- Crude Oil (WTI) 83.09 USD/bbl -0.04%
- Crude Oil (Brent) 88.74 USD/bbl 0.26%
- NYMEX Natural Gas 2.80 USD/MMBtu 1.45%
- OPEC Basket Price 86.60 USD/bbl 7.42%
Taqa Arabia
TAQA Arabia Consolidated Net Profit Surges 65% in H1 2026
TAQA Arabia, an Egypt-based energy and utility provider, posted a 34% increase in consolidated revenue to EGP 15.46 billion in the first half (H1) of 2026, according to the company’s unaudited standalone and consolidated financial statements disclosed to the Egyptian Exchange (EGX). The company’s consolidated gross profit rose 20% year-on-year (YoY) to EGP 1.56 billion. It also recorded 65% rise in net profit after tax to EGP 577.9 million in H1 of 2026.
Iraq
Iraq Advances Work at Al-Qarnain Oil Discovery
Iraq’s Ministry of Oil has confirmed promising hydrocarbon indications in the Al-Qarnain exploration block in Najaf province, marking a potential addition to the country’s light crude resources as appraisal activities continue.
Bonga South West development
Nigeria Approves New Offshore Oil and Gas Incentives to Attract $50 Bn
Nigeria has introduced a new regulatory and fiscal framework aimed at attracting up to $50 billion in offshore oil and gas investments and accelerating delayed projects, including Shell’s $10 billion Bonga South West development.
Baker Hughes
Baker Hughes Wins Multi-Year KOC Contract for Ahmadi Valley
Baker Hughes has secured a multi-year contract from Kuwait Oil Company (KOC) to accelerate technology innovation in Kuwait’s upstream oil and gas sector through the Ahmadi Innovation Valley (AIV). Under the agreement, Baker Hughes will serve as a key technology collaborator for AIV, focusing on the development and deployment of scalable, fit-for-purpose technologies aimed at optimizing oil production and flow assurance while addressing KOC’s broader technology priorities.
oil production
EIA: 600,000 bbl/d of Middle East Oil Output May Remain Offline Through 2027
The EIA expects around 600,000 b/d of Middle East oil production to remain shut in through the end of 2027, despite a gradual recovery in regional output and Hormuz flows from September. The assessment comes as disruptions to shipping through the Strait of Hormuz and attacks on energy infrastructure have significantly reduced oil production across the region, tightening global supply and pushing crude prices to multi-year highs. According to the EIA’s August Short-Term Energy Outlook (STEO), around 5.5 million barrels per day (mmbbl/d) of Middle East oil production was shut in during July, equivalent to more than 5% of global oil consumption.
MoPMR Launches Bid Rounds for 14 Oil, Gas Exploration Blocks
Ministry of Petroleum and Mineral Resources (MoPMR) has launched its 2026 international bid round, offering 14 oil and natural gas exploration blocks to international and Egyptian companies, as part of efforts to attract investment and increase domestic production, Karim Badawi, Minister of Petroleum and Mineral Resources, said.
Egypt
Egypt Targets 20% Increase in Exploration and Production Activities in 2026
Egypt targets a 20% increase in exploration and production activities in 2026, alongside refinery upgrades, new gas processing capacity, and digital initiatives aimed at boosting domestic output, reducing imports, and attracting investment.
production
Dana Gas’ Egypt Production Grows 7% YoY in H1 2026
Dana Gas’ Egypt oil production rose to 13,300 barrels of oil equivalent per day (boe/d) in the first half (H1) of 2026 marking a 7% year-on-year (YoY) hike compared to its level a year earlier. Also, its latest drilling campaign in Egypt identified an estimated 10 billion cubic feet (Bcf) of gas resources, exceeding the original predictions of 3 Bcf and thus could support an additional 12 Bcf of gas resources across the license area once developed, according to a statement by the UAE-based natural gas company.
