Egypt, in partnership with the U.S.-based energy firm, Apache Corporation, recently announced the discovery of natural gas in its Western Desert.
This information was made public by the North African country’s Ministry of Petroleum and Mineral Resources.
The ministry revealed that the gas reserved has an expected output of approximately 26 million cubic feet of gas per day, and an estimated 2,700 barrels of condensate.
The newly discovered field is located within a recently granted concession near Apache's present operations, which is expected to boost economic viability and reduce development costs by utilizing current production facilities and infrastructure.
As seen in the Daily News Egypt, the discovery was made subsequent to the drilling of the SKAL-1X exploratory well in the South Kalabsha region.
It is part of Egypt's larger initiatives to enhance domestic gas production and lower import prices, which are backed by incentives meant to draw more capital to exploration and production.
Officials have indicated that this discovery serves as evidence of the efficacy of the Ministry of Petroleum and Mineral Resources' recent policy framework.
These strategic measures have incentivized Apache Corporation to increase its capital expenditure and broaden its exploration activities, particularly within areas adjacent to its existing concessions.
Egypt, over the last year, has been very aggressive with its gas initiatives.
Egypt’s recent gas projects
The LNG tanker GASLOG GIBRALTAR, which departs under a deal with Shell from the Idku terminal in Egypt, unloads Egyptian liquefied natural gas at the Revithoussa terminal near Athens, in Megara, Greece, on November 17, 2025. Egypt exports LNG in an effort to consolidate its position as a regional energy trading hub. [Photo by Nicolas Koutsokostas/NurPhoto via Getty Images] BI Africa
In February, a report showed that Egypt was preparing to roll out its largest-ever Mediterranean gas drilling campaign in 2026.
A month prior, the North African country and Qatar signed an agreement to increase the supply of liquefied natural gas (LNG) and strengthen energy cooperation.
In the same month, Karim Badawi, the Egyptian Minister of Petroleum and Mineral Resources, engaged in a discussion with Frank-Walter Steinmeier, Germany’s Minister of Economic Affairs and Energy, to initiate bilateral agreements in the natural gas, renewable energy, and technology transfer sectors.
In August last year, Israel and Egypt entered into a landmark natural gas agreement valued at an estimated $35 billion, marking one of the largest energy deals in the Eastern Mediterranean.
Per the deal, Egypt is set to receive gas from the Leviathan field, which is located offshore in the Mediterranean and has reserves of almost 600 billion cubic metres.
US President Donald Trump said Iran allowed a group of oil tankers to pass through the Strait of Hormuz, describing the move as a positive signal amid ongoing negotiations.
Speaking during a Cabinet meeting at the White House, Trump recounted how the tanker movements first came to his attention through media reports.
“They said something’s unusual happening. There are eight boats that are going middle of the Hormuz strait — eight big tankers are going loaded up with oil right through,” Trump said.
“And I said, well, I guess they were right… and I think they were Pakistani flagged. And I said, well, I guess we’re dealing with the right people.”
The president added that Iran subsequently allowed additional vessels to pass, increasing the total number of tankers.
“They then allowed two more boats,” Trump said, bringing the total to 10 oil tankers.
During the meeting, Trump also appeared to acknowledge potential sensitivities around revealing such details publicly. Addressing US special envoy Steve Witkoff, he remarked: “I hope I didn’t screw up the negotiations by saying that.”
The comments come as Washington and Tehran remain engaged in fragile discussions aimed at de-escalating tensions in the Middle East. The Strait of Hormuz remains a critical artery for global oil shipments, making any developments in the region closely watched by energy markets and policymakers worldwide.
Iran ‘begging to make a deal’
Trump reiterated his stance that Iran is eager to reach a ceasefire agreement, pushing back against media reports suggesting otherwise.
“They are begging to make a deal. Not me. They’re begging to make a deal,” he said, criticizing coverage by outlets.
In a post on Truth Social, Trump struck a more forceful tone, warning Iranian negotiators to act quickly.
“They better get serious soon, before it is too late… there is NO TURNING BACK, and it won’t be pretty!”
