- Crude Oil (WTI) 89.39 USD/bbl 4.73%
- Crude Oil (Brent) 93.78 USD/bbl 3.98%
- NYMEX Natural Gas 2.91 USD/MMBtu -1.02%
- OPEC Basket Price 91.98 USD/bbl 2.67%
Iraq
Iraq Prepares Basra-Baniyas Pipeline Expansion
Iraq is advancing technical and economic preparations for the proposed Basra-Haditha-Kirkuk-Baniyas oil pipeline, aiming to strengthen crude transportation infrastructure, diversify export routes, and enhance the resilience of its oil exports.
SLB
SLB to Acquire Kelvion for $4.1 Bn, Enters Data Centers
SLB has agreed to acquire thermal management and heat exchange technology provider Kelvion for approximately $4.1 billion, including $3.4 billion in cash and the assumption of about $700 million in debt, as the oilfield services company accelerates its expansion into the fast-growing data center infrastructure market. Under the agreement, SLB will acquire Kelvion from funds managed by Apollo, its majority owner, and Triton, which holds a minority stake.
South Ghazalat
PetroBakr Drills 11 Wells, Invests $74.19 Mn in FY 2025/2026
PetroBakr Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Vaalco Energy, drilled 11 wells included in its drilling plan and invested $74.19 million during fiscal year (FY) 2025/2026, Chairman Khaled Mounir said during the company’s General Assembly meeting to approve its annual results. PetroBakr is also reassessing the South Ghazalat area in cooperation with EGPC, with the evaluation expected to be completed by September 2026. One well has been drilled in the area, while three exploration opportunities are currently under evaluation.
ammonia
Abu Qir Fertilizers Lifts Plant 3 Output to 140 t/d Ammonia, 100 t/d Urea
Abu Qir Fertilizers and Chemical Industries Company has increased production capacities at Abu Qir Plant 3, lifting ammonia output by approximately 140 tons per day (t/d) and expanding granular urea capacity by around 100 t/d. The company reported a reduction in the natural gas consumption required for operations at the plant, according to a disclosure submitted to the Egyptian Exchange (EGX).
Egypt
bp Begins Fayoum-4 Well Production, Adding 80 mmcf/d to Egypt's Gas Supply
British Petroleum (bp) has started production from the Fayoum-4 well in Egypt’s West Nile Delta, adding an estimated 80 million cubic feet per day (mmcf/d) of natural gas to the domestic market. The well’s production has been tied into bp’s existing West Nile Delta gas-processing facilities through the Giza-Fayoum pipeline, allowing the company to bring the new volumes online without developing new subsea infrastructure.
MRMIA
MRMIA Sets September Deadlines for Bids on 13 Mining Blocks
The Mineral Resources and Mining Industries Authority (MRMIA) has announced the closing dates for bidding on 13 mining blocks of talc and gold, with deadlines scheduled between September 1 and 4, 2026, as Egypt continues efforts to attract investment into its mineral resources sector.
PetroChina
PetroChina Revenue Rises 5.3% in H1 2026, Profit Grows by 22%
PetroChina reported RMB 1.53 trillion (around $214.5 billion) in revenue for the first half of 2026, marking a 5.3% year-on-year (YoY) increase, according to the company’s interim results. Profit attributable to owners of the company reached RMB 103.94 billion ($14.6 billion), rising 22% YoY and exceeding RMB 100 billion for the first time in a six-month period.
Agreement
Trump Says Venezuelan Oil Deal Will Help Replenish US Strategic Reserve
Trump said oil from a new Venezuela deal will be used to replenish the depleted US Strategic Petroleum Reserve, as Washington moves to gain greater control over Venezuela’s vast crude reserves.
