- 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%
Red Sea
Ganope, EPEX Organize Workshop to Promote Red Sea Bid Round
Ganoub El Wadi Petroleum Holding Company (Ganope), in cooperation with the Egyptian Petroleum Exploration Society (EPEX), organized a workshop to promote the 2025 Red Sea International Bid Round, which is scheduled to close on May 3rd, 2026. This comes within the framework of the Ministry of Petroleum and Mineral Resources' strategy to open new investment horizons and expand exploration areas.
IFC
Badawi Highlights Investment Opportunities in Petroleum and Mining to IFC
Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with representatives of the International Finance Corporation (IFC), the private sector arm of the World Bank, investment and financing opportunities within the domains of petroleum refining, petrochemicals, and value-added industries, as well as the mining sector and the exploitation of mineral ores. This came through a meeting which included Ethiopis Tafara, Vice President of the for Africa, and Cheick-Oumar Sylla, the IFC Regional Director for North Africa and the Horn of Africa They also identified potential avenues of cooperation between the Ministry and the IFC, as a key developmental partner for Egypt, to provide financing mechanisms to leverage the refining sector's infrastructure.
carbon emissions
FRA Mandates Carbon Disclosure and Offsets for Egypt’s Non-Banking Financial Institutions
The Financial Regulatory Authority (FRA) has issued Decision No. 36 of 2026, mandating non-banking financial institutions (NBFIs) to disclose their annual carbon emissions and offset a portion of their footprint. The move, announced on February 15, is a decisive step toward institutionalizing Environmental, Social, and Governance (ESG) standards across Egypt’s financial ecosystem. Under the new regulations, companies with issued capital or net equity exceeding EGP 100 million must submit an annual carbon footprint report. These disclosures must adhere to the measurement standards of international Scope 1 (direct emissions from operations and vehicles) and Scope 2 (indirect emissions from purchased electricity and cooling) . The FRA stipulates that these reports must be verified by accredited bodies and submitted by the end of June 2026, with subsequent filings aligned with each company’s fiscal year-end.
OFAC
US Issues General Licenses for Venezuela, Reopening Access for Global Majors
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has issued a sweeping relaxation of sanctions on Venezuela’s energy sector. The move grants two general licenses that allow international oil and gas companies (IOCs) to resume operations and negotiate new investments in Venezuela, home to some of the world’s largest proven oil reserves, as reported by Reuters.
Egypt
PetroBakr Unveils $121 Million Investment Plan for 2026/27
Petrobakr and South Ghazalat Petroleum Companies plan a total investment of $121 million for the fiscal year (FY) 2026/27, targeting a daily crude oil output of 14,000 barrels, Khaled Mounir, Chairman of Petrobakr, told the General Assembly that convened to approve the 2025/26 revised budget as well as the 2026/27 proposed budget, and the five-year strategic plan for both companies. The meeting emphasized the importance of leveraging the successful partnership model between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy. This collaboration aims to increase production, reduce the cost per barrel, and enhance sustainability to secure the work environment.
oil production
OPEC+ Signals Possible Oil Output Increase from April Amid Rising Demand
OPEC+ is inclined to resume gradual oil production increases starting in April, according to three sources within the alliance, as the group positions itself ahead of stronger summer demand and firmer prices linked to escalating US Iran tensions. The potential move would enable leading producer Saudi Arabia and key member UAE to recover market share.
oil and gas sector
EGPC Eyes Improved Decision-Speed via In-House Digital Solutions
As part of efforts to implement the five-year plan to boost production and enhance exploration activities, the Egyptian General Petroleum Corporation (EGPC) held a forum titled “The Systems We Built,” which showcased several in-house systems developed by employees across sector companies in terms of improving efficiency, optimizing resource utilization, reducing costs, and minimizing errors.
Saudi Aramco
Aramco, Microsoft Sign MoU to Advance Industrial AI
Saudi Aramco, the global energy leader and Microsoft, the technology innovation giant, have signed a non-binding memorandum of understanding (MoU) to explore a range of digital initiatives aimed at accelerating the deployment of industrial artificial intelligence (AI) across Aramco’s operations.
