- 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%
Mina West development wells
Shell Starts 2026 Drilling Program Following Stena IceMAX Arrival
Shell Egypt has announced the commencement of its 2026 Mediterranean drilling campaign following the arrival of the Stena IceMAX drillship. Operated by Stena Drilling, the vessel will execute a multi-well program, starting with the Mina West development wells and the Sirius exploration prospect, followed by the Velox exploration well.
Minister of Petroleum and Mineral Resources Karim Badawi
Badawi, Eni Review Progress of Cyprus Cronos Gas Link to Egypt
Karim Badawi, Minister of Petroleum and Mineral Resources has met with a delegation from Italy’s Eni to review ongoing operations in Egypt including the project to tie in Cyprus’ Cronos gas field to Egyptian gas and liquefaction facilities. The delegation included Diego Portoghese, Head of North Africa and Levant, Francesco Gaspari, General Manager of the International Egyptian Oil Company (IEOC), Eni’s Egyptian subsidiary, and Mahmoud Abou El-Yazid, Deputy General Manager of Eni in Egypt.
PetroFarah
Western Desert Discoveries Add 34 mmcf/d of Gas and 5,200 bbl/d of Crude
Four petroleum sector companies have successfully made new discoveries in the Western Desert, yielding a total estimated production of over 5,200 barrels per day (b/d) of crude oil and condensates, alongside approximately 34 million cubic feet per day (Mmcf/d) of natural gas.
Ras Gharib
UEE Partners with Misr El Kheir to Strengthen Ras Gharib’s Healthcare , Education
United Energy Egypt (UEE) has signed a cooperation protocol with Misr El Kheir Foundation to support healthcare services and launch the UEE Technical and Vocational Education Center in Ras Gharib, as part of its commitment to advancing sustainable development and empowering local communities The cooperation includes the development of the blood bank, emergency unit, and radiology unit at Ras Gharib Central Hospital, aiming to enhance the quality and efficiency of healthcare services provided to citizens.
Petronas
PETRONAS Launches Malaysia Bid Round 2026, Offering Nine Exploration Blocks
Through Malaysia Petroleum Management (MPM), Petronas has officially launched the Malaysia Bid Round 2026 (MBR 2026) under the theme “Advantaged Energy: Accelerating and Shaping Tomorrow,” as part of efforts to reinforce Malaysia’s standing as a leading destination for upstream investment.
Libya
Eni, QatarEnergy Secure Offshore Block O1 in Libya’s 2025 Licensing Round
Through a consortium, Eni and QatarEnergy have won the offshore exploration License O1 as part of Libya’s National Oil Corporation (NOC) 2025 competitive bid round, further consolidating the their upstream footprint in the country.
Egypt
Italian Energy Players Eye Opportunities in the Egyptian Market
Minister of Petroleum and Mineral Resources, Karim Badawi, met with Agostino Palese, the Italian Ambassador to Cairo, to discuss ways to enhance cooperation between the two countries in the oil and gas sector and to follow up on the implementation status of petroleum projects in which Italian companies operating in Egypt are involved.
cash flow
bp Reports $3.4 Bn Loss in Q4 2025 and Suspends Share Buybacks
The British energy company, bp, reported a loss for the fourth quarter (Q4) 2025 worth $3.4 billion, a significant decline from the $1.2 billion profit recorded in the third quarter. Following these results, the board has decided to suspend share buybacks and fully allocate excess cash to accelerate the strengthening of the company’s balance sheet, according to a press release by the company.
