- 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%
EMC
EMC Doubles Operating Profits to EGP 1.57 Billion in 2025
The Egyptian Maintenance Company (EMC) reported exceptional operational and financial results in 2025, with revenues rising by 31% to EGP 16.7 billion, while new contracts increased by 27% to EGP 19.6 billion, according to Mohsen Kotb, the company's chairman. Operating profits more than doubled to EGP 1.57 billion, compared to EGP 700 million in 2024, marking the highest growth rate in the company’s history, Kotb stated during the company’s general assembly.
Egyptian Ministry of Petroleum and Mineral Resources
Elsharkawi: Baker Hughes, MoPMR Partner to Launch Subsurface Gas Storage Projects
Baker Hughes is accelerating its strategic involvement in underground natural gas storage projects in collaboration with the Ministry of Petroleum and Mineral Resources (MoPMR), according to Amro Ismail Elsharkawi, the company’s Country Director. The initiative aims to leverage Egypt's geological potential to enhance the state's capacity as a regional natural gas hub while driving production through advanced digital platforms. Speaking in a recent interview with Petrocast, the MoPMR's podcast, Elsharqawi reported that the company is working directly with the ministry and the Egyptian Natural Gas Holding Company (EGAS) on subsurface storage feasibility.
Cyprus-Aphrodite-Gas-Newmed-EGAS
Egypt to Buy Entire Output of Cyprus’s Aphrodite Gas Field in 15-Year Agreement
The Egyptian Natural Gas Holding Company (EGAS) has signed a 15‑year agreement to buy the entire output of the Cypriot Aphrodite gas field, with an option to extend the deal for an additional five years, Bloomberg reported, adding that the field would start production in about six years EGAS signed the preliminary deal with the companies that operate the Aphrodite project and Cyprus’ state-run oil and gas firm, The Aphrodite partners, and Egypt also agreed on a framework to develop a gas transmission system off the Mediterranean coast, noted the news agency.
meeting
Egypt Taps ALSF Expertise to Strengthen Energy Negotiations and Attract Investment
A delegation from the Ministry of Petroleum and Mineral Resources (MoPMR) met with a delegation from the African Legal Support Facility (ALSF), an affiliate of the African Development Bank, to discuss possible cooperation opportunities between the two sides. ALSF helps African governments negotiate complex commercial deals and manage disputes, especially in energy, infrastructure, and finance. During the meeting, they discussed strategies to strengthen the negotiation skills of the entities affiliated with the petroleum ministry. The meeting also highlighted Egypt’s successful track record in the oil and gas sector as a model for attracting investment and solidifying its role as a regional hub for gas trade
Egypt
Badawi Reviews Future Plans for Egypt Upstream Gateway
Expanding investment opportunities across Egypt’s geological basins was the focus of the meeting that Karim Badawi, Minister of Petroleum and Mineral Resources, held with Egypt Upstream Gateway (EUG). Badawi in particular highlighted the recent agreement between South Valley Egyptian Petroleum Holding (Ganope) and the British bp for Block (6) in the Red Sea, noting that it represents a positive boost to the ongoing bid round, which is scheduled to close in May 2026. The meeting covered future development plans for the platform and was attended by Mohamed Radwan, Ganope Vice Chairman for Agreements and Exploration, and EUG Manager.
US-Iran Ceasefire
Japan to Tap Oil Stockpiles for Additional 20 Days Amid Energy Supply Crisis
Japan is weighing an additional release of approximately 20 days' worth of oil reserves as early as May as the vital Strait of Hormuz remains largely closed despite a fragile two-week ceasefire between the US and Iran, according to Reuters. Japan began releasing oil from its stockpiles on March 16 in coordination with other nations and on its own. The country is making available about 50 days' worth of oil consumption and has asked the International Energy Agency to consider a coordinated release of a second batch, as Reuters reported.
Egypt
Egypt to Add 2,500 MW of Renewable Energy to National Grid in 2026
Egypt will add 2,500 megawatts (MW) of renewable energy to the unified national grid during 2026, strengthening the sustainability and stability of the national electricity system, according to Mahmoud Esmat, Minister of Electricity and Renewable Energy. Esmat highlighted ongoing efforts to improve production efficiency, reduce reliance on fossil fuels, and achieve a balanced energy mix, with a strategic target for renewable energy to meet at least 42% of domestic needs by 2030.
Fiscal Year Results
Cargas Reports 61% Surge in Natural Gas Vehicle Conversions for 2025
The Natural Gas Vehicles Company (Cargas) converted 30,000 vehicles to run on Compressed Natural Gas (CNG) during 2025, marking a 61% increase compared to the previous year, according to Chairman and Managing Director Mohamed Ismail. At this rate, the company accounted for 41% of the total CNG market, backed by its nationwide network of 56 conversion and maintenance centres. The results were announced during the company’s ordinary general assembly meeting, which was convened to approve the fiscal year (FY) 2025 results. The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, alongside leaders from the Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding (EGAS).
