural Gas Company and Alexandria Petroleum Maintenance Company (Petromaint).
