- Crude Oil (WTI) 77.08 USD/bbl -1.70%
- Crude Oil (Brent) 82.38 USD/bbl -1.60%
- NYMEX Natural Gas 2.66 USD/MMBtu -0.37%
- OPEC Basket Price 76.97 USD/bbl -0.48%
QatarEnergi
Egypt, ExxonMobil Launch Implementation of Cyprus Gas Tie-Back Deal
Egypt has taken the first steps toward implementing a recently signed memorandum of understanding (MoU) with ExxonMobil and QatarEnergy to study connecting the companies' gas discoveries offshore Cyprus to Egypt's natural gas infrastructure for re-export, the Ministry of Petroleum and Mineral Resources (MoPMR) said on August 6.
Financial Results
Harbour Energy's Revenues Jump 20% in H1 of 2026
Harbour Energy, an independent energy company, generated $6.4 billion in revenue during the six-month period ending June 30, 2026, representing a 20% increase compared to the same period of 2025. Harbour Energy also recorded a rise in adjusted profit after tax amounting to $562 million in H1 0f 2026, up from $410 million in H1 of 2025. This was mainly driven by record production resulting from strong operational execution and higher oil and European natural gas prices, according to the company's release on August 6.
exploration
AngloGold Expands Gold Exploration in Egypt’s Eastern Desert
Denver-based major gold mining firm AngloGold Ashanti expects to resume exploration at its Nugrus and Najd blocks in Egypt's Eastern Desert in the third quarter (Q3) of 2026 after halting work in March. The company’s H1 exploration report cited “an undisclosed incident” as the reason for the suspension, without providing further details. Moreover, AngloGold completed evaluation (desktop and technical field reviews) across four regional targets, Wadi Alam, Wadi Khariga, Abu Fanani and Kab Alabyad, and is conducting an ongoing assessment of the Little Sukari project, located about 27 kilometres (km) east of the operating Sukari gold mine within the Nugrus Block. The project is treated as a priority near‑mine target because it closely mirrors the main Sukari deposit and could supply low‑cost ore to the existing processing plant, potentially saving hundreds of millions in infrastructure spending.
Al Baraka field
Mediterra Investment Restarts Al‑Baraka Drilling After Four‑Year Pause
Backed by new investments from Canada's Mediterra Energy, Egypt has resumed drilling operations at the Baraka oil field, at the Kom Ombo Concession, following a four-year suspension, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Karim Badawi, Minister of Petroleum and Mineral Resources, visited the oil field operated by the South Valley Egyptian Petroleum Holding Company (Ganope) to review the restart of drilling and workover operations. The resumption of operations follows the arrival of the first drilling rig in the area and the pumping of new investments by Canada's Mediterra Energy, the concession's investment partner, to implement a program to rehabilitate several production wells and restore them to production.
White House
White House Set to Extend Jones Act Waiver to Ease Gasoline Prices
The White House is expected to extend a temporary waiver of the century-old Jones Act in the coming days as part of efforts to curb US gasoline prices, Reuters cited sources familiar with the matter, while President Donald Trump intensifies pressure on ExxonMobil and Chevron, accusing the oil majors of earning "enormous profits."
crude oil
Sinopec Boosts Russian Oil Purchases Amid Middle East Supply Shortfall
Multiple trade sources and vessel-tracking data show China state-owned Sinopec, the world’s largest refiner, stepping up purchases of Russian Far East crude to offset disruption in Middle Eastern supplies caused by the US-Israeli war on Iran, according to Reuters.
Oil Exports
Gulf Oil Exports Steady in July, Still 40% Below Pre-War Levels
Crude oil and condensate exports from the Gulf remained broadly stable in July 2026, at around 10.7 million barrels per day (bbl/d), although shipments were still approximately 40% below the pre- US-Iran-war levels, underscoring the continued impact of regional conflict on global energy flows, according to Reuters citing tanker tracking data from Kpler and Vortexa.
Sukari Gold Mine
Sukari Mine Hits 232,000 oz Gold Output in H1, On Track for 2026 Target
Sukari Gold Mine, jointly owned by the US-based AngloGold Ashanti and the Egyptian government, produced 232,000 ounces (oz) of gold in the first half of 2026, keeping production firmly on track to meet its full‑year target of 500,000 ounces. That target would match the record output achieved in 2025. Moreover, output of the mine, the largest in Egypt and the whole MENA region, is set to rise sharply in the second half of the year as operations move into higher‑grade ore zones, boosting volumes and reinforcing Sukari’s position as one of the region’s leading gold producers, noted a press release by AngloGold.
