- Crude Oil (WTI) 84.43 USD/bbl -0.30%
- Crude Oil (Brent) 91.85 USD/bbl 0.26%
- NYMEX Natural Gas 2.79 USD/MMBtu 0.36%
- OPEC Basket Price 89.57 USD/bbl 2.38%
operational results
Petrosalam Targets Higher Crude Oil Output After Reaching 2,547 bbl/d
Petrosalam achieved average daily crude oil production of 2,547 barrels per day (bbl/d) and recorded 1.6 million safe working hours, according to Chairman Abdel Hamid Hussein Gewaily. This came during the general assembly meetings of the company, chaired by Egyptian General Petroleum Corporation (EGPC) CEO Salah Abdel Kerim, to approve its operational results during FY 2025/26.
EGPC CEO Salah Abdel Kerim
Suez Oil Company Increased Proven Reserves by 3.9 mmbbl
Suez Oil Company (SUCO) increased its proven reserves by 3.9 million barrels (mmbbl) of oil and improved drilling efficiency by cutting drilling time from 80 days to 49 days during fiscal year (FY) 2025/26. The company also reduced chemical costs by 50% without affecting production, according to a statement by the Egyptian General Petroleum Corporation (EGPC).
Applied Technology School for Mining
Egypt to Establish First Mining and Phosphate Technology School
Karim Badawi, Minister of Petroleum and Mineral Resources; and Hanan Magdy, New Valley Governor, witnessed the signing of a cooperation protocol to establish the Misr Phosphate International School of Applied Technology in Kharga City. The school will be specializing in mining and phosphate ores, targeting the graduation of 100 skilled technicians annually to support the expansion of the mining and mineral-processing industries.
Petroleum Products
Cabinet Approves Egyptian-Emirati Oil and Gas Free Zone in New Alamein
The Cabinet has approved the establishment of a special free zone for Fujairah Alamein Oil and Gas Company in New Alamein City, Matrouh Governorate, under Cabinet Decree No. 65 of 2026. The new free zone, covers about 737,915 square meters, will be dedicated to the storage and trading of petroleum products and crude oil.
energy
Korra Energi Posts Fivefold Jump in H1 2026 Contracts
Korra Energi, a leading Egyptian provider of energy efficiency solutions and contracting services, secured EGP 5.1 billion in new contracts during the first half (H1) of 2026—a massive leap from EGP 1.1 billion in the corresponding period of 2025, noted a company disclosure to the Egyptian stock market. More significantly, Foreign currency-denominated contracts accounted for 45% of new contract value in H1 2026, bolstering foreign exchange reserves and easing international project obligations.
Venezuela
US Becomes Top Destination for Venezuelan Oil Following Sanctions Relief
About half of Venezuela’s oil production is now being exported to the United States (US), Reuters reported, quoting US Energy Under Secretary, Kyle Haustveit, highlighting the rapid shift in Venezuela’s crude trade following Washington’s easing of restrictions on the country’s oil sector. Haustveit’s comments point to the US becoming the dominant destination for Venezuelan crude as production and exports recover and US refiners increase their purchases of the heavy oil.
Aramco
Aramco, Maaden to Form JV for Mineral Exploration in Saudi Arabia
Aramco and Maaden have signed an agreement to establish a 51%-49% joint venture focused on exploring copper and other energy transition minerals across a 182,000-square-kilometer zone in Saudi Arabia, using AI and advanced computing to accelerate mineral discoveries.
Chevron
Equinor Enters Namibia With 17.4% Stake in Orange Basin Block
Norway’s Equinor has signed an agreement with Harmattan Energy Limited, a Chevron subsidiary in Namibia, to acquire a 17.4% participating interest in Petroleum Exploration Licence 90 (PEL 90) in the Orange Basin offshore Namibia.
