- 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%
BP
BP Weighs UK North Sea Asset Divestment in $2.69 Billion Deal
British Petroleum (bp) is in talks with Ithaca Energy, a North Sea oil and gas operator and producer, regarding the sale of its UK North Sea assets in a deal worth nearly $2.69 billion, according to Reuters.While negotiations failed to reach a final agreement in recent weeks, the company continues to explore other options for the assets and could pursue a transaction with other interested parties. This deal is part of bp's ongoing plan to review and optimize its asset portfolio. Last month, a Bloomberg report said bp was considering the sale of some or all of its UK North Sea operations.
Egypt
Badawi, Global Mining Executives Discuss Gold Investment Opportunities
Karim Badawi, Minister of Petroleum and Mineral Resources, met senior executives from leading international mining companies to explore new investment opportunities in gold exploration. The talks come as Egypt advances legislative and regulatory reforms designed to streamline procedures and attract greater investment into the mining sector, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
gas
EGAS, Chevron Set September Deadline on Aphrodite Gas Deal
Egypt and Cyprus are moving closer to finalising the technical and commercial agreements to connect Cyprus’s Aphrodite offshore natural gas field to Egypt's infrastructure. The project aims to transport the field’s production to Egypt for processing and re-export, maximizing Egypt’s role as a regional hub for energy trade and exchange, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Karim Badawi, Minister of Petroleum and Mineral Resources, met with Scott Childers, Director of Strategic Assets and Emerging Markets at Chevron, the operator of the Cypriot field, along with an accompanying delegation, to follow up on preparatory procedures for the natural gas development and production project.
Eastern Desert
Egypt Opens NE Esh El Mallaha Block for Bidding Via EUG
The Ministry of Petroleum and Mineral Resources (MoPMR) has opened bidding for the NE Esh El Mallaha Block in the Gulf of Suez region, starting June 3 and up to August 3, through the Egypt Upstream Gateway (EUG) under its Open Blocks Licensing Program (OBLP). The program offers 49 blocks throughout the year to ensure continuous access to investment opportunities, EUG said in a statement.
EGPC
Green Oilfield: EGPC’s New Initiative to Raise Environmental Performance
The Egyptian General Petroleum Corporation (EGPC) has launched an initiative to develop the environmental performance across its affiliated companies. The EGPC Green Oilfield initiative aims to transition companies from basic environmental compliance to a mature risk-management system while enhancing site readiness to meet regulatory requirements, according to an EGPC statement.s.
Oil Prices
Russia’s Oil and Gas Tax Revenue Rises 32.4% in May on Higher Oil Prices
Russia’s oil and gas tax revenue rose by 32.4% year-on-year (YoY) in May to 678.9 billion roubles ($9.3 billion), supported by higher global oil prices amid escalating tensions in the Middle East, according to data released by the Russian Finance Ministry and cited by Reuters.
Egypt
Egypt Cabinet Imposes VAT on Natural Gas, No Impact on Households
The Egyptian Cabinet approved a draft law that cancelled the exemption of natural gas from the value-added tax (VAT), making it subject to a table tax of EGP 20 per 1,000 cubic feet (cf). This comes as part of a wider plan to increase state revenues and widen the tax base.
LNG imports
Egypt’s US LNG Imports Halve in May
Egypt's liquefied natural gas (LNG) imports from the US declined to approximately 300,000 metric tons (mt) in May, nearly half its typical monthly intake of around 600,000 mt, Reuters reported, citing maintenance work at major US ports.
