- 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%
Khalda Petroleum Company
Khalda Strikes 15 Discoveries in H1 2025/26
Khalda Petroleum Company, a joint venture(JV) between the US-based Apache Corp and the Egyptian General Petroleum Corporation (EGPC), made 15 oil discoveries and bolstered its reserves by approximately 15 million barrels of oil equivalent (mmboe) during the first half (H1) of fiscal year (FY) 2025/26, according to Moataz Atef, Country Chairman and Managing Director. Furthermore, the company met 100% of its oil output target and exceeded its natural gas target by 7%.
Fiscal Year Results
Bapetco Drills 15 Wells in H1 of FY2025/26, Plans Two More in May
Badr El-Din Petroleum Company (Bapetco) drilled 15 new wells using nine rigs in the first half (H1) of Fiscal Year (FY) 2025/2026. This resulted in production of an average of 49,000 barrels of oil equivalent per day (boe/d), 171 million cubic feet of gas per day (mmcf/d), and 18,500 barrels of condensate per day (bb/d), according to Chairman Khaled Abdelsalam.
Egypt Clears Dana Gas Debts, Cuts Partner Arrears to $714 Mn
Dana Gas, the Middle East's largest private natural gas firm, has received a final $20 million payment from Egypt, fully clearing all outstanding arrears, according to the company's statement. This comes as Karim Badawi, Minister of Petroleum and Mineral Resources, revealed that the arrears owed to investment partners in oil and gas production has declined from $6.1 billion in June 2024 to about $714 million by the end of April 2026.
Egypt
New Nile Delta Gas Discovery to Boost production by 50 mmcf/d
The Ministry of Petroleum and Mineral Resources (MoMR) announced a new natural gas discovery in the Nile Delta, with projected production of 50 million cubic feet per day (mmcf/d) following the drilling of the exploratory well (Nidoco N-2) in the West Abu Madi area, co-operated by Italy’s Eni and the UK’s British Petroleum (bp). Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the EDC 56 drilling rig, which executed operations on the well. Nidoco N-2, situated approximately 3 km offshore in shallow waters (depth of ~10m), was drilled from an onshore location utilizing advanced Directional Drilling (ERD) technologies. This strategic approach significantly optimized operational expenditures (OPEX) and enhanced overall process efficiency.
Egypt
Badawi Issues New Leadership Transfers
Karim Badawi, Minister of Petroleum and Mineral Resources, issued a reshuffling of assignments that included the heads of certain companies in the petroleum and mineral resources sector. The aim is to strengthen petroleum sites with the necessary competencies to achieve future objectives and to facilitate the exchange of expertise, according to the Ministry of Petroleum and Mineral Resources (MoPMR).
Oil
Iraq Advances $5bn Basra–Haditha Pipeline with High-Level Oversight Commission
Iraq is moving forward with plans for the $5 billion Basra–Haditha crude oil pipeline, establishing a high-level commission to oversee development of the strategic project.
Egypt
NATGAS Connects 2 Million Egyptian Homes to National Grid
The National Gas Company (NATGAS), a subsidiary of Valmore Holding, has extended natural gas services to over two million households across Egypt, which underscores the company’s sustained growth and its capacity to serve a broad segment of citizens.
investment
Egypt, TotalEnergies Near MoU on Herodotus Gas Exploration
The Ministry of Petroleum and Mineral Resources is advancing negotiations with France’s TotalEnergies over expanded gas exploration in the deep Herodotus Basin of the western Mediterranean, with both sides aiming to finalize a memorandum of understanding (MoU) in the near term. This came in a meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Pascal Brian, Managing Director of TotalEnergies in Egypt and Cyprus, to follow up on ongoing talks about the French company’s expansion in gas exploration activities in Egypt. The discussions, which began earlier this month, focus on TotalEnergies’ interest in operating in the deep Herodotus Basin.
