- 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
Badawi at AmCham: Egypt Clears Energy Debt, Unlocks Investment
The Ministry of Petroleum and Mineral Resources (MoPMR) has successfully reduced investment partner arrears from $6.1 billion in June 2024 to approximately $1.3 billion, with a target to fully settle all outstanding debts by June 2026, Minister Karim Badawi recorded during an American Chamber of Commerce (AmCham) event. On the sidelines of the meeting, which was convened by AmCham and attended by leaders from major international energy firms, top executives affirmed their commitment to the Egyptian market.
MOU
Egypt Signs MoU with China's UEG to Develop Mediterranean Green Hydrogen Hub
Green Hydrogen Development Holding Limited, a subsidiary of United Energy Group (UEG), has signed a Memorandum of Understanding (MoU) with Abu Qir Fertilizers and Chemicals Company, Alexandria Fertilizers Company (Alexfert), and Orascom Construction SAE to explore the development of a Mediterranean Green Hydrogen Hub project in Alexandria.
Shell
Shell Upstream Output Records 1.89 Million boe/d in Q4 2025
Shell's operational results recorded an upstream production of 1.89 million barrels of oil equivalent per day (mmboe/d) in the fourth quarter (Q4) of 2025, up from 1.859 mmboe/d in the same quarter in 2024. This figure is forecast to decline in the first quarter (Q1) of 2026 to a range of 1.76-1.86 mmboe/d. The anticipated decrease is attributed to the incorporation of the Aradura joint venture (JV), a partnership between Shell and a local operator in Nigeria.
Oil Prices
Oil Prices Drop Below $100 As Ceasefire Deal Signals Hormuz Reopening
Oil prices declined sharply below $100 per barrel on April 8, after US President Donald Trump announced a provisional two-week ceasefire agreement with Iran, contingent on the immediate and secure reopening of the Strait of Hormuz. Brent crude decreased by 14.9% to $92.95 per barrel, while US West Texas Intermediate (WTI) dropped 16.1% to $94.79 per barrel, reflecting easing supply concerns.
Fiscal Year Results
EPSCO Labor-Supply Business Grows 24% in 2025
The Egyptian Petroleum Services Company (EPSCO) recorded a 24 % increase in revenue from its labor-supply business line to reach EGP 8.2 billion in 2025, according to Chairman Ahmed Shehata. EPSCO is a prominent services provider with over 15 years of experience in the oil and natural gas sector. The company delivers integrated solutions ranging from workforce supply and procurement to transportation and support for drilling, exploration, and maintenance operations.
MOPCO
MOPCO Surpasses Urea and Ammonia Production Targets in 2025
Misr Fertilisers Production Company (MOPCO) reported urea production of 1.7 million tonnes in fiscal year 2025, achieving 102% of its investment plan, while ammonia output reached 1.1 million tonnes, also 102% of target. Ahmed Mahmoud, MOPCO chairman, announced at the company’s general assembly convened to approve the 2025 results. The meeting, chaired by Alaa El-Din Abdel Fattah, Chairman of the Egyptian Petrochemicals Holding Company (ECHEM), approved a cash dividend of EGP 3.94 per share. Abdel Fattah highlighted Mopco’s vital role in the national economy, noting that the company covers 26% of the domestic market's urea fertilizer demand.
GUPCO
GUPCO Strikes 2,500 bbl/d in the Gulf of Suez
Gulf of Suez Petroleum Company (GUPCO) has completed the drilling of a new exploratory well, South Wasl BB, in the Gulf of Suez. Well tests yielded production rates of about 2,500 barrels of oil per day(bbl/d) and 3 million cubic feet of gas per day (mmcf), and the well was immediately tied into existing production facilities, thereby raising the company’s overall production capacity. GUPCO is a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and its UAE-based investment partner, Dragon Oil, which bought bp's share in the company in 2019.
gas discovery
Eni Makes 2 Tcf Gas Discovery Offshore Egypt
Italy's energy giant, Eni announced a significant natural gas and condensate discovery in the Temsah Concession, located offshore in Egypt’s Eastern Mediterranean. Preliminary estimates for the Denise W 1 exploration well indicate approximately two trillion cubic feet (Tcf) of natural gas initially in place (GIIP) and 130 million barrels (mmbbl) of associated condensates. The discovery, situated 70 kilometers (km) offshore in 95 meters of water depth, is positioned less than 10 km from existing infrastructure. This proximity allows for substantial synergies, enabling a fast-track development plan to strengthen Egypt's energy security and increase national natural gas production, according to Eni's press release.
