- Crude Oil (WTI) 84.69 USD/bbl 0.41%
- Crude Oil (Brent) 91.61 USD/bbl 0.22%
- NYMEX Natural Gas 2.78 USD/MMBtu 2.96%
- OPEC Basket Price 87.49 USD/bbl 2.41%
Acquisition
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.
Egypt and Halliburton Target Production Boost via Horizontal Drilling and Fracking
Karim Badawi, Minister of Petroleum and Mineral Resources, has discussed with Halliburton the preparation of technical and economic studies on opportunities to increase oil and gas production across the country, with a focus on horizontal drilling and hydraulic fracturing. Ahmed Helmy, Halliburton ’s Vice President for North Africa said Halliburton has begun preparing specialized studies to identify opportunities in unconventional areas and reservoirs. The company plans to conduct a comprehensive technical and economic study across Egypt over the coming months to determine the most suitable opportunities for horizontal drilling and hydraulic fracturing, taking into account the characteristics and production potential of individual reservoirs.
Restrictions
Russia Reimposes Fuel Sales Restrictions as Gasoline Shortages Return
Fuel shortages have resurfaced across several Russian regions, with authorities tightening gasoline sales controls after renewed drone attacks on refineries disrupted supplies and pushed gasoline sales lower.
renewable energy
Egypt Launches $50 Mn China's Sungrow Energy Storage Plant in SCZONE
Egypt has laid the foundation stone for China's Sungrow $50 million plant to assemble energy storage systems, the first in the Middle East and Africa. Located in the Suez Canal Economic Zone, the plant spans an area of 50,000 square meters (m²) and is expected to have an annual production capacity of 10 gigawatt-hour (GWh) at full operation, with production scheduled to commence in April 2027. It also is expected to create more than 100 jobs, with a focus on employing local workers in manufacturing, production, and technical roles.
Iraq
Iraq-Syria Oil Pipeline Could Cost at Least $15 Bn, Take Four Years to Build
Iraq’s planned crude oil pipeline through Syria is expected to require at least $15 billion in investment and around four years to construct, providing an alternative export route to reduce the country’s reliance on the Strait of Hormuz.
Fujairah
Aramco Reroutes Asian Crude Shipments via Fujairah Amid Hormuz Disruptions
Saudi Aramco is negotiating with Asian refiners to supply Arab Medium and Arab Heavy crude through ship-to-ship transfers off Fujairah, as Gulf producers seek alternative export routes amid ongoing disruptions to the Strait of Hormuz.
investments
ExxonMobil Awards $1.1 Bn in Pre-Investment Contracts for Rovuma LNG Project
ExxonMobil has awarded about $1.1 billion worth of pre-investment contracts for certain upstream equipment for the Rovuma liquefies natural gas (LNG) Phase 1 project, a major natural gas development in the deep waters of the Rovuma Basin offshore northern Mozambique. The awards cover subsea production systems, large-bore production valves and offshore line pipe, and are intended to support the project's progress toward a final investment decision (FID), according to Reuters.
ADES
OSOCO Increases Output to 1.7 mmboe in FY 2025/26
Offshore Shukheir oil Company (OSOCO) has raised production to 1.7 million barrels of oil equivalent (mmboe) during the last fiscal year that is equivalent to an average of 7,100 boe per day, successfully offset the natural decline of mature wells, according to Chairman Mohamed Ali Abdullah. Abdullah, who is also the Chairman of El Mansoura Petroleum, said while reviewing the company's performance during the general assembly meeting which chaired by Salah Abdel Karim, CEO of the Egyptian General Petroleum Corporation (EGPC) to approve OSOCO's results for fiscal year (FY) 2025/2026.
