- Crude Oil (WTI) 81.47 USD/bbl -1.13%
- Crude Oil (Brent) 88.82 USD/bbl 0.25%
- NYMEX Natural Gas 2.73 USD/MMBtu -0.73%
- OPEC Basket Price 85.86 USD/bbl -0.15%
Egypt
PhPC Achieves 100% of Production Targets for FY 2025/26
Pharaonic Petroleum Company (PhPC) achieved 100% of its production target for fiscal year (FY) 2025/26, Hossam Zaki, the company’s Chairman, said, while outlining plans to increase natural gas and condensate production by maximizing the use of existing infrastructure. The company is also preparing to bring the Tort-6 well in the Mediterranean onto production before the end of 2026, with a targeted output of approximately 40 mmcf/d of natural gas.
gas
TAQA Arabia, TPDC, Africa50 Ink Gas Sales Deal for Tanzania’s First Small‑Scale LNG Project
TAQA Arabia, through its subsidiary Rosetta Energy Solutions, Tanzania Petroleum Development Corporation (TPDC), and Africa50, a pan‑African infrastructure investment platform, have signed a Gas Sales Agreement (GSA) for East Africa LNG (EALNG), the venture developing Tanzania’s first small-scale liquefied natural gas (LNG) facility.
gasoline prices
Trump Urges US to Accept Higher Gas Prices Amid Iran Tensions
US President Donald Trump has urged Americans to accept higher gasoline prices as the cost of confronting Iran, as tensions over the Strait of Hormuz continue to disrupt global oil flows and threaten to prolong pressure on energy markets. Speaking at a political rally in Garden City, New York, on August 14, Trump said Americans would have to pay “a little bit more” for gasoline to prevent Iran from obtaining a nuclear weapon.
UAE
Iran Accused of Attacking ADNOC Vessel in Strait of Hormuz
The UAE said Iran attacked an ADNOC vessel while transiting the Strait of Hormuz, marking the third reported incident involving an ADNOC ship in less than a week. No injuries were reported, while Abu Dhabi called for an end to the attacks and the full reopening of the strategic waterway.
Fiscal Year Results
Marina Petroleum, Oasis Petroleum Company Approve FY 2025/26 Results
Marina Petroleum and Oasis Petroleum Company (OAPCO) approved their financial results for FY 2025/26, with Marina Petroleum reporting $9.8 million in operational spending and advancing the Rizk-6 well and a $70 million five-year investment plan aimed at doubling production and reserves. Al Waha Petroleum maintained average daily production of 470 barrels of crude oil, spent $6.6 million on operations, and reduced carbon dioxide emissions by 25% year-on-year. Its solar power project has also reached 70% completion.
El Swedy Electric
Egypt, El Sewedy Accelerate Phosphate Fertilizer Project
Karim Badawi, Minister of Petroleum and Mineral Resources, met with Ahmed El-Sewedy, President and CEO of El-Sewedy Electric, to discuss accelerating the implementation of a phosphate fertilizer plant in the Suez Canal Economic Zone, according to a ministry statement.
Elsewedy Electric
MoMPR Reviews Phosphate Projects to Raise Mineral Value
Minister of Petroleum and Mineral Resources, Karim Badawi, reviewed progress on several phosphate and phosphoric acid projects as the ministry seeks to develop higher-value industries across the country’s mineral resources.
Contract
EMC Wins $18.6 Mn Electrical Equipment Contract for Iraq’s Zubair Oil Field
EMC has secured an $18.6 million contract from Eni to supply electrical equipment for Iraq’s Zubair oil field, marking a new step in the Egyptian company’s international expansion.
