- 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%
Attracting Investments
Badawi Targets Output Gains with Horizontal Drilling, Hydraulic Fracturing
In a high‑level meeting with senior executives from oil and gas companies, Petroleum and Mineral Resources Minister Karim Badawi announced plans to deploy horizontal drilling and hydraulic fracturing techniques to boost output. Badawi confirmed the ministry’s readiness to apply these advanced technologies after establishing a favourable investment climate and introducing new incentive schemes for exploration and production firms. Badawi highlighted these technologies' proven success in boosting production in other countries.
Russian Oil
US Tightens Sanctions on Iranian, Russian Oil as Waivers Expire
The US will not renew a 30-day sanctions waiver on Iranian oil shipments at sea set to expire this week, while also allowing a similar waiver on Russian oil to lapse over the weekend.
Hassan Allam Utilities
EBRD Funds New Solar, Battery Project in Aswan
The European Bank for Reconstruction and Development (EBRD) has extended a $65 million construction bridging loan to Egypt’s HAU Energy, a Joint Venture between the bank, Hassan Allam Utilities (HAU) and the asset management firm Meridiam, for the development of a new renewable energy project in Benban, near Aswan. The bridging loan, which is a short-term loan to cover the project expenses till the project's financing is secured, will be used to finance the construction and installation of a 200 megawatt (MW) solar photovoltaic (PV) plant and a 120 megawatt-hour (MWh) battery energy storage system (BESS) in Benban, near Aswan, according to an EBRD statement. The project is expected to cut carbon dioxide emissions by up to 280,000 tons annually, marking a significant step in Egypt’s renewable energy expansion. The new facility is designed to strengthen grid stability and reduce reliance on imported fuels, while advancing Egypt’s climate goals under Vision 2030.
Greece
ExxonMobil-Led Consortium to Launch Offshore Drilling in Greece with Stena Drilling
A consortium comprising US oil major ExxonMobil, Energean, and Greece’s leading refiner Helleniq Energy is set to sign a contract with Stena Drilling to initiate exploratory drilling in an offshore block in western Greece, according to the country’s energy ministry, as reported by Reuters.
EGX
Egypt to Temporary list 10 Petroleum Companies in Privatisation Push
Ten petroleum companies are set to be temporarily listed on the Egyptian Stock Exchange (EGX) under the government’s privatisation programme, following a meeting chaired by Prime Minister Mostafa Madbouly with Karim Badawi, Minister of Petroleum and Mineral Resources, and senior officials from the Cabinet and the ministry. The temporary listing gives companies six months to get their paperwork and finances in order before trading starts on their shares. Madbouly emphasised that the decision aligns with the State Ownership Policy, which seeks to expand the private sector’s role across key economic activities. He noted that the temporary listing of petroleum companies is intended to improve performance, enhance competitiveness, and attract new investments. The State Ownership Policy is the strategic framework revealed in 2022 to limit the state’s role in the economy by identifying specific sectors for total or partial divestment to increase private sector participation to 65% of total investments.
meeting
TotalEnergies Eyes Western Mediterranean Gas Potential
Karim Badawi, Minister of Petroleum and Mineral Resources, met with a delegation from France’s TotalEnergies to discuss investment opportunities in the deep waters of the Western Mediterranean, specifically within the Herodotus Basin.
BP
bp Sees Stable Upstream Output, Strong Trading Boost in Q1 2026
bp reported that upstream production in the first quarter (Q1) of 2026 is expected to remain broadly stable compared with the fourth quarter (Q4) of 2025, at 2.344 million barrels of oil equivalent per day (mmboe/d). Within this, gas and low-carbon energy output are projected to edge slightly higher, while oil production may decline marginally due to pricing impacts on entitlement volumes.
Tanmia Petroleum
Badawi Urges Tanmia to Expand Role in Early Production Facilities
Karim Badawi, Minister of Petroleum and Mineral Resources, underscored the importance of maximising the capabilities of Tanmia Petroleum Company in implementing Early Production Facilities (EPFs) to accelerate the addition of wells to the production map and support plans for the development of mature fields. Tanmia, a state‑owned service provider, focuses on EPFs—plants that let new oil and gas fields start producing before full facilities are built. By deploying EPFs, Tanmia helps operators achieve “first oil” more quickly, generate early cash flow, and collect reservoir data while permanent facilities are under construction.