Weapons diversion remarks The President also addressed reports that the Pentagon could redirect weapons originally earmarked for Ukraine to the Middle East, suggesting such moves are routine.
IOC, BPCL and HPCL dismiss rumours and urge public to avoid panic buying as fuel prices remain unchanged.
State-run oil companies have dismissed reports of petrol and diesel shortages in India, stating that fuel supplies remain stable, retail outlets are operating normally, and adequate stocks are available across the country.
This comes against the backdrop of the West Asia war, now in its fourth week, with the passage of oil tankers through the Strait of Hormuz remaining limited.
Oil companies dismiss shortage rumours
IOC, BPCL, HPCL issue clarifications
Indian Oil Corporation (IOC) said there is “no shortage of petrol or diesel”, adding that rumours circulating online can create unnecessary concern and disrupt normal supply patterns.
Bharat Petroleum Corporation Limited (BPCL) termed reports of shortages “completely unfounded” and said India is a net exporter of petrol and diesel and has "adequate stocks of crude oil, petrol, diesel and ATF", with supply chains operating "smoothly without any disruption".
Hindustan Petroleum Corporation Limited (HPCL) said supplies of petrol, diesel and LPG remain “stable”.
The companies also advised customers to avoid panic buying.
Fuel prices remain largely unchanged
Diversified sourcing supports supply stability
Fuel prices in India have remained largely unchanged, despite global supply disruptions caused by tensions in West Asia affecting oil, LNG and LPG supply chains.
As of March 26, in New Delhi, petrol is priced at Rs 94.77 per litre and diesel at Rs 87.67. In Mumbai, petrol costs Rs 103.50 per litre and diesel Rs 90.03.
Prices of regular petrol and diesel remain unchanged. However, oil marketing companies last week increased prices of premium petrol by nearly Rs 2 per litre and industrial diesel by Rs 22 per litre.
The premium petrol segment accounts for less than 5 percent of total users.
India has been able to maintain supply through diversified crude sourcing from over 40 countries, including Russia and Iran, helping manage availability and costs.
https://www.autocarindia.com/car-news/no-petrol-diesel-shortage-in-india-oil-companies-439292
Uganda's economy expanded 8.5% in the second quarter of fiscal year 2025/26, Finance Minister Henry Musasizi announced on Tuesday. That is up from 5.4% in the same period a year earlier.
"This performance reflects effective economic management, supported by strong aggregate demand and sustained investments in productive sectors, particularly ICT, construction, and machinery, which are critical for long-term growth & structural transformation," Musasizi said while presenting his ministry's policy statement to Parliament's finance committee.
The minister said domestic revenue collected between Oct. 1 and Dec. 31, 2025, totaled 16,476.07 billion Ugandan shillings (approximately $4.44 billion), against an initial target of 17,511.59 billion shillings. That is equivalent to 94.09% of the target and represents 8.05% revenue growth compared with the same period in fiscal year 2024/25.
Musasizi also said construction of the East African Crude Oil Pipeline (EACOP), a $5 billion infrastructure project to export Uganda’s crude to international markets, has reached 80% completion. The pipeline will stretch 1,443 kilometers, linking oil fields in western Uganda to the port of Tanga on Tanzania's Indian Ocean coast.
Uganda has discovered several oil deposits in the Lake Albert basin in the west, including the Mputa, Kingfisher and Tilenga fields. Crude reserves in the lake, which lies on the border between Uganda and the Democratic Republic of Congo, are estimated at 6.5 billion barrels, of which approximately 2.2 billion barrels are currently considered recoverable.
International oil companies including China National Offshore Oil Corporation (CNOOC) and France's TotalEnergies continue to invest in developing the fields. The government plans to generate 2,200 billion Ugandan shillings in revenue from oil exports during fiscal year 2026/27, Musasizi said.
The International Monetary Fund has estimated that the start of oil production should allow the East African nation to record double-digit economic growth and sustainably improve its fiscal and current account balances.
