- 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%
meeting
Esmat Reviews Scatec’s 3.1 GW Renewable Energy Portfolio in Egypt
Mahmoud Esmat, Minister of Electricity and Renewable Energy met with a delegation of Norway’s Scatec to review the operation of the first phase of the 561 megawatt (MW) Obelisk Solar Power Plant and accompanied 100 /200 megawatt-hour (MWh) battery energy storage system that was connected to the national grid earlier this year. They also reviewed progress on the second 564 MW phase of the plant, which is scheduled to enter service within the coming weeks as part of plans to add new renewable energy capacity during the summer. The meeting further addressed the implementation status of Scatec's broader renewable energy projects in Egypt including ones with a combined capacity of 3.1 gigawatt (GW) and battery energy storage developments totaling 4 gigawatt-hour (GWh) across the governorates of the Red Sea, Qena, Minya, and Alexandria.
OPEC
OPEC+ Raises Output Targets Amid Strait of Hormuz Crisis
OPEC+ approved a fourth consecutive hike in its oil output targets, even as the ongoing US conflict with Iran continues to block several member states from raising production, Reuters reported.
ECHEM
ECHEM Reviews Sidpec Performance, Safety Compliance
The Egyptian Petrochemicals Holding Company (ECHEM) reviewed key performance indicators of its affiliate, Sidi Kerir Petrochemicals Company (Sidpec), during a production committee meeting. Discussions covered occupational health and safety, environmental standards, production rates, and the performance of operating units. The committee also focused on ensuring the consistent supply of natural gas and necessary production inputs to maintain stable and efficient operations, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
Sinai Offshore
Sinai Offshore Fields Post Highest Daily Production Since 2017
Crude oil production from the Sinai Offshore Fields has reached its highest daily level since 2017, with output averaging around 27,000 barrels per day (bbl/d), a milestone that underscores the effectiveness of ongoing efforts to boost output from existing assets and optimize the utilization of Egypt’s petroleum resources, according to the Ministry of Petroleum and Mineral Resources (MoPMR)
Algeria
Construction Begins on Algeria’s Part of Trans-Saharan Gas Pipeline
Algerian state-owned energy company SONATRACH has launched construction of the Algerian part of the Trans-Saharan Gas Pipeline (TSGP), advancing a long-standing project aimed at transporting Nigerian natural gas to European markets. The broader project is designed to span about 4,128 kilometers (km) and transport up to 30 billion cubic meters (bcm) of natural gas annually once completed.
Oman
Iran, Oman to Cooperate on Strait of Hormuz Management
Iran has announced that it is moving forward with plans to coordinate with Oman on the administration of the Strait of Hormuz, one of the world’s most important oil transit routes.
China
China's CATL Sees Energy Storage Business Reaching 50% of Global Sales by 2030
Chinese battery manufacturer CATL expects energy storage solutions to account for 50% of its global sales by 2030, up from around 25% currently, according to Reuters. Kevin Tang, CATL’s Director of Energy Storage Systems for Europe ,noted that the energy storage segment has expanded rapidly, rising from just 2% of the company’s battery sales five years ago. Tang also highlighted concerns over rising raw material prices, including lithium, copper, and aluminum, which have increased following the US-Israel war on Iran. However, he said costs are expected to decline over the longer term as battery supply chains continue to mature.
Panel Discussion
Badawi Outlines Egypt’s Energy Vision at St. Petersburg Forum
Karim Badawi, Minister of Petroleum and Mineral Resources, participated in a high-level panel on the future of energy during St. Petersburg International Economic Forum (SPIEF), alongside a number of ministers and senior officials.
