- 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%
KPC
Macquarie Pulls Out of Kuwait Pipeline Bid as Gulf Tensions Rise
Australia’s Macquarie Group has pulled out of a planned bid for a stake in Kuwait’s oil pipeline network, in a deal valued at up to $7 billion, according to sources familiar with the matter, as geopolitical tensions weigh on investor sentiment in the Gulf.
ENPPI
ENPPI Secures $1.34 Bn in FY2025 Contracts
The Engineering for the Petroleum and Process Industries Company (ENPPI) signed contracts worth $1.34 billion in 2025, with nearly 97% of these deals coming from overseas projects, said Chairman Khaled Ibrahim during the general assembly meeting convened to approve the company’s fiscal year (FY) results in 2025. He explained that ENPPI carried out several major projects, including a pipeline project for ADNOC Onshore stretching nearly 500 kilometers, supporting the efficiency of the energy transportation system and enhancing operational safety. One of the most significant contracts was in the United Arab Emirates (UAE) to execute a liquefied natural gas (LNG) treatment plant project for ADNOC.
Oil Exports
Gulf Oil Exports Plunge Over 60% as Hormuz Disruptions Force Output Cuts
Daily oil exports from the Middle Eastern Gulf have fallen sharply amid ongoing disruptions linked to the US -Iran war, with flows dropping by more than 60% in the week ending March 15 compared to February levels, according to shipping data and industry estimates.
Libya
Eni Expands Libya Portfolio with Two New Offshore Gas Finds
Eni has announced two new natural gas discoveries offshore Libya following a recent exploration campaign, reinforcing its position as a leading international operator in the country. The discoveries were made in two adjacent structures, Bahr Essalam South 2 (BESS 2) and Bahr Essalam South 3 (BESS 3).
mining sector
Australian Murdoch University To launch training program for MRMIA Geologists
The Ministry of Petroleum and Mineral Resources revealed on Monday the approval of an advanced training program in cooperation with Australia’s Murdoch University, aimed at enhancing the capabilities of geologists working at the Mineral Resources and Mining Industries Authority (MRMIA) and affiliated companies. The launch of the program follows the outcomes of the visit by Karim Badawi, Minister of Petroleum and Mineral Resources, to Perth, Australia, in November. During the visit, a letter of intent (LoI) was signed with the university to develop the capabilities of geologists and leaders in Egypt’s mining sector and transfer advanced global expertise to the industry.
Iran war
IEA to Release Over 400 mmbbl from Emergency Reserves to Stabilize Oil Markets
The International Energy Agency (IEA) said more than 400 million barrels (mmbbl) of oil from emergency reserves will start entering global markets soon as part of a coordinated effort to ease a surge in crude prices following the outbreak of the Iran war.
Vaalco Energy
Vaalco Drills Four Eastern Desert wells in Q4 2025
Vaalco Energy, a US-based energy company, completed drilling four development wells in the Eastern Desert during the fourth quarter (Q4) of 2025. Three wells were completed during the quarter, with the fourth finished in January 2026. The drilling program included an exploration well in the H-Field in the Eastern Desert, opening a new development area with an initial flow rate of approximately 450 barrels of oil equivalent per day (boe/d). The company also continued interventions, workovers, and optimization activities throughout the fourth quarter of 2025 to enhance production levels. Vaalco expects average production from its activities in Egypt to range between 10,300 and 11,400 boe/d in the first quarter (Q1) of 2026, according to a press release dated March 12. "In 2025, we completed another year where we delivered consistent quarterly results that either met or exceeded our guidance. We repeatedly raised production and sales guidance in 2025 and continued to deliver on those increased ranges,” said George Maxwell, CEO of Vaalco Energy.
Updates
TotalEnergies: Higher Oil Prices to Offset Middle East Production Cuts
TotalEnergies reported that production in Qatar, Iraq, and offshore UAE is either halted or in the process of shutting down, representing around 15% of the company’s total output. Onshore UAE production, estimated at 210,000 barrels per day (b/d) (TotalEnergies’ share), remains unaffected by the ongoing regional tensions.
