- Crude Oil (WTI) 69.23 USD/bbl -3.13%
- Crude Oil (Brent) 73.08 USD/bbl -2.29%
- NYMEX Natural Gas 3.23 USD/MMBtu 0.0%
- OPEC Basket Price 77.37 USD/bbl 0.0%
Cheiron
Genel Energy Secures Egypt Foothold with $360 Mn Capricorn Takeover
Genel Energy, a British oil and gas exploration and production company, is expanding into Egypt through a $360 million all-cash acquisition of Capricorn Energy, a strategic move aimed at diversifying beyond its disruption-prone oil assets in Iraqi Kurdistan, as reported by Reuters. Capricorn Energy is an oil and gas explorer, developer, and producer with operations in several locations across the world, including Egypt’s Western Desert.
Natural Gas
Badawi, Al Jaber Discuss Expanding ADNOC Investments in Egypt
Minister of Petroleum and Mineral Resources, Karim Badawi, met Sultan Al Jaber, UAE's Minister of Industry and Advanced Technology and the CEO of Abu Dhabi National Oil Company (ADNOC) Group, to discuss increasing ADNOC investments in gas exploration and production activities in Egypt, while also expanding business opportunities for Egyptian engineering and construction companies, particularly ENPPI and Petrojet, in the UAE market. The two sides reviewed the activities and plans of Arcius Energy, an ADNOC-BP joint venture, in Egypt. Arcius is targeting higher natural gas production through exploration programs, field development projects, and existing producing assets.
Marfaa
Petroleum Minister Tours PETROJET’s UAE Oilfield Infrastructure Project
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected a Petroleum Projects and Technical Consultations Company (PETROJET) infrastructure project site during an official visit to the United Arab Emirates (UAE), according to a ministry statement. The visit highlights the petroleum sector's strategy to expand the international footprint of Egyptian contractors across key regional energy markets. Badawi reviewed project progress and met with PETROJET’s Egyptian workforce. He was briefed on the company’s engineering, procurement, and construction (EPC) work on the WAVE C3A project.
LNG Project Engineering Procurement Construction (EPC) Regional Energy Markets
Badawi Visits ENPPI Gas Project in Abu Dhabi
At the start of his official visit to Abu Dhabi, Karim Badawi, Minister of Petroleum and Mineral Resources, visited the Engineering for the Petroleum and Process Industries (ENPPI) project site in Habshan to review the work firsthand. The minister reviewed the project implemented by ENPPI in cooperation with The Petroleum Projects and Technical Consultations Company (PETROJET) as part of an Egyptian consortium for Abu Dhabi National Oil Company (ADNOC).
Electricity Tariffs
Madbouly Rules Out Immediate Fuel Price Cuts, Signals Possible Q1 FY 2026/27 Reduction
Speaking at the government's weekly press conference, Prime Minister Mostafa Madbouly said Egypt's Automatic Fuel Pricing Committee will review fuel prices in the first quarter of the 2026/27 fiscal year and may either keep current prices or reduce them. Until then, prices will remain unchanged.
oilfield
Maridive Returns to Black in Q1 2025 on Higher Revenues, Leaner Cost Base
Maridive & Oil Services delivered a financial rebound in the first quarter of 2026, returning to profitability on the back of higher revenues and disciplined cost control.
Khaled Hashem
UNDP Backs Egypt’s Industry with 200 MW Solar Initiative
The Solar Energy Transition in Industries (SETI) initiative, backed by the United Nations Development Programme (UNDP), was the focus of a meeting between Khaled Hashem, Minister of Industry, and Chitose Noguchi, UNDP Resident Representative in Egypt. The program seeks to deploy 200 megawatts of rooftop solar capacity across 20 state‑owned industrial facilities through the Independent Power Producer (IPP) model, supported by a $150 million UNDP credit line.
Minster of Petroleum and Mineral Resources Karim Badawi
UAE’s AIQ in Talks to Launch AI Platform for Egypt’s Petroleum Sector
The Ministry of Petroleum and Mineral Resources (MoPMR) is considering establishing a joint venture with UAE AIQ to act as a specialized platform for artificial intelligence (AI) applications across the petroleum sector. This was announced during a meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Dennis Jol, CEO of AIQ, according to MoPMR’s statement on July 1.
