- 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%
Kuwait
Baker Hughes Wins Major KOC Contact to Boost Kuwait Oil Output
Baker Hughes, one of the major innovators, has secured a significant multi-year contract from Kuwait Oil Company (KOC), the state-owned oil company, to deploy advanced artificial lift technologies aimed at enhancing production across Kuwait’s oil and gas fields.
Cheiron
Cabinet Greenlights $208Mn Exploration Agreement in the Western Desert
The Cabinet approved a petroleum concession agreement for the exploration, development, and exploitation in the Integrated Badr El-Din area in the Western Desert. According to a statement by the Cabinet, the agreement includes a minimum investment of approximately $208 million and the drilling of around 44 wells. It targets monthly production of approximately 105,000 barrels of oil and 1.2 billion cubic feet of natural gas.
Agreement
Egypt-Saudi Electricity Link Up Begins Trial Operations in January
Egypt and Saudi Arabia are preparing to launch the first phase of their long-planned electricity interconnection project, with trial operations on the initial line set to begin in the first week of next month, Egypt's Minister of Electricity and Renewable Energy, Mahmoud Essmat, told Asharq Business on December 15 during the ninth edition of the Al-Ahram Energy Conference. The first phase will have a transmission capacity of 1,500 megawatts (MW).
Sanctions
India’s Russian Crude Imports Set to Top 1 mmbbl/d in December Despite Sanctions
India’s imports of Russian crude oil are set to exceed 1 million barrels per day (mmbbl/d) in December, according to trade and refining sources, bucking earlier expectations of a sharp drop as refiners resume purchases from non-sanctioned suppliers offering steep discounts, Reuters reported. Energy trade between India and Russia has remained resilient despite increased Western sanctions, following a recent meeting between Russian President Vladimir Putin and Indian Prime Minister Narendra Modi, where both leaders reaffirmed their commitment to continued cooperation.
a solar power plant
Egypt Kicks Off $220 Mn Solar Production Complex in SCZONE
In the presence of senior government officials and international investors, the foundation stone of ATUM Solar, an integrated manufacturing complex for solar cells, panels, and energy storage systems, was laid on December 17 in the Suez Canal Economic Zone (SCZONE). The project, which has a total investment of $220 million, brings together partners from four countries: China's JA Solar as technical investor, Egypt's AH for Industrial Management, the UAE's Global South Utilities (GSU), and Bahrain's Infinity Capital.
Lukoil
Saudi Midad Energy Eyes $22bn Lukoil Overseas Portfolio
Saudi Arabia’s Midad Energy has become a key contender to acquire the international assets of Russian oil major Lukoil. The assets, estimated to be worth around $22 billion, include oilfields, refineries, and thousands of fuel retail stations across global markets.
Agreement
TotalEnergies to Supply Solar power to Google's Malysia Data Centers
TotalEnergies and Google have signed a 21-year power purchase agreement (PPA) under which Google will receive one terawatt-hour (TWh) of certified renewable electricity from the Citra Energies solar power plant in northern Malaysia, the companies announced. The agreement covers the supply of around 20 megawatts (MW) of solar power from the project, which will be developed in Kedah province and is scheduled to begin construction in early 2026.
Badawi: IOCs Commit to Invest $16.7Bn in Egypt through 2030
Egypt has succeeded in securing $16.7 billion worth of investment commitments from foreign partners over the next five years, signalling a strong recovery in its upstream industry and renewed confidence from International Oil Companies (IOCs), according to Karim Badawi, Minister of Petroleum and Mineral Resources. This came during the ninth edition of Al-Ahram's Energy Conference, where he gave the breakdown of the figure, noting that Italy's energy giant Eni will invest $8 bn, the UK-based bp will inject $5 bn, and the remaining $3.7 billion will be provided by ARCIUS Energy (a joint venture between bp and ADNOC's subsidiary XRG). The minister boasted the fact that the petroleum sector has shifted from a period of decline to a phase of stability, with natural gas production increasing gradually for the first time in four years, and the crude oil output is projected to achieve self-sufficiency within five years. Badawi also noted the ministry's plans to to reduce reliance on fossil fuels and boost investment opportunities in green energy projects, including Sustainable Aviation Fuel (SAF), green ammonia, and bioethanol. He also pointed to the implementation of 117 renewable energy projects at petroleum work sites and measures to improve energy efficiency by 8%, contributing to a reduction of approximately 1.4 million tons of carbon emissions.
