- Crude Oil (WTI) 84.34 USD/bbl 3.51%
- Crude Oil (Brent) 91.41 USD/bbl 3.13%
- NYMEX Natural Gas 2.70 USD/MMBtu 1.50%
- OPEC Basket Price 85.43 USD/bbl -0.50%
Performance
PetroSilah Reports 8.5 Mn Safe Working Hours in 2025/26
Mohamed Awad, PetroSilah Petroleum Company Chairman and Managing Director, reviewed the company’s performance highlights during the past fiscal year (FY) 2025/26, including achieving 8.5 million safe working hours, fulfilment of its crude oil production plan, completing the drilling of one development well, and commencing drilling operations on a second well. This came during Petrosilah’s general assembly to approve FY 2025/26 results, where the company revealed plans to drill six wells during the current fiscal year, according to a statement by the Egyptian General Petroleum Corporation (EGPC).
operational results
Magawish Petroleum Targets 3.2 mmbbl in Reserves
Magawish Petroleum (Magapetco) plans to increase its reserves to 3.2 million barrels while maintaining strong safety performance, as part of a development strategy with partner Trident Petroleum. The plan includes infrastructure optimization and will be reviewed in September with EGPC and Ganope officials.
Algeria's Sonatrach
Eni, Sonatrach Expand Algeria Cooperation on Oil, Gas Emissions Reduction
Eni and Algeria’s Sonatrach have signed a new Memorandum of Intent (MoI) to expand cooperation on decarbonization initiatives and emissions reduction across Algeria’s oil and gas sector, while promoting the adoption of international industry practices, according to a press release by Eni.
bid round
MRMIA Sets Bidding Deadlines for Nine western Dessert Mining Blocks
The Mineral Resources and Mining Industries Authority (MRMIA) has set closing dates between August 18 and 20, 2026 for bids on nine available mining blocks including phosphate, gold, and talc, located in the Western Desert. Bidding for Ph35 and Ph37 will close on August 18, while Cg73 and Cg74 will close on August 19. Bids for Ea73, Ea74, Ec72, Ph2 and T5 will close on August 20, MRMIA said in a statement.
Egypt
IMF Notes Egypt’s Arrears Settlement Gains, Stresses Effort to Boost EGPC Inflows
The full settlement of arrears owed to international oil companies, together with higher domestic fuel prices, is expected to support Egypt's oil and gas production, improve the Egyptian General Petroleum Corporation (EGPC )'s operating profitability, easing its financial pressures, according to the International Monetary Fund (IMF) report on the results of its seventh review of Egypt's economic reforms. The report directly linked payments to international oil companies with renewed activity in the upstream sector. It noted that, according to Egyptian authorities, clearing the arrears has strengthened incentives for international oil companies to restore production and step up exploration, ultimately boosting domestic output.
silicomanganese
Sinai Manganese Targets 50,000‑Ton Output by 2028
Sinai Manganese Company plans to increase alloy production capacity to 50,000 tons annually by 2028, while advancing new mineral-processing projects to increase local value added and reduce Egypt’s reliance on imports.
UCC
Venezuela Awards Gas License to bp, XRG, and UCC
Venezuela has awarded a license to BP, XRG, and UCC Holding to develop the second phase of the Loran offshore gas field, as Caracas seeks to attract foreign investment and expand natural gas production.
H1 of 2026
Egypt Gas Records 25% Rise in Operating Revenues H1 2026
Egypt Gas reported a 25% year-on-year (YoY) increase in operating revenues to mount to EGP 4.7 billion for the six months ending June 30, 2026, according to the company’s disclosure to the Egyptian Stock Exchange (EGX). The company’s net profit after tax rose to around EGP 234.7 million, marking a 12 % increase from its level in the same period of 2025. The company’s net profit after tax rose to around EGP 234.7 million during the period, compared with approximately EGP 209.2 million in the same period of 2025.
