- 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%
Scatec
Norway's Scatec to Invest $5 Bn in Egypt Over Next Two Years
Norwegian renewable energy company Scatec plans to invest up to $5 billion in Egypt over the next two years across several fields, including renewable energy-powered desalination, green data centers, solar and wind projects, battery energy storage systems (BESS), and infrastructure supporting the green transition, according to the Cabinet’s statement. The investment plans were revealed during a meeting of Prime Minister Mostafa Madbouly with senior Scatec executives to review the status of projects being implemented in Egypt.
Karim Badawi
Badawi Attends Hydraulic Fracturing Job at Bapetco BED‑15 Area
A high‑level Egyptian oil and gas delegation led by Petroleum Minister Karim Badawi attended a hydraulic fracturing job carried out by Halliburton in BED‑15 concession, operated by Badr El Din Petroleum Company (BAPETCO), during the minister's visit to the Western Desert. The delegation accompanying Badawi included Salah Abdel Kerim, Chairman of the Egyptian General Petroleum Corporation (EGPC); Khaled Abdel Salam, Chairman of BAPETCO; and Amr Azzam, Halliburton Senior Area Manager. Using Halliburton’s hydraulic fracturing technology, the well is expected to begin production by the end of this month.
Egypt
Sisi Approves KWD 300,000 Grant for Egypt-Jordan Power Interconnection Project
President Abdel Fattah El-Sisi has approved a memorandum of understanding (MoU) for a grant worth 300,000 Kuwaiti dinars from the Arab Fund for Economic and Social Development (AFESD) to finance a feasibility study aimed at increasing the capacity of the electricity interconnection line between Egypt and Jordan, according to Al Ahram citing the official Gazette.
oil production
Iraq Launches First Northern Exploration Well Since 1978, Targets 4.3 MMbbl/d
Iraq’s Ministry of Oil has launched drilling operations for a new exploratory well in the northern provinces, marking the first exploration activity in the region since 1978, as part of efforts to expand the country’s hydrocarbon reserves.
oil production
Libya’s Oil Output Nears 1.5 mmbbl/d, Highest Since 2013
Libya’s oil production is approaching the 1.5 million barrels per day (mmbbl/d) milestone, according to the National Oil Corporation (NOC), Libya’s state-owned oil company.
new discovery
BAPETCO to Bring New Western Desert Gas Well Online This Month
Badr El-Din Petroleum Company (BAPETCO), a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Cheiron, plans to start production of a new well in the Badr 15 area in the Western Desert by the end of this month at a rate of around 15 million cubic feet per day (mmcf/d) of natural gas, alongside 500 barrels per day (bbl/d) of condensates, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The update was presented during Karim Badawi, Minister of Petroleum and Mineral Resources, inspection tour of BAPETCO's fields in the Western Desert, where he witnessed hydraulic fracturing operations at the newly discovered well.
EIB
EIB Eyes $152 Mn Investment for Major 500MW Wind Project in Egypt
The European Investment Bank (EIB) is evaluating the financing a renewable energy project in Egypt, which involves the design; construction; and operation of the Niat and Rasgha wind farms, two adjacent utility-scale onshore wind projects located in the Gulf of Suez.
EU Ban on Russian LNG Trading
EU Bans All Russian LNG Trading by EU Operators From 2027
European Union-based companies will be prohibited from trading or marketing Russian liquefied natural gas (LNG) from 2027, regardless of whether the cargoes are destined for the EU or third countries, according to Reuters. The EU letter, sent by the office of EU Energy Commissioner Dan Jorgensen to shipping brokerage and LNG advisory firm Poten and Partners, clarified that the restrictions apply to all Russian LNG transactions conducted by EU operators. "The ban prohibits companies from trading or marketing Russian LNG to third countries as it is not relevant whether the Russian LNG is destined for the EU or not," the letter stated, addressing to Poten and Partners, a shipping brokerage and LNG advisory.
