Cheiron commits at least USD 42 mn to East Alexandria offshore gas search

Here are the stories driving the day, both at home and abroad. Egypt’s Cheiron signed an agreement with state gas holding company Egas to explore for natural gas in the East Alexandria offshore area, committing a minimum investment of more than USD 42 mn, according to an Oil Ministry statement. The money covers drilling three exploration wells and reprocessing seismic data in the Mediterranean concession. The agreement finalizes the award Cheiron secured through Egas’ global bid round in June 2025, when it was among six companies handed new blocks.

^^We’ll have more on this story in tomorrow’s edition of EnterpriseAM.

☀️ TOMORROW’S WEATHER- Temperatures are rising just a tad in Cairo tomorrow, reaching a high of 27°C before dropping to a chillier overnight low of 17°C, according to our favorite weather app.

MAKING HEADLINES ABROAD-

It’s a mixed bag of headlines this afternoon, with world leaders starting UN climate conference talks in Turkey leading the conversation. UN Secretary-General António Guterres urged world leaders at COP31 in Turkey to accelerate climate action, warning that rising emissions and temperatures are putting the planet on a path to “mutually assured destruction.” He called for a faster transition away from fossil fuels, greater climate financing for vulnerable countries, and stronger international cooperation.

Negotiators from nearly 200 countries are working to agree on measures to expand electricity use and revive efforts to phase out fossil fuels, but the summit has been marked by the absence of several major polluters, including the US, China, and India. The US has skipped the talks for a second consecutive year, while leaders from several other major economies, including France, Germany, Japan, Italy, and Canada, were also absent.

MEANWHILE IN THE US- The US House of Representatives blocked an effort to impeach Defense Secretary Pete Hegseth on Tuesday, voting 211-204 to refer eight articles of impeachment to the Republican-led House Judiciary Committee, effectively shelving the push for now. The measure, introduced by Republican Congressman Thomas Massie and backed by Democrats, accused Hegseth of waging war in Iran and Yemen without congressional authorization, among other alleged abuses of power.

No Republicans joined Massie, as President Donald Trump voiced support for Hegseth, who dismissed the impeachment effort as “sabotage” during his first Pentagon news briefing in six months. The bid could resurface in January, when Democrats take control of both chambers of Congress following their midterm victories.

ALSO- Workers across Spain staged the country’s first general strike in 14 years, protesting soaring rents, evictions, and a housing shortage. Backed by the country’s two largest unions, UGT and CCOO, the walkout disrupted public transport, factories, schools, and universities, with unions reporting participation of up to 90% in the automotive and port sectors.