- Crude Oil (WTI) 101.38 USD/bbl 0.59%
- Crude Oil (Brent) 115.53 USD/bbl 0.73%
- NYMEX Natural Gas 2.72 USD/MMBtu 4.62%
- OPEC Basket Price 117.25 USD/bbl -0.99%
Vaaris
TotalEnergies Completes $800 Mn Sale of Oil Assets in Nigeria
TotalEnergies has completed the divestment of its 10% non-operated interest in Nigeria’s Renaissance joint venture (JV) licences to Vaaris for $800 Mn, while retaining its full economic interest in three gas licences supplying Nigeria LNG, the French energy company said on October 27.
Türkiye
Türkiye Eyes Overseas Acquisitions, Exploration Deals To Boost Hydrocarbon Output
Türkiye is considering agreements to acquire energy assets or pursue further hydrocarbon exploration by the end of 2026 as it seeks to raise oil and natural gas production to 1 million barrels of oil equivalent per day (boe/d), Energy and Natural Resources Minister Alparslan Bayraktar said on October 27, according to Reuters.
Indonesia
Indonesia Secures UAE Commitment to Supply up to 30 Mmbbl
Indonesia has secured a commitment from the United Arab Emirates (UAE) to supply up to 30 million barrels of oil (mmbbl) amid efforts to diversify energy imports and safeguard fuel supplies against prolonged disruptions in the Middle East, Reuters reported on October 27, citing the head of Indonesia’s upstream oil and gas regulator SKK Migas Djoko Siswanto.
GECF
Egypt Stresses Global Energy Security, Cooperation at Moscow Gas Summit
Egypt has called for greater international cooperation to strengthen global energy security, stabilise gas markets and protect energy infrastructure at the eighth Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) in Moscow, according to a petroleum ministry statement on October 27.
Ministry of Electricity and Renewable Energy
El-Sisi Reviews Egypt’s Plan to Raise Renewables to 45% by 2028
Egyptian President Abdel Fattah El-Sisi reviewed progress on renewable energy projects as the government brings forward its target of raising renewables’ share in the energy mix to 45% by 2028, from the previous target of 42% by 2030. The meeting covered progress on a 200-megawatt (MW) wind power project in the Gulf of Suez. Esmat said the ministry had recently signed a contract to reinforce the national grid with a new 500-kilovolt (kV) overhead transmission line to transport wind-generated electricity from the Gulf of Suez to consumption centers across the country.
energy sector
Egypt, Russia Seek to Advance Cooperation in Gas and Mining
Egypt and Russia discussed potential cooperation in oil and gas and mining, with Egypt proposing the identification of specific mining projects and the establishment of a technical communication channel between the countries’ relevant authorities, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The discussions took place between Karim Badawi, Minister of Petroleum and Mineral Resources, and Russia’s Minister of Energy Sergei Tsivilev on the sidelines of the eighth Summit of Heads of State and Government of the Gas Exporting Countries Forum (GECF) in Moscow.
oil imports
India Says US Has Not Pressured It to Cut Russian Oil Imports
India has faced no pressure from the United States to reduce its imports of Russian crude oil, Indian Oil Minister Hardeep Singh Puri, according to Reuters. This comes as refiners increasingly weigh the relative prices of Russian and Middle Eastern supplies when making purchasing decisions. Speaking at an industry event, Puri said India's purchases of Russian oil had increased significantly after Russia's invasion of Ukraine in 2022, when discounted crude made Russian supplies more attractive to Indian refiners. Before the war, Russia accounted for just 0.2% of India's oil imports, he said.
Kuwait. Naphtha
Kuwait Offers 35,000 Tons of Naphtha for November Delivery to Asia
Kuwait Petroleum Corporation (KPC) has offered 35,000 metric tons of full-range naphtha for delivery to buyers in Asia in November, according to a tender document reviewed by Reuters. The cargo is scheduled for loading between November 16 and 30, with bids due on October 29 and valid for that day only. The tender specifies delivery on a delivered basis at the buyer’s destination port in Asia, according to the document.
