- Crude Oil (WTI) 96.80 USD/bbl -0.95%
- Crude Oil (Brent) 108.56 USD/bbl 0.08%
- NYMEX Natural Gas 2.83 USD/MMBtu -9.00%
- OPEC Basket Price 111.01 USD/bbl 2.20%
Minister of Petroleum and Mineral Resources Karim Badawi
Badawi, TotalEnergies Discuss Accelerating Cyprus Gas Link Project
Egypt is seeking to accelerate the project to connect Cypriot natural gas to its infrastructure and expand cooperation with French energy company TotalEnergies to advance exploration, production, and gas investment opportunities in the Mediterranean region, said Karim Badawi, Minister of Petroleum and Mineral Resources . Badawi made the remarks during a meeting with Julien Pouget, President for Exploration and Production in North Africa and the Middle East at TotalEnergies, on the sidelines of the Mediterranean Oil and Gas Conference and Exhibition (MOC 2026) in Alexandria.
Investents
Badawi at MOC2026 : Egypt Pushes to Accelerate Gas Discoveries, Production
Egypt is seeking to accelerate oil and gas investments, develop new discoveries, and increase domestic production, Karim Badawi, Minister of Petroleum and Mineral Resources, said during the Mediterranean Offshore Conference and Exhibition (MOC 2026), citing the settlement of outstanding arrears as a factor supporting investor confidence. Speaking at a roundtable titled “The Future of Energy in Egypt,” Badawi joined Michael Damianos, Cypriot Minister of Energy; East Mediterranean Gas Forum (EMGF) Secretary-General Osama Mobarez; and executives from international oil and gas companies operating in Egypt to discuss investment opportunities, production growth, and the development of Eastern Mediterranean gas resources.
battery energy storage
Nefer Minya Solar Project Secures Up to $566 Mn in Financing
HAU Energy, the renewable energy investment platform of Hassan Allam Utilities, and Infinity Power, Africa’s largest renewable energy company, have secured up to $566 million in debt financing for the Nefer Minya Solar photovoltaic (PV) project in Minya. The plant is set to become the largest solar power plant in Egypt and Africa, according to a joint announcement.
net profits
Halliburton Reports $501 Mn Adjusted Profit in Q3 2026
Halliburton reported adjusted net income of $501 mn in the third quarter (Q3) of 2026, up from $461 mn in the previous quarter, as stronger activity in the Middle East and Latin America helped offset declines in North America, the oilfield services company said on October 20.
MOC 2026
Egypt’s Gas Infrastructure Key to Developing East Mediterranean Resources, Energy Firms Say
Egypt’s existing natural gas infrastructure, strategic location, and international partnerships can help accelerate the development of East Mediterranean gas resources, reduce project costs, and improve access to global markets, executives from Eni, TotalEnergies, and Chevron said on October 20, according to a petroleum ministry statement.
Russia
Russian Diesel Exports Resume to Turkey, Brazil After Ban Lifted
Russian diesel shipments are returning to traditional markets after Moscow lifted its export ban and the US temporarily eased sanctions on Russian fuel supplies, with at least two tankers heading to Turkey and Brazil, Reuters reported on October 20, citing shipping data from Kpler and the London Stock Exchange Group (LSEG).
Shamaran Petroleum
Gulf Keystone-Shamaran $601mn merger to create major Iraqi Kurdistan oil producer
Gulf Keystone Petroleum, a London-listed oil producer, will merge with Norway's Shamaran Petroleum in an all-share deal valued at $601mn, creating one of the largest oil producers in Iraq's Kurdistan Region, Gulf Keystone said on October 20, according to Reuters.
Cyprus Energy Minister Michael Damianos
Egypt Adds 591 Wells to Production, Records 113 Discoveries in Two Years
Egypt brought 591 new wells into production and made 113 discoveries from the period of July 2024 to June 2026, said Karim Badawi, Minister of Petroleum and Mineral Resources, at the opening ceremony of the Mediterranean Oil and Gas Conference and Exhibition (MOC 2026). This came as part of a broader initiative to bolster domestic production and offset the natural decline in field output, alongside expanding exploration activities, developing existing fields, and refining investment models to encourage the influx of new capital, Badawi noted.
