- 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%
Lebanon
TGS to Rehabilitate Lebanese Natural Gas Network
Egypt's Technical Gas Services Company (TGS) has secured a contract to repair and rehabilitate Lebanon's natural gas infrastructure, marking a significant export of Egyptian technical expertise to the Levant. The project, signed in the attendance of Prime Minister Mostafa Madbouly, targets the restoration of a 30-kilometer, 24-inch-diameter pipeline and its associated facilities to stabilize Lebanon’s volatile energy supply, according to a statement by the Cabinet.
Signing
Algeria Grants PETROJET $1.1Bn Contract for Hassi Bir Rkaiz Field Development
The state-owned Petroleum Projects and Technical Consultations Company (PETROJET), has signed a general contractor agreement for Phase Two of Algeria's Hassi Bir Rkaiz field development project. The contract, valued at around $1.1 billion, covers works in the El Oued–Ouargla region, located about 130 kilometers east of Hassi Messaoud in southern Algeria.
MOU
Egypt to Import Crude Oil from Algeria to Enhance Energy Security
The Egyptian General Petroleum Corporation (EGPC) and Algeria's state-owned energy giant, Sonatrach, signed a Memorandum of Understanding (MoU) to establish an institutional framework for Egypt’s purchasing Algerian crude oil, according to a statement by the Ministry of Petroleum and Mineral Resources(MoPMR). According to the statement, the agreement aims to secure the needs of the domestic market and enhance the flexibility and sustainability of the supply chain.
Cheveron
Chevron to Launch Exploration Operations Offshore Malta
US Chevron announced on May 5 its entry into the Maltese energy sector to explore for natural gas and oil, marking a strategic expansion into a territory situated between established Mediterranean producers Libya, Italy, and Tunisia. The move aims to unlock potential in a nation that currently lacks domestic production, according to Reuters.
Eni
Eni Restarts Oil Lifting from Venezuela to Recover Gas-Related Depts
Eni resumed receiving Venezuelan crude shipments in April as a form of payment for natural gas produced in the country, a move to gradually recover outstanding debts owed by the government, according to Reuters.
reservers
Global Oil Stocks Fall at Fastest Pace in Eight Years: Goldman Sachs
Global oil stocks are shrinking at a pace not seen in nearly eight years, with Goldman Sachs warning on May 4 that stocks could fall from 101 days of demand to 98 days by the end of May. The Days of Demand metric represents the number of days the world could continue to consume oil at current rates using only existing inventories if all production were to stop. Oil prices rose by around 6% on Monday after Iran reportedly targeted several vessels in the Strait of Hormuz and a fire broke out at a UAE oil port, according to Reuters.
refining
ExxonMobil Eyes Expanded Lubricants and Synthetic Greases Investments in Egypt
Minister of Petroleum and Mineral Resources, Karim Badawi, met with Dan Moore, Global Vice President of Lubricants at ExxonMobil, to discuss means of strengthening cooperation with the US oil and gas giant in the production, distribution, and marketing of high-performance synthetic greases. The meeting further reviewed potential collaboration opportunities in petroleum refining, in line with the Ministry’s plans to modernize and improve refinery efficiency, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR)..
China’s SANY Group
Esmat Advances Local Wind Turbine Manufacturing Plans
Mahmoud Esmat, Minister of Electricity and Renewable Energy, met with Alexei Ba, Regional Director of SANY Group, a Chinese company that operates in manufacturing renewable energy equipment, to discuss and follow up on plans to establish a plant in Egypt to manufacture wind turbines. The project under discussion include wind power generation with a total capacity of 2,000 megawatts (MW), using locally produced equipment.
