- Crude Oil (WTI) 101.43 USD/bbl 0.01%
- Crude Oil (Brent) 114.11 USD/bbl -1.27%
- NYMEX Natural Gas 2.82 USD/MMBtu 3.68%
- OPEC Basket Price 115.21 USD/bbl -1.74%
Shadwan Wind Energy
Cabinet Grants Golden Licenses for Two 900-MW Wind Power Projects
The Cabinet has approved granting golden licenses to two companies developing wind power projects with a combined capacity of 1.8 gigawatt (GW) in the Gulf of Suez and Ras Shukeir areas, as part of efforts to expand renewable energy capacity and attract private investment.
Chevron
TotalEnergies Acquires Stakes in 26 Chevron-Operated US Offshore Exploration Blocks
TotalEnergies has acquired a 25% working interest in 26 Chevron-operated offshore exploration leases in the United States, expanding its Gulf of Mexico exploration portfolio and strengthening its partnership with Chevron, according to an October 28 company announcement. The leases are located 150 to 250 kilometers offshore and comprise 24 blocks in the Green Canyon area and two in Walker Ridge. The blocks target established geological plays, while the companies did not disclose the financial terms of the transaction.
renewable energy
Scatec Secures $217 Mn Financing for Egypt’s Dandara Solar Project
Scatec, a leading renewable energy solutions provider, has secured $217 million in financing for the first phase of Dandara solar and battery storage project in Egypt and is starting construction of the power plant. The first phase includes a 569-megawatt (MW) solar plant and 100-megawatt-hour (MWh) battery system that will supply renewable electricity to Egyptalum. Commercial operations are expected to begin in the first half of (H1) 2028.
Eni
Eni Restarts Production at Venezuela’s JunÃn-5 Oil Field
Italian energy company Eni has resumed operations at Venezuela’s JunÃn-5 heavy oil field, less than two months after signing a new production agreement with the Venezuelan government, the company said on October 28.
Cyprus
Baker Hughes Wins Subsea Equipment, Services Contract for Cypriot Cronos Gas Project
Baker Hughes has secured a contract from Italian energy company Eni to supply subsea production equipment and services for the deepwater Cronos natural gas development offshore Cyprus, with the award recorded in the third quarter of 2026, the US energy technology company said on October 28.
China
PetroChina Net Profit Rises 21.6% YoY in Q3 2026
PetroChina, Asia’s largest oil and natural gas producer, reported a 21.6% year-on-year increase in net profit for the third quarter of 2026, reaching 51.84 Bn yuan ($7.78 Bn), Reuters said on October 28.
LNG
US Regulator Proposes New Rules to Accelerate LNG Projects
The US Pipeline and Hazardous Materials Safety Administration (PHMSA) has proposed new rules to accelerate liquefied natural gas (LNG) project development, expand export capacity, and reduce costs, as part of the Trump administration’s efforts to speed up energy infrastructure development, US Transportation Secretary Sean Duffy said on October 28, according to Reuters.
renewable energy
India Seeks $220 Bn Clean Energy Investments to Meet 2030 Target
India needs approximately $220 Bn in clean energy investments over the next three years to expand renewable power generation and grid infrastructure and meet its target of 500 gigawatts (GW) of non-fossil fuel capacity by 2030, Reuters reported on October 28, citing Santosh Kumar Sarangi a senior official at India’s renewable energy ministry.
