- 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
CORC Plans to Invest EGP 679 Mn in 2026/27
The Cairo Oil Refining Company (CORC), Egypt’s largest refining entity, plans to invest EGP 679 million in local manufacturing projects during the 2026/27 fiscal year (FY). CORC Chairman Tarek Abdel Latif announced the target during a general assembly meeting held to approve the company’s investment budget. During the meeting, Cahired by Minister of Petroleum and Mineral Resources Karim Badawi, Abdel Latif highlighted CORC's role in deepening local industry through its specialized manufacturing workshops. These facilities, equipped with modern machinery, serve as a critical pillar for the national refining sector by providing essential equipment and technical services to sister companies.
Eni Committed to Spend $1.5B in 5 Years in Egypt Deal
Badawi Unveils 5-Year Production and Investment Plan in Meeting with IOCs
Karim Badawi, Minister of Petroleum and Mineral Resources, held an expanded meeting with leaders of international oil and gas companies (IOCs) operating in Egypt to discuss a five-year roadmap to intensify exploration and production (E&P) activities. The meeting focused on accelerating operations through 2030 and introducing new incentive packages to attract further investment.
oil production
OPEC+ Eight Maintain Pause on Output Increases
Eight OPEC+ member nations agreed to maintain their pause on planned oil production increases during a virtual meeting held on February 1. The group cited seasonal demand factors and ongoing market uncertainty as the primary reasons for extending the output freeze. The participating countries, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, reaffirmed their decision to halt production increments originally scheduled for March 2026. This move follows an earlier agreement in November 2025 to delay the restoration of voluntary output reductions.
Egypt
MoPMR Targets Drilling 101 Exploratory Wells in 2026
Minister of Petroleum and Mineral Resources Karim Badawi announced an ambitious 2026 roadmap featuring the drilling of 101 exploratory wells to bolster national reserves. Speaking at an American Chamber of Commerce (AmCham) meeting, Badawi confirmed that the Ministry successfully reversed the production decline to reach stability by the end of 2025.
leadership
MoPMR Diversifies Sector Leadership with New Wave of Appointments
Karim Badawi, Minister of Petroleum and Mineral Resources has issued new leadership appointments at the ministry and for several petroleum sector companies. This comes as part of the ministry's efforts to optimize the use of diverse expertise and introduce new leaders to vacant positions following retirements.
Appointments
Badawi Reshuffles Operation Managers Across the Sector to Boost Performance
Karim Badawi, Minister of Petroleum and Mineral Resources, has announced a new round of appointments for several operations managers across the petroleum sector. This broad reshuffle is designed to capitalize on outstanding expertise while introducing fresh leadership, ensuring the continued enhancement of performance and the achievement of sector goals.
EGAS
Badawi Appoints New EGAS CEO as Abdel Hamid Moves to Senior Advisor Role
The Minister of Petroleum and Mineral Resources, Karim Badawi, has appointed Sayed Ahmed Abdel Fattah Selim as Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), effective February 1, 2026. The minister appointed Mahmoud Abdel Hamid , as an advisor to EGAS as he reached the legal retirement age, in recognition of his extensive practical and technical experience in the field of production.
Scatec
Obelisk in Egypt, Mogobe BESS Fuel Scatec’s Q4 Revenue Surge
Scatec, a Norwegian renewable energy solutions provider, reported a 25% increase in proportionate revenues for the fourth quarter (Q4) of 2025. This growth brought quarterly revenues to NOK 3,362 million, according to a press release by Scatec. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) stood at NOK 1,065 million for the quarter. Scatec said on December 31 that cash flow from operations rose to NOK 1,291 million in the quarter, supported by payments from operating power plants and construction-related cash inflows.
