- 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%
Lukoil assets
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.
Modern Gas
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).
Natural Gas
Türkiye Launches First Offshore Drilling Mission in Somalia
Türkiye has begun the deployment of its deep-sea drilling vessel, Cagri Bey, to Somalia, marking the country’s first offshore exploration mission beyond its own maritime jurisdiction, according to Reuters. Energy Minister Alparslan Bayraktar described the deployment as a landmark step in Türkiye's oil and gas exploration strategy, noting that the vessel is scheduled to begin drilling operations at the Curad-1 well off the Somali coast in April.
Greece
Chevron, HELLENiQ ENERGY Sign Offshore Greece Exploration Leases
Chevron Corporation, the upstream-focused producer, has signed lease agreements with the Hellenic Republic, paving the way for hydrocarbon exploration in four offshore blocks in Greece, in partnership with HELLENiQ ENERGY.
Ganope
Ganope, EPEX Organize Workshop to Promote Red Sea Bid Round
Ganoub El Wadi Petroleum Holding Company (Ganope), in cooperation with the Egyptian Petroleum Exploration Society (EPEX), organized a workshop to promote the 2025 Red Sea International Bid Round, which is scheduled to close on May 3rd, 2026. This comes within the framework of the Ministry of Petroleum and Mineral Resources' strategy to open new investment horizons and expand exploration areas.
IFC
Badawi Highlights Investment Opportunities in Petroleum and Mining to IFC
Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with representatives of the International Finance Corporation (IFC), the private sector arm of the World Bank, investment and financing opportunities within the domains of petroleum refining, petrochemicals, and value-added industries, as well as the mining sector and the exploitation of mineral ores. This came through a meeting which included Ethiopis Tafara, Vice President of the for Africa, and Cheick-Oumar Sylla, the IFC Regional Director for North Africa and the Horn of Africa They also identified potential avenues of cooperation between the Ministry and the IFC, as a key developmental partner for Egypt, to provide financing mechanisms to leverage the refining sector's infrastructure.
Financial Regulatory Authority (FRA)
FRA Mandates Carbon Disclosure and Offsets for Egypt’s Non-Banking Financial Institutions
The Financial Regulatory Authority (FRA) has issued Decision No. 36 of 2026, mandating non-banking financial institutions (NBFIs) to disclose their annual carbon emissions and offset a portion of their footprint. The move, announced on February 15, is a decisive step toward institutionalizing Environmental, Social, and Governance (ESG) standards across Egypt’s financial ecosystem. Under the new regulations, companies with issued capital or net equity exceeding EGP 100 million must submit an annual carbon footprint report. These disclosures must adhere to the measurement standards of international Scope 1 (direct emissions from operations and vehicles) and Scope 2 (indirect emissions from purchased electricity and cooling) . The FRA stipulates that these reports must be verified by accredited bodies and submitted by the end of June 2026, with subsequent filings aligned with each company’s fiscal year-end.
