- 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
EGPC Transitions to Performance-Based Contracting in well drilling deals
The Egyptian General Petroleum Corporation (EGPC) concluded a two-day forum to discuss the strategy for transitioning to "Performance-Based Contracting Models"(PBC) in oil well drilling deals. PBC is a procurement model based on linking payment directly to measurable outcomes and predefined service levels, rather than the traditional way, where companies were simply paid for the hours worked and the materials used. This shift is part of the roadmap to achieve the ambitious goals of the state’s five-year plan, which prioritises doubling production rates to secure Egypt’s energy needs through the adoption of advanced contractual mechanisms that keep pace with global developments.
crude oil
Petrobel Brings Belayim Offshore 133 Well Online at 1,500 bbl/d
Petrobel, the joint venture between Eni and the Egyptian General Petroleum Corporation (EGPC), has started production from the Belayim Offshore 133 well in the Gulf of Suez at an initial rate of 1,500 barrels of crude oil per day (bbl/d), with further potential to optimize output in the near term, according to the Ministry of Petroleum and Mineral Resources (MoPMR).
West Qurna 2
Chevron in Exclusive Talks to Acquire West Qurna 2 Oilfield in Iraq
Chevron has begun exclusive negotiations with Iraq over the massive West Qurna 2 oilfield, bringing it closer to taking over the asset from Russian producer Lukoil, which is under sanctions.
Refining Plan
ASORC Plans Refining 4.2 mmt Crude oil in FY 2026/27
Assiut Oil Refining Company (ASORC) targets refining 4.2 million tons (mmt) of crude oil during fiscal year (FY) 2026/27, ASORC Chairman Issa Alaq stated during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the FY 2026/27 investment plan.
Egypt
CPC Plans EGP 1.2 Bn Investments in FY 2026/27
Cooperation Petroleum Company (CPC) investment plan details a total of EGP 1.2 billion investments in fiscal year (FY) 2026/27, CPC’ Chairman, Mostafa El Sayed, noted. This came during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the FY 2026/27 investment plan.
exploration and production
Capricorn Energy Production Rates Hits 20,024 boe/d in 2025
UK-listed Capricorn Energy PLC reported 2025 production in Egypt of 20,024 barrels of oil equivalent per day (boe/d), exceeding the midpoint of its 17,000–21,000 boe/d guidance. By year's end, the company's recorded rise in production rates to 21,003 boe/d, supported by new development wells drilled since July 2025 and the expanded waterflood program at the Badr El Din (BED) field, according to the company’s operational and trading update released on February 24.
Saipem
Saipem Wins Additional Offshore Pipeline Contract in Saudi Arabia
The Italian contractor, Saipem, has secured an additional offshore contract in Saudi Arabia under its existing Long-Term Agreement with the energy major, Saudi Aramco, the company said. The award, structured as a Contract Release Purchase Order (CRPO), covers the engineering, procurement, construction, and installation (EPCI) of a 48-inch trunkline at the Safaniya oil field, one of the world’s largest offshore oil fields.
Egypt
Fitch Solutions: Egypt’s Natural Gas Production to Rise 8% YoY in 2026
Fitch Solutions expects Egypt’s annual natural gas production to increase by 8% Year-on-Year (YoY) in 2026, reaching 46.6 billion cubic meters (bcm) compared to 2025. This growth follows a production decline during the previous year, as production was 43.1 bcm, according to a Cabinet statement.