Walid Kéfi
Transneft Plans Rerouting After Drone Attacks Halt Russian Oil Exports
Impact and Response to Drone Attacks on Russian Oil Exports
MOSCOW, March 26 (Reuters) - Russia's oil pipeline monopoly Transneft will try to redirect oil exports from the Baltic Sea ports, damaged by drone attacks, Interfax news agency reported on Thursday, citing the head of the company.
According to Reuters calculations based on market data, at least 40% of Russia's oil export capacity is at a halt following Ukrainian drone attacks, a disputed attack on a major pipeline and the seizure of tankers.
Details of the Drone Attacks
Ukrainian drones attacked this week the Baltic Sea ports of Primorsk and Ust-Luga, major hubs for Russian oil exports, forcing them to suspend loadings, industry sources told Reuters.
Transneft's Response and Challenges
"Redirecting such volumes at short notice is difficult. These are significant amounts," Transneft's CEO Nikolai Tokarev is quoted by Interfax as saying.
"As for our company, we will try to do everything possible as quickly as we can," he said.
Tokarev did not say if the ports halted operations.
Significance of Affected Ports
Primorsk: Major Outlet for Urals Crude
PRIMORSK IS MAJOR OUTLET FOR URALS CRUDE
Primorsk, which is able to export more than 1 million barrels of crude oil per day, is a major outlet for Russia's flagship Urals crude and high-quality diesel.
Export Volumes from Ust-Luga and Primorsk
According to sources, Ust-Luga exported 32.9 million metric tons of oil products last year, and Primorsk 16.8 million tons.
(Reporting by Maxim Rodionov; Writing by Anastasia Teterevleva; Editing by Mark Trevelyan and Barbara Lewis)
At least 40 per cent of Russia's oil export capacity is at a halt following Ukrainian drone attacks, a disputed attack on a major pipeline and the seizure of tankers, according to Reuters calculations based on market data.
The shutdown is the most severe oil supply disruption in the modern history of Russia, the world's second largest oil exporter, and has hit Moscow just as oil prices exceeded $100 a barrel due to the Iran war.
Russia's oil output is one of the main sources of revenue for the national budget and is central to the $2.6 trillion economy.
Ukraine has increased attacks
Ukraine intensified drone attacks on Russia's oil and fuel export infrastructure this month, hitting all three of Russia's major western oil export ports, including Novorossiysk on the Black Sea and Primorsk and Ust-Luga on the Baltic Sea.
According to Reuters calculations, about 40 per cent of Russia's crude oil export capabilities - or around 2 million barrels per day, were shut as of Wednesday after the most recent attack.
That includes Primorsk and Ust-Luga as well as the Druzhba pipeline, which runs through Ukraine to Hungary and Slovakia.
Kyiv has also targeted pipeline oil pumping stations and refineries. Kyiv says it aims to diminish Moscow's oil and gas revenue, which accounts for around a quarter of Russia's state budget proceeds, and weaken its military might.
Russia says the Ukrainian strikes are terrorist attacks and has tightened security across its 11 time zones.
Ports, pipelines and tankers
Ukraine said that part of the Druzhba pipeline was damaged by Russian strikes at the end of January, while both Slovakia and Hungary demanded Kyiv restart the supplies immediately.
The Novorossiysk oil terminal, which can handle up to 700,000 bpd, has been loading oil below plan since damage from a heavy Ukrainian drone attack early this month.
In addition, frequent seizures of Russia-related tankers in Europe have disrupted 300,000 bpd of Arctic oil exports flowing from the port of Murmansk, traders said.
With its westward export routes under fire, Moscow must rely on oil exports to Asian markets, but those routes are limited due to capacity, traders said.
Russia continues uninterrupted supplies via pipelines to China, including the Skovorodino-Mohe and Atasu-Alashankou routes, as well as ESPO Blend exports by sea via the port of Kozmino.
Together, the three routes account for some 1.9 million bpd of oil.
Russia also continues to load oil from its two far eastern Sakhalin projects, shipping about 250,000 bpd from the island.
