- Crude Oil (WTI) 102.35 USD/bbl -2.16%
- Crude Oil (Brent) 105.73 USD/bbl -2.08%
- NYMEX Natural Gas 2.90 USD/MMBtu -0.68%
- OPEC Basket Price 124.63 USD/bbl 1.23%
EGAS Executive Managing Director Sayed Selim
EGAS to Drill 16 Wells, Targeting 6 Tcf in FY26/27
EGAS added 28 new wells to Egypt’s gas production map and recorded nine new discoveries during FY 2025/2026. As for FY 2026/27, the company identified 16 new gas exploration opportunities, comprising seven offshore and nine onshore prospects, with plans to drill 16 wells targeting estimated resources of around 6 tcf.
alternative shipping
Saudi Arabia Reroutes Crude Exports After East-West Pipeline Attack
Saudi Arabia is rerouting crude exports and offering additional volumes to Asian buyers through alternative shipping arrangements after drone attacks disrupted its key East-West pipeline and halted loadings at Yanbu.
Strait of Hormuz
ADNOC Secures Iraqi Crude at Steep Discounts
Abu Dhabi National Oil Company (ADNOC) has agreed to buy up to 72 million barrels (mmbbl/s) of Iraqi crude for August and September at steep discounts, Reuters reported, citing Iraqi sources.
expansion
Ganope Lifts Output to 33,000 bbl/d, Targets 44,000 in FY 2026/27
South Valley Egyptian Petroleum Holding Company (Ganope) has raised its average crude output to about 33,000 barrels per day (bbl/d) in the current fiscal year, with plans to reach 44,000 bbl/d in FY 2026/27, Chairman Samir Raslan announced. Ganope has also awarded Red Sea Block 6 to bp, marking the first agreement in southern Egypt to apply the R-factor investment model, a framework where the investor’s share of production or revenues is linked to a profitability index, Raslan said.
Libyan Minister of Oil and Gas Khalifa Abdulsadek
Libya Targets 4 bcf/d Gas Production Within Five Years
Libya plans to raise natural gas production to at least 4 Bcf/d within three to five years, leveraging its discovered gas resources, Oil and Gas Minister Khalifa Rajab Abdulsadek said.
PetroChina
China, India LNG Demand Poised for Recovery as Global Supply Eases
China and India’s liquefied natural gas (LNG) imports are expected to recover from multi-year lows once the Middle East supply crunch ends and prices decline, Reuters reported, citing industry executives.
XRG
ADNOC’s XRG Finalizes Acquisition of 12.5% Stake in Azerbaijan’s Southern Gas Corridor
XRG, the international energy investment platform wholly owned by Abu Dhabi National Oil Company (ADNOC), has completed the acquisition of a 12.5% stake in Azerbaijan’s Southern Gas Corridor CJSC (SGC) from the country’s Ministry of Economy after securing the required regulatory approvals. The transaction strengthens XRG’s position across the Caspian gas value chain by combining its upstream interests in Azerbaijan and Turkmenistan with strategic gas-export infrastructure connecting Caspian resources to Türkiye and European markets.
LNG Supply deal
Venture Global Signs 20-Year LNG Supply Deal With China Gas
Venture Global will supply China Gas with 0.5 MTPA of US LNG under a 20-year agreement starting in 2030.
