- 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%
Egypt
NATGAS Connects 2 Million Egyptian Homes to National Grid
The National Gas Company (NATGAS), a subsidiary of Valmore Holding, has extended natural gas services to over two million households across Egypt, which underscores the company’s sustained growth and its capacity to serve a broad segment of citizens.
exploration
Egypt, TotalEnergies Near MoU on Herodotus Gas Exploration
The Ministry of Petroleum and Mineral Resources is advancing negotiations with France’s TotalEnergies over expanded gas exploration in the deep Herodotus Basin of the western Mediterranean, with both sides aiming to finalize a memorandum of understanding (MoU) in the near term. This came in a meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Pascal Brian, Managing Director of TotalEnergies in Egypt and Cyprus, to follow up on ongoing talks about the French company’s expansion in gas exploration activities in Egypt. The discussions, which began earlier this month, focus on TotalEnergies’ interest in operating in the deep Herodotus Basin.
UAE Exit
Russian PM: OPEC+ Alliance to Bolster Cooperation Despite UAE Withdrawal
The Organization of the Petroleum Exporting Countries and allies (OPEC+) will maintain cooperation despite the United Arab Emirates’ (UAE) withdrawal, Russia’s Deputy Prime Minister Alexander Novak stated. Novak emphasized that he does not foresee an oil price war following the UAE’s departure, pointing instead to the prevailing global oil supply deficit.
UAE
Goldman Sachs: UAE Exit from OPEC Signals Medium-Term Upside Supply Risk
The United Arab Emirates’ (UAE) decision to exit OPEC and the wider OPEC+ alliance poses a significant upside risk to global oil supply over the medium term, Goldman Sachs, a leading global investment banking firm, reported. According to Reuters, the bank noted that while immediate impacts are limited by current geopolitical constraints, the move weakens the producer group’s control over global inventories and grants Abu Dhabi greater autonomy over future output levels.
cabinet
Cabinet Approves New Mining Regulation Amendments
The Cabinet approved a series of amendments to the country’s mining regulations, tightening licensing procedures, setting new rules for state participation in mining ventures, and introducing oversight measures for geological testing laboratories. The decision, made during the Cabinet’s 90th meeting chaired by Prime Minister Moustafa Madbouly, amends parts of the executive regulations of the Mineral Resources Law, issued under Prime Ministerial Decree No. 108 of 2020.
SEG
Badawi: Outstanding Arrears Drop to $770 Mn from $6.1 Bn in 2024
Outstanding arrears to International Oil Companies (IOCs) currently stand at $770 million, down from $6.1 billion in June 2024, and are scheduled to be fully repaid by June, according to Karim Badawi, Minister of Petroleum and Mineral Resources. Speaking at the Mediterranean and Red Sea Resource Exploration Summit in the New Administrative Capital, he stressed that the Ministry of Petroleum and Mineral Resources (MoPMR) is prioritizing the settlement of IOCs dues to boost investor confidence and accelerate upstream activities.
Maridive and Oil Services
Maridive Reports Mixed Results in 2025
Maridive & Oil Services reported a 19% year‑on‑year increase in standalone revenues for the fiscal year ended December 31, 2025, reaching USD 78.6 million. Standalone operations delivered a gross profit of USD 33.3 million, up 25% from the previous year. This performance was driven by higher vessel utilization rates, adherence to scheduled maintenance timelines, and increased daily charter rates for certain marine units, according to the company’s disclosure to the stock exchange. The Company also expanded its portfolio by offering a broad range of integrated solutions through its subsidiaries, while unit operating expenses declined under management’s cost‑rationalization policy. It further noted that geopolitical developments in the Gulf region occurring after the preparation of the financial statements had no impact on existing contracts or triggered cancellations.
BP
bp Reports 131.88% Surge in Net Profit in Q1 2026
British Petroleum (bp) reported a first-quarter (Q1) profit of $3.2 billion on April 28, more than doubling its year-on-year (YoY) performance and beating analyst expectations by 20%, Reuters reported. The British energy major bolstered its bottom line through strong oil trading results triggered by elevated global energy prices during the conflict in Iran.