Traders also say that Russia is supplying the refineries in neighboring Belarus with around 300,000 bpd of oil.
The outage comes at a time when Australia is already grappling with fuel shortages stemming from the war in the Middle East.
Chevron said it was working to restore production at its Gorgon and Wheatstone LNG facilities following outages that followed Tropical Cyclone Narelle's crossing. Source: AAP / Marion Rae
A powerful tropical cyclone in Western Australia has disrupted production at the country's two biggest liquefied natural gas plants run by Chevron and Woodside, exacerbating a global supply crunch caused by the conflict in the Middle East.
Australia became the world's second-largest LNG exporter after Qatar shut down production in March following damage to its facilities from Iranian strikes.
Global LNG flows out of the Middle East have also been upended by Iran's blockage of the Strait of Hormuz.
The gas plant is the onshore processing facility for the North West Shelf, Australia's oldest and second-largest LNG project, producing 14.3 million tonnes a year, down from 16.9 million tonnes a year after it shut down one of its five production trains.
MST Marquee analyst Saul Kavonic estimated the cyclone was disrupting more than 30 million tonnes a year of Australian LNG supply.
Combined with the shock from the Middle East, he said more than a quarter of global LNG supply was affected.
"This will exacerbate gas market tightness in Asia and Europe, especially if it takes more than a matter of days to normalise Australian production levels again," Kavonic said.
A Chevron Australia spokesperson said an outage occurred at the Wheatstone platform, about 225km off Australia's west coast, on Thursday, causing a suspension of onshore gas production.
"All personnel were demobilised from the Wheatstone Platform ahead of the cyclone passing, which has been operated remotely from our Perth office since Tuesday afternoon," the spokesperson said.
Three hours later, an outage shut down one of three LNG production trains at the Gorgon facility on Barrow Island, about 50km offshore.
"We will resume full production at both facilities once it is safe to do so," a Chevron Australia spokesperson said.
Woodside said production at the North West Shelf project would restart once it is able to send workers back to its offshore facilities.
It said operations were continuing at its Macedon domestic gas plant and its Pluto LNG facility.
"If there is any material impact to production or assets, Woodside will update the market," a spokesperson said.
In Namibia, junior miner Koryx Copper has released an updated mineral resource estimate for its Haib copper project, now including gold as a byproduct for the first time. The update, announced on March 25, is expected to improve the project’s overall economics.
The company said the new estimate builds on previous exploration work and adds to the September 2025 resource base. Haib now hosts 2.09 million tons of copper in indicated resources and 1.38 million tons in inferred resources. It also includes 487,900 ounces of gold in indicated resources, along with 103.6 million pounds of molybdenum, another byproduct used in steel alloys.
For Koryx, the inclusion of these byproducts highlights the scale of Haib’s potential and opens new paths to significantly improve profitability and extend the project’s lifespan. Until now, the company had planned a copper-only operation, targeting annual output of 88,000 tons over 23 years, with an estimated capital cost of $1.55 billion.
These assumptions are expected to be revised in a prefeasibility study due by the fourth quarter of 2026, which will incorporate both gold and molybdenum. In the meantime, Koryx plans to accelerate exploration work and publish another resource update in the coming months.
Despite these advances, the company still needs to carry out further work to convert resources into mineable reserves, a key step before moving toward development. In late January, Koryx announced it had raised C$46 million (about $33 million) to fund the next phases of the project in 2026.
Aurel Sèdjro Houenou
Zambia is on track to produce more than 1 million tonnes of copper in 2026, a record milestone driven by expanded output from its largest Canadian-owned operations, Mines and Minerals Development Minister Paul Kabuswe has said.
Last year, Zambia posted its highest ever production of almost 890,346 tonnes, and “this year without a doubt, definitely we’ll go beyond a million,” Kabuswe told reporters in Lusaka in January.
Copper remains Zambia’s economic backbone, accounting for roughly 70 % of export earnings and forming a core pillar of GDP.
In 2025, copper prices surged nearly 50%, crossing $13,000 per tonne for the first time. Congo and Zambia, Africa’s largest copper producers, are among the biggest beneficiaries of the rally.
