- Crude Oil (WTI) 77.08 USD/bbl 0.00%
- Crude Oil (Brent) 82.38 USD/bbl -1.40%
- NYMEX Natural Gas 2.66 USD/MMBtu 0.00%
- OPEC Basket Price 76.97 USD/bbl -0.48%
Middle East supplies
Middle Eastern LNG Buyers Seek Canadian Supply Amid Geopolitical Risks
Middle Eastern LNG buyers are seeking Canadian gas supplies to diversify their portfolios and hedge against geopolitical risks and disruptions in key energy routes, including the Strait of Hormuz.
Egypt Minister of Petroleum
Egypt Plans $4.5 Bn Refinery Investments to Cut Petroleum Imports
Egypt is preparing to raise oil and natural gas production and cut petroleum imports as it works to secure energy supplies under its FY2026/27 development plan.
Abu Dhabi National Oil Co (ADNOC)
ADNOC Expands Tanker Fleet by $1.3 Bn to Meet Rising Oil Exports
Abu Dhabi National Oil Company Logistics and Services (ADNOC L&S) has spent $1.3 billion to expand its tanker fleet as the UAE increases crude exports and relies on maritime transport through the Strait of Hormuz, according to Bloomberg.
Ganope Organizes Crisis Management Session to Strengthen Emergency Response
South Valley Egyptian Petroleum Holding Company (Ganope) organized an awareness session for its leaders and affiliated companies to strengthen crisis preparedness and improve responses to emergency situations, according to a company statement.
ExxonMobil
Egypt, ExxonMobil Launch Implementation of Cyprus Gas Tie-Back Deal
Egypt has taken the first steps toward implementing a recently signed memorandum of understanding (MoU) with ExxonMobil and QatarEnergy to study connecting the companies' gas discoveries offshore Cyprus to Egypt's natural gas infrastructure for re-export, the Ministry of Petroleum and Mineral Resources (MoPMR) said on August 6.
Financial Results
Harbour Energy's Revenues Jump 20% in H1 of 2026
Harbour Energy, an independent energy company, generated $6.4 billion in revenue during the six-month period ending June 30, 2026, representing a 20% increase compared to the same period of 2025. Harbour Energy also recorded a rise in adjusted profit after tax amounting to $562 million in H1 0f 2026, up from $410 million in H1 of 2025. This was mainly driven by record production resulting from strong operational execution and higher oil and European natural gas prices, according to the company's release on August 6.
exploration
AngloGold Expands Gold Exploration in Egypt’s Eastern Desert
Denver-based major gold mining firm AngloGold Ashanti expects to resume exploration at its Nugrus and Najd blocks in Egypt's Eastern Desert in the third quarter (Q3) of 2026 after halting work in March. The company’s H1 exploration report cited “an undisclosed incident” as the reason for the suspension, without providing further details. Moreover, AngloGold completed evaluation (desktop and technical field reviews) across four regional targets, Wadi Alam, Wadi Khariga, Abu Fanani and Kab Alabyad, and is conducting an ongoing assessment of the Little Sukari project, located about 27 kilometres (km) east of the operating Sukari gold mine within the Nugrus Block. The project is treated as a priority near‑mine target because it closely mirrors the main Sukari deposit and could supply low‑cost ore to the existing processing plant, potentially saving hundreds of millions in infrastructure spending.
Al Baraka field
Mediterra Investment Restarts Al‑Baraka Drilling After Four‑Year Pause
Backed by new investments from Canada's Mediterra Energy, Egypt has resumed drilling operations at the Baraka oil field, at the Kom Ombo Concession, following a four-year suspension, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Karim Badawi, Minister of Petroleum and Mineral Resources, visited the oil field operated by the South Valley Egyptian Petroleum Holding Company (Ganope) to review the restart of drilling and workover operations. The resumption of operations follows the arrival of the first drilling rig in the area and the pumping of new investments by Canada's Mediterra Energy, the concession's investment partner, to implement a program to rehabilitate several production wells and restore them to production.
