British oil and gas company bp has announced that it would reorganise its business into two operating segments - Upstream and Downstream - thus replacing its current three-segment structure, effective July 1. This comes as part of bp's efforts to simplify its structure, boost performance as well as shareholder returns.
OQ Exploration and Production (OQEP) Company has signed a memorandum of understanding with Libya’s Investment Authority to strengthen energy cooperation. The agreement aims to explore joint oil and gas investment opportunities in Oman, Libya and international markets.
Saudi Arabia and South Korea signed an MoU to expand oil and gas cooperation, covering petroleum, petrochemicals, crude storage, pipeline infrastructure, technology, and sustainability initiatives, as the two countries seek to strengthen energy security and investment ties.
SLB has signed a long-term framework agreement with Petróleos de Venezuela (PDVSA) to modernise the oil and gas sector, covering exploration, production, digital enablement, and workforce training, strengthening cooperation in field development and operational efficiency.
Freudenberg Group has expanded its energy portfolio by acquiring Balmoral Comtec, strengthening its Flow Technologies business in sealing and connector systems for global energy markets spanning offshore oil, gas and renewables industries worldwide.
GlobalData says geopolitics and supply chain risks, driven by Iran tensions and potential Strait of Hormuz disruption, will dominate oil and gas in 2026, alongside US tariffs, energy transition themes, and emerging digital technologies.
Egypt has announced a new natural gas discovery in the Nile Delta, with projected production of 50 million cu ft per day (mmcf/d) following the drilling of the exploratory well (Nidoco N-2) in the West Abu Madi area, co-operated by Italy’s Eni and the UK’s British Petroleum.
Turkey’s state-owned energy company BOTAS has signed a memorandum of understanding with Italian energy firm Edison to explore potential cooperation opportunities in natural gas and liquefied natural gas (LNG), the companies said.
Ministry of Petroleum and Mineral Resources said Agiba Petroleum Company made its largest discovery in 15 years in Egypt’s Western Desert, with estimated reserves of 330 billion cubic feet of gas and 70 million barrels of oil equivalent.
Dana Gas reported Q1 2026 net profit of AED270 million ($74 million), up 72% year-on-year, driven by a one-off Kurdistan gas adjustment, while revenue rose to AED531 million amid higher production and gas sales in Egypt and Iraq.
