Egypt Cabinet Approves 13 Draft Agreements to Explore Oil, Gas

Egyptian Prime Minister Mostafa Madbouly showcases the golden license during a press conference on Wednesday. (Asharq Al-Awsat)
Egyptian Prime Minister Mostafa Madbouly showcases the golden license during a press conference on Wednesday. (Asharq Al-Awsat)
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Egypt Cabinet Approves 13 Draft Agreements to Explore Oil, Gas

Egyptian Prime Minister Mostafa Madbouly showcases the golden license during a press conference on Wednesday. (Asharq Al-Awsat)
Egyptian Prime Minister Mostafa Madbouly showcases the golden license during a press conference on Wednesday. (Asharq Al-Awsat)

The Egyptian Cabinet approved on Wednesday 13 draft agreements between the Egyptian General Petroleum Corporation, the Egyptian Natural Gas Holding Company, and a number of international companies.

Under the deals, the Egyptian General Petroleum Corporation will be responsible for oil exploration in areas west of Wadi Natrun, east of Siwa, west of Magharra, west of Abu Gharadiq, east of Alam Saweesh, and in the Gulf of Suez, according to the Cabinet.

The Egyptian Natural Gas Holding Company will be in charge of natural gas and crude oil exploration in the Mediterranean Sea areas, including north of Fayrouz and Rafah, Tiba, and Tabiya as well as northeast of Arish and Bellatrix City East.

In another context, Prime Minister Mostafa Madbouly said in a press conference after the Cabinet meeting that the government granted weeks ago nine licenses for various projects.

This falls under the directives of Egyptian President Abdel Fattah al-Sisi to encourage the private sector’s role and increase its contribution to economic growth.

Madbouly showcases a sample of the golden license, which comes in the form of a “smart card” with a “QR Code” so that all license-related data are accessible through it.

The PM pointed out that the Cabinet is expanding during its meetings the scope of activities that can be covered under the golden license.

Madbouly called on project owners to submit their requests for golden licenses to the supreme committee, which is supervised by the prime minister and convenes regularly to issue the licenses.

Egypt is set to announce next week a detailed plan to offer stakes of at least 20 state companies over the course of 2023, Madbouly added.

An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since the Russian invasion of Ukraine triggered heavy foreign investment outflows from Egyptian financial markets and threw the economy into crisis.



Euro Zone Yields Fall after Iran Raises Prospect of Hormuz Reopening

Euro banknotes (Reuters)
Euro banknotes (Reuters)
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Euro Zone Yields Fall after Iran Raises Prospect of Hormuz Reopening

Euro banknotes (Reuters)
Euro banknotes (Reuters)

Euro zone bond yields fell for a second straight day on Tuesday, hitting their lowest in almost two weeks after Iran raised the prospect of reopening the Strait of Hormuz and Washington hinted it could restart talks with Tehran, pushing oil prices lower.

Germany's 10-year bond yield, the benchmark for the bloc, fell 1 basis point to 3.44% after rising as much as 4 bps earlier in the session. It fell 7 bps on Monday as energy prices retreated.

A senior Iranian official told Reuters that the strait, which carried about a fifth of global energy supplies before the war, could reopen within seven days if the US also lifts its blockade of Iranian ports.

The official added that Iran's delegation to a UN meeting in New York this week has full authority to revive diplomacy over the conflict.

US Secretary of State Marco Rubio told NBC's "Today" show that Washington was open to speaking with Tehran.

The dip in energy prices helped pull yields lower globally after a surge in recent weeks fuelled by expectations of further interest-rate hikes to combat energy-driven inflation. Traders are pricing in around 35 bps of additional European Central Bank tightening this year, down from 40 bps on Friday.

Germany's two-year bond yield, which is sensitive to interest-rate expectations, fell 1 bp to 3.19%, following a 6-bp drop on Monday.

Rabobank senior rates strategist Lyn Graham-Taylor said lower oil prices following the Iranian comments were weighing on bond yields.

Brent crude futures were last down 1% to $100 a barrel after earlier falling to $97.40, the lowest in two weeks.


Libya's NOC Says Sharara Crude Pipeline Closure Losses at 130,000 bpd

General view of the Sharara oil field in Libya (Reuters)
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Libya's NOC Says Sharara Crude Pipeline Closure Losses at 130,000 bpd

General view of the Sharara oil field in Libya (Reuters)

Libya's National Oil Corporation said on Tuesday that the Sharara-Zawiya crude loading pipeline closure has led to daily losses of about 130,000 barrels per day, Reuters reported.

An armed military group closed valve seven on the Sharara crude pipeline to Zawiya port on Monday, resulting in a significant decline in production at the Sharara oilfield, the National Oil Corporation said in a statement.

 

 

 

 


Sources: Saudi Arabia Restarts East-West Oil Pipeline

FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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Sources: Saudi Arabia Restarts East-West Oil Pipeline

FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of a Saudi Arabian flag in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

Saudi Arabia has restarted operations at its East-West Pipeline and could resume exports from the Red Sea port of Yanbu later on Tuesday, three sources briefed on the matter said.

Drone attacks forced Saudi Arabia to shut its East-West Pipeline on September 13, halting crude loadings at the kingdom's Yanbu port.

The resumption of supplies on Tuesday helped to drive selling on global oil markets, traders said. Brent crude futures fell by more than $2 a barrel to its lowest since September 8.

Two trading sources said traders were getting ready for Saudi oil loadings by moving tankers to Egypt's Mediterranean Port Said for ship-to-ship transfers and also to Sidi Kerir.