The nation’s push towards the 1 million-tonne mark reflects both improved operational performance and heavy capital reinvestment in processing capacity across key mines in the Copperbelt and North-Western Province.
Canadian-owned mines drive Zambia’s copper surge
Major contributors to this output increase are expansions at two of Zambia’s largest copper producers.
At the Kansanshi mine, a joint venture majority-owned by Canadian company First Quantum Minerals and Zambia’s state miner ZCCM‑IH, a US$1.25 billion expansion has boosted throughput and stabilised production through improved processing capacity.
Meanwhile, the Lumwana copper mine owned by Canadian-based Barrick Gold is undergoing a multi‑billion-dollar expansion, expected to raise annual output significantly as new facilities come online.
Zambia’s government has also signalled long-term ambition beyond the 1 million-tonne milestone.
Under its National Three Million Tonnes Copper Production Strategy, authorities are targeting a three-fold increase to 3 million tonnes annually by the early 2030s through a combination of brownfield expansions, greenfield projects, and artisanal mining development.
By Ryan Dezember
A new copper project in Arizona that made its first metal this month is ramping up and is expected to make its owner the country’s third largest producer of refined copper by year-end.
Taseko Mines’ Florence project is targeting annual output of about 85 million pounds of copper cathodes, Chief Executive Stuart McDonald said on the sidelines of S&P Global’s CERAWeek conference in Houston. While that's just a sliver of growing U.S. demand for the metal that is essential to all things electric, Florence is part of a wave of projects in which miners are deploying unconventional methods to produce more copper from Arizona’s abundant low-grade ores.
Florence utilizes in-situ recovery methods that are more common in uranium mining and involve pumping acid deep beneath the surface to separate copper from the rock, rather than bringing ore to the surface for processing. The copper solution is then piped to a facility on site where it is plated as cathodes that are ready to use by makers of electrical wire and other products.
That’s a big advantage over traditional mines, which produce concentrates that must be processed by smelters. Though the U.S. has abundant copper deposits, processing it is problematic. There are only two smelters operating in the U.S.
Taseko Mines' Florence project extracts copper without a pit or tunnels.
China built up its copper processing capacity to wedge into the global supply chain in an era when environmental regulations and other hurdles have made it nearly impossible to build smelters in the West.
Lately, China’s more than 60 smelters have been paying miners to ship concentrate to its shores, pressuring Western smelters that need to charge a processing fee to remain economic. It’s too good a deal to pass up for many miners, including Taseko, which ships concentrate from its mine in British Columbia, McDonald said.
Concerns about China’s grip on copper processing has been a major topic at CERAWeek, which gathers government officials and energy and mining executives.
“It's an area where governments need to step in,” McDonald said.
Published: Thursday, March 26, 2026
The crisis in the Middle East threatens to worsen the sulfuric acid shortage facing the mining industry in Chile, driving up the cost of a key input for processing copper and other critical minerals.
The restricted air routes in much of the Middle East, the disruption of global transport corridors and the blockade of the Strait of Hormuz could trigger a crisis in the sulfuric acid market, which is already facing supply shortages and high prices.
The Middle East accounts for about 24% of sulfur production, and almost 40% of the world’s maritime transport of this chemical element, which is used in the production of sulfuric acid, passes through Hormuz.
Sulfuric acid is used mainly in the leaching process that makes it possible to recover metals, and is essential for extraction and hydrometallurgy. A large part of this material is used in the leaching of copper oxides, in nickel refining, and in the processing of zinc, uranium, rare earths, and titanium sulfate.
Without this input, low-quality or chemically complex minerals could not be processed economically on a large scale, so a disruption in the markets can trigger serious imbalances in mining production.
Although Chile does not depend on imports of sulfur or sulfuric acid from Iran, the war between the United States, Israel, and Iran may affect its main suppliers: Peru, China, and South Korea.
