- Crude Oil (WTI) 96.16 USD/bbl 2.27%
- Crude Oil (Brent) 101.00 USD/bbl 1.60%
- NYMEX Natural Gas 2.79 USD/MMBtu -3.13%
- OPEC Basket Price 107.46 USD/bbl 6.27%
Egyptian General Petroleum Corporation (EGPC)
Cabinet Allows Production to Continue at Expiring Petroleum Development Areas
Egypt’s Cabinet approved a Ministry of Petroleum and Mineral Resources request to continue production from petroleum development areas where contracts have expired or are nearing expiry, aiming to maintain current production levels.
Energean
Energean Records 45% Rise in H1 2026 Profit
Energean plc, a London-based independent exploration and production company, reported a 45% year-on-year increase in profit after tax to $160 million during the first half (H1) of 2026, according to the company’s latest results. Free cash flow rose 35% year-on-year to $250 million, while net debt declined by $97 million in the second quarter (Q2) of 2026. The company’s net receivables also fell 64% to $75 million following $226 million in collections, reaching their lowest level since 2020.
China
Sinopec: China’s Oil Demand to Fall 8.9% in 2026
China’s oil demand is expected to decline by 600,000 barrels per day (bbl/d), or 8.9%, in 2026, marking the third consecutive annual contraction, according to research from the China Petroleum & Chemical Corporation (Sinopec) research arm, as weaker gasoline and diesel consumption accelerates a structural shift in the world’s largest oil-importing market.
Gasco
Badawi: Egypt Secures Gas Supply for Second Straight Summer
Egypt has succeeeded in securing natural gas supplies during the summer electricity consumption peak for the second consecutive year, maintaining stable deliveries to power plants and industrial facilities amid record electricity demand exceeding 40,000 MW.
Oil Pries
Oil Prices Surpass $100 amid Supply Concerns
International oil prices climbed above $100 per barrel on September 9 for the first time since July as escalating military confrontations involving Iran, the US, and Houthi forces intensified concerns over global oil supplies. Brent crude rose 2.1% to above $100 per barrel after the latest escalation in the conflict, including US strikes on Iranian tankers and Houthi attacks on Saudi Arabian cities and energy infrastructure. Brent has surged more than 60% since the start of 2026, breaching the $100 mark three times this year and underscoring global markets’ vulnerability to Middle East turmoil. The latest spike reflects mounting anxiety over the security of oil transit routes, particularly the Strait of Hormuz, through which a significant share of world crude normally flows.
EGPC
Energean to Invest $150Mn to Consolidate Egyptian Assets, Boost Exploration
Energean , a London-based independent exploration and production company, is advancing the consolidation of its Abu Qir, North El Amriya (NEA) and North Idku (NI) concessions into a single concession framework, according to the company’s release. This consolidation will support a new investment program of up to $150 million over the next four years to increase production and unlock further development and exploration opportunities in Egypt, Energean said.
Egypt
NATGAS Expands into New 6th of October Industrial Zone
The National Gas Company (NATGAS), a subsidiary of Valmore Holding, announced the commencement of its expansion into the New 6th of October Industrial Zone, where it is developing the natural gas distribution infrastructure serving one of Egypt’s newest and most promising industrial hubs. This expansion reflects NATGAS’ growing role as a partner in developing energy infrastructure across industrial zones.
production
NORPETCO Produces 12,700 b/d, Invests $91.4 Mn in FY 2025/26
North Bahariya Petroleum Company (NORPETCO), an Egyptian oil exploration and production company, drilled 13 wells and produced production of 12,700 barrels per day (b/d), while carrying out $91.4 million in operational, asset enhancement, and facilities development investments during the fiscal year (FY) 2025/26. NORPETCO is a joint venture between EGPC, Sahara North Bahariya (Egypt), Graystone (United States), and INA‑Nafta (Croatia). The company focuses on exploration, development, and crude oil production in the North Bahariya area, contributing to Egypt’s domestic output.
