- Crude Oil (WTI) 74.48 USD/bbl 0.72%
- Crude Oil (Brent) 79.06 USD/bbl 1.28%
- NYMEX Natural Gas 3.20 USD/MMBtu -3.32%
- OPEC Basket Price 72.36 USD/bbl 2.83%
Mining
Badawi: Open Blocks Licensing Attracts Strong Investor Interest
Preliminary indicators point to growing interest from Egyptian and international mining companies in the investment opportunities in gold, minerals, and ores recently offered under the Open Blocks Licensing Program (OBLP), Minister of Petroleum and Mineral Resources Karim Badawi affirmed. In a meeting with Yasser Ramadan, Chairman of the Mineral Resources and Mining Industries Authority (MRMIA), to review the status of applications, Badawi noted that investor appetite reflects rising confidence in Egypt’s mining investment climate, according to a statement by the Ministry. The OBLP, introduced by the MoPMR in 2024, enables companies to nominate and bid for exploration opportunities in oil, gas and mining sectors without waiting for scheduled bid rounds, providing continuous access to investment prospects.
Benban Solar
B Investments Exits Renewables With Sale of Infinity Solar Stake
The board of the Egyptian private equity group, B Investments Holding, has approved the divestment of its stake in Infinity Solar power projects (Infinity Solar 1, 2, and 3) in Benban Solar Park for $8.25 million, marking a full exit from renewables. The Board also authorized Hazem Barakat, the company's Chairman, to undertake all necessary actions and legal procedures to finalize the transaction, the company said in a disclosure to the Egyptian Stock Exchange (EGX). The company acquired the three power plants in 2017 through a partnership with Egypt’s Infinity Solar Energy and international developer Ib Vogt. The project, which has a combined capacity of 130 MW, was financed through a mix of equity and debt provided by international development institutions, including the European Bank for Reconstruction and Development (EBRD) and the International Finance Corporation (IFC), according to B Investments website. The total investments in the project -by B Investments and its partners- stood at $190 million. The share of Binvestments in this sum is unclear.
Block OML138
ExxonMobil to Invest $1 Billion in Nigeria
ExxonMobil and its partners will invest $1 billion in the Usan Infill Project offshore Nigeria, a development expected to add about 40,000 barrels per day (bbl/d) of crude oil production, ExxonMobil Nigeria Managing Director Jagir Baxi confirmed the investment commitment during an industry conference in Abuja.
Germany
Algeria's Sonatrach Exports First LNG Cargo to Germany
Algeria's state-owned energy company Sonatrach has exported its first liquefied natural gas (LNG) cargo to Germany, according to the company’s release on July 8.
renewable energy
Egypt's Renewables Capacity Reaches 9.5 GW, Targets 11.2 GW by End 2026
Egypt's installed renewable energy capacity has reached 9,516 megawatts (MW), supported by 500 megawatt-hour (MWh) of battery energy storage, Mahmoud Esmat Minister of Electricity and Renewable Energy announced during a Cabinet meeting chaired by Prime Minister Mostafa Madbouly. The installed renewable energy capacity comprises 2,982 MW of hydropower, 3,500 MW of solar energy, and 3,034 MW of wind energy.
Data Centers
EGPC Studys Immersion Cooling Technology for Energy Efficiency
The Egyptian General Petroleum Corporation is preparing to implement a Proof of Concept (PoC) for immersion cooling technology at the Petroleum Pipelines Company (PPC), according to Mohamed Abouelmagd, Assistant CEO for Information Technology at EGPC. This comes as part of the petroleum ministry’s strategy to promote sustainability, optimize energy utilization, and strengthen digital transformation capabilities. The announcement was made during an expanded technical forum organized by EGPC that brought together information technology representatives from affiliated petroleum companies to discuss the latest advancements of the technology and explore its role of in improving data center efficiency and supporting sustainable operations. The pilot, which will be carried out in coordination with PPC and technology partners, will evaluate the technology's technical, operational, and economic performance under actual operating conditions within the petroleum sector, according to EGPC's release to Egypt Oil and Gas. The assessment will focus on energy savings, cooling efficiency, equipment reliability, operational resilience, and maintenance requirements for evaluating broader adoption opportunities across the sector's digital infrastructure.
Doubling Producion
Egypt Targets Doubling Crude Output by 2030 with New Technology
Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed that the petroleum sector’s five‑year plan aims to double domestic crude oil production by 2030 through expanded application of the latest technologies, most notably horizontal drilling and hydraulic fracturing, alongside the introduction of new contractual frameworks. This came during the Minister’s meeting with the Board of Directors of the Egyptian General Petroleum Corporation (EGPC) via videoconference, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR).
US
US Reimposes Iran Oil Sanctions After Tanker Attacks
The United States reimposed sanctions on Iranian oil on July 7th, with a US official warning that Tehran’s attacks on vessels transiting the Strait of Hormuz were wholly unacceptable and would draw consequences.
