- 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%
Badawi: Egypt to Fully Settle IOC's Dues by June 2026
Egypt is working to settle all its outstanding dues to international partners in the oil and gas sector by the end of June, according to Karim Badawi, Minister of Petroleum and Mineral Resources. Badawi pointed out that the Ministry of Petroleum and Mineral Resources (MoPMR) has been working to gradually reduce the dues from about $6.1 billion on 30 June 2024 to $1.3 billion currently, with the necessary coordination in place to fully settle them by 30 June 2026. This comes in implementation of President Abdel Fattah El-Sisi’s directives to accelerate the settlement of partners’ dues, thereby strengthening confidence and encouraging the investment needed to increase domestic oil and gas production, and consequently reduce the import bill, noted a MoPMR statement.
Egypt
Renergy Group Plans $1 Bn Hyperscale Green Data Center in Sinai
Renergy Group has expressed interest in setting up a $1 billion hyperscale green data center in the El Tor area, Sinai Governorate. The facility will be integrated into the group’s broader $17 billion hybrid renewables project, according to a statement by the Ministry of Investment and Foreign Trade. This came during a meeting between Mohamed Farid Saleh, Minister of Investment and Foreign Trade and Robert Falk, CEO of Renergy Group Consortium, to discuss developments in the hybrid renewables project. Combining green hydrogen, solar power, and energy storage batteries, as well as a hyperscale green data center, the project is Egypt’s largest green energy plant.
Equinor
Equinor Makes New Oil Discovery in Barents Sea
Norway’s Equinor and its partners Vaar Energi and Petoro have announced a new oil discovery in the Norwegian sector of the Arctic Barents Sea. The find is located around 16 km from the Johan Castberg field, one of Norway’s key offshore developments in the region.
Petrojet
PETROJET’s New Contracts Rise to EGP 121 Bn in FY 2025
The Petroleum Projects and Technical Consultations Company (PETROJET) secured local and international contracts with a total value of EGP121 in Egypt and international markets in 2025, compared to EGP 112 billion in 2024, Chairman Waleed Lotfy told the company’s general assembly meeting. Lotfy said the company continued to strengthen its position as a global contractor for project execution despite global and regional challenges, geopolitical volatility, and exceptional conditions affecting the contracting industry.
KPC
Macquarie Pulls Out of Kuwait Pipeline Bid as Gulf Tensions Rise
Australia’s Macquarie Group has pulled out of a planned bid for a stake in Kuwait’s oil pipeline network, in a deal valued at up to $7 billion, according to sources familiar with the matter, as geopolitical tensions weigh on investor sentiment in the Gulf.
FY 2025 results
ENPPI Secures $1.34 Bn in FY2025 Contracts
The Engineering for the Petroleum and Process Industries Company (ENPPI) signed contracts worth $1.34 billion in 2025, with nearly 97% of these deals coming from overseas projects, said Chairman Khaled Ibrahim during the general assembly meeting convened to approve the company’s fiscal year (FY) results in 2025. He explained that ENPPI carried out several major projects, including a pipeline project for ADNOC Onshore stretching nearly 500 kilometers, supporting the efficiency of the energy transportation system and enhancing operational safety. One of the most significant contracts was in the United Arab Emirates (UAE) to execute a liquefied natural gas (LNG) treatment plant project for ADNOC.
Oil Exports
Gulf Oil Exports Plunge Over 60% as Hormuz Disruptions Force Output Cuts
Daily oil exports from the Middle Eastern Gulf have fallen sharply amid ongoing disruptions linked to the US -Iran war, with flows dropping by more than 60% in the week ending March 15 compared to February levels, according to shipping data and industry estimates.
Eni
Eni Expands Libya Portfolio with Two New Offshore Gas Finds
Eni has announced two new natural gas discoveries offshore Libya following a recent exploration campaign, reinforcing its position as a leading international operator in the country. The discoveries were made in two adjacent structures, Bahr Essalam South 2 (BESS 2) and Bahr Essalam South 3 (BESS 3).
