- 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%
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.
Iraq
Iraq Eyes Rapid Oil Export Recovery Pending Hormuz Reopening
Iraq could ramp up its crude oil exports to around 3.4 million barrels per day (mmbbl/d) within a week if the ongoing Iran conflict de-escalates and the Strait of Hormuz reopens, according to the head of the state-run Basra Oil Company.
Egypt
Egypt Gas Revenues Records 20% Surge in 2025
Egypt Gas Company recorded EGP 9 billion in revenues in 2025, achieving 20% growth compared to the previous year. The company aims to improve the figure to EGP 9.5 billion during 2026 as part of a plan to bolster growth and increase business volume. The improved performance was translated into a 77 % hike in the company's share value to reach EGP42 in March 2026. "This growth highlights investors' trust in the company's current performance and its future", according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The statement noted that the company's profits were EGP 4.747 billion in 2025, without providing a comparable figure for the previous year.
Egypt
GASCO Transmits 2,300 bcf of Natural Gas in 2025
The Egyptian Natural Gas Company (GASCO) received and transmitted approximately 2,300 billion cubic feet (bcf) of natural gas through the national grid during 2025 to meet domestic demand, Mohamed Marzouk, Chairman of the company, told the company's general assembly meeting attended by Karim Karim Badawi, Minister of Petroleum and Mineral Resources. Marzouk highlighted several strategic projects at the ports of Sokhna and Damietta, including building the infrastructure to receive gas from Floating Storage Regasification Units (FSRUs) and connect it to the national grid; this allowed GASCO to supply gas to meet the peak daily electricity demand of 6.2 bcf/day without service interruptions.
LNG
EXIM Approves $2 Bn Insurance to Support US LNG Exports to Egypt
The Board of Directors of the Export-Import Bank of the United States (EXIM) has authorized over $2 billion in export credit insurance to facilitate US liquefied natural gas (LNG) exports to Egypt, according to an EXIM press release. The authorization advances Trump Administration priorities to expand American energy exports, strengthen domestic supply chains, and reinforce US economic security, it noted. This decision is set to facilitate LNG shipments scheduled throughout 2026 and 2027 under contracts between the Egyptian General Petroleum Corporation (EGPC) and the US-based Hartree Partners, which is a global energy and commodities trading firm, focusing mainly on physical and financial markets for oil, gas and LNG. It will expand Egypt's access to dependable American energy while deepening the commercial partnership between the two nations, according to the release.
Egypt
Madbouly Reviews Funding Plans for Strategic Petroleum Reserves
Prime Minister Mostafa Madbouly met with Karim Badawi, Minister of Petroleum and Mineral Resources, and Ahmed Kouchouk, Minister of Finance, to follow up on measures taken to avail needed funding to build up a sufficient strategic reserve of various petroleum products to cover the local market needs. The meeting looked into the impact of the energy-saving plan recently adopted by the government on the consumption of petroleum products, as well as the savings resulting from the decision to postpone the implementation of several national projects for three months. These savings should be directed toward covering urgent energy demands and securing the requirements of vital sectors.
Iraq
Iraq Moves to Resume Oil Exports After Iran Grants Strait of Hormuz Exemptions
Iraq is taking measures to safeguard its oil exports amid ongoing tensions in the Strait of Hormuz. The State Organization for Marketing of Oil (SOMO) has instructed customers to submit crude lifting schedules within 24 hours to ensure the timely and efficient execution of export operations. SOMO also confirmed that all export facilities, including the Basrah Oil Terminal, are fully operational and ready to handle shipments, according to Reuters.
Sidi Kerir Petrochemicals (Sidpec)
Sidpec Records EGP14.4 Bn Sales in 2025
Sidi Kerir Petrochemicals Company (Sidpec) reported total sales of EGP14.4 billion and a net profit of EGP1.138 billion for the fiscal year (FY) 2025, according to Chairman Mohamed Zakaria El Afandy, who noted that performance remained resilient despite surging natural gas and polymer prices amid regional geopolitical tensions. In 2024, the company's sales were EGP14.15 billion while its net profits stood at EGP2.5 billion, according to Reuters. El Afandy was addressing attendees of Sidpec's general assembly meeting, which approved a cash dividend of EGP 0.50 per share. El Afandy told the meeting that the company’s robust financial position earned it a spot on Forbes Middle East’s "Top 50 Companies in Egypt for 2026." Sidpec is an Egypt-based company engaged in the production and distribution of petrochemical products mainly ethylene, polyethylene, butane and naphtha, among others.