The impacts are already being seen in the increase in acid prices, which had already soared 500% in the last 2.5 years. A report by Shanghai Metals Market says the FOB spot prices in Japan and South Korea have risen to US$125/t in 2026, almost 20% more than the beginning of the year.
The situation could worsen, since China depends on imports for more than 45% of its sulfur, and more than half of it comes from Persian Gulf countries that ship their goods through Hormuz.
Not only will Chinese sulfuric acid be more expensive for Chile, but so will Peruvian acid, which mainly comes from the Talara refinery, controlled by Petroperú.
Before the geopolitical conflict, the Chilean Copper Commission (Cochilco) was already projecting a deficit condition for the acid demand in the local copper industry through 2033.
Chile has a mining investment portfolio for 2025–2034 of US$104,5bn, which will mean more acid, and Peru is preparing initiatives that could worsen the imbalance.
Tía María project, in Peru’s Islay province, seeks to extract some 650Mt of oxidized copper from its two mines, La Tapada and Tía María, which could reduce the amount of acid available for import from Peru.
Chile imports approximately 3Mt of acid per year, since the contribution made by the Codelco's smelters, the Glencore's Altonorte Metallurgical Complex, the Anglo American's Chagres smelting, the Noracid plant and the Enami's facilities - which in 2023 produced 4.3Mt - is not enough.
For this reason, there is broad cross-party consensus on promoting the national smelting and refining strategy in Chile, since one of the most important by-products of this industry is sulfuric acid.
Along the same lines, Codelco and Glencore are seeking to build a new smelter in Chile and the modernization of Enami’s Hernán Videla Lira smelter is being prepared, which would allow for sulfuric acid production of 800,000t/y.
The acid is corrosive and its transport over long distances is costly, so it is not a market that can adapt immediately.
If the bottleneck in Hormuz continues and acid production does not increase, the outlook is complex. The global sulfuric acid market is expected to grow from US$25bn in 2025 to US$32bn in 2032, with an annual growth rate of 3.59% in the 2026–2032 period.
(The original version of this content was written in Spanish)
The proposed sale of Thyssenkrupp Steel Europe to Jindal Steel International may collapse over pension liabilities, energy costs, and investment disagreements, Reuters reported.
Discussions of a possible sale of Thyssenkrupp’s steel unit to Jindal Steel International could be called off due to differences over pension liabilities, investments, and energy costs, a Reuters report said.
The report added that while talks over a sale of Thyssenkrupp Steel Europe (TKSE) are ongoing and could still result in an agreement, a deal is now seen as less likely after nearly six months of due diligence and discussions.
Reuters reported that the companies could decide to officially stop negotiations as soon as next month. Shares in Thyssenkrupp fell 4% following the Reuters report.
Jindal Steel International, in September, made an indicative offer for TKSE that includes the completion of a green steel production site in Duisburg and a more than $2.31 billion commitment to establish additional electric arc furnace capacity.
Issues with the deal
Thyssenkrupp has tried to sell TKSE several times in the past decades, pursuing everything from listings to spinoffs and joint ventures to outright sales of the cyclical high-cost business.
Among the factors complicating talks are 2.4 $2.8 billion of pension liabilities tied to TKSE – a hurdle in past sales efforts – as well as differing ideas over how much future investment is needed, the report said.
Failure to sell TKSE would be a setback for Thyssenkrupp CEO Miguel Lopez’s plan to turn the storied German engineering group into a holding by divesting stakes in all of its business divisions ranging from car parts to clean-tech.
Rising Energy cost additional factor
In addition, there has been growing unease at Jindal Steel International over rising energy costs in Europe, the second source said. Energy costs in Europe were already higher than in the United States and Asia, and they have soared further as a result of the Iran war.
Thyssenkrupp said on Wednesday confidential talks with Jindal Steel International and labour representatives continued, adding that matters of valuation, obligations and future investments would need to be agreed between the parties.
Earlier this month, Lopez said the group would continue with TKSE’s restructuring “with or without Jindal,” while Thyssenkrupp’s deputy supervisory board chairman, Juergen Kerner, last week said talks had stalled.
