Good afternoon, folks, and welcome to the first day of fall — though judging by the weather this upcoming week, it may be more so in theory than in practice. Also continuing to heat up is the news cycle.

THE BIG STORY TODAY-

The Oil Ministry is looking to attract USD 4 bn this fiscal year with the offering of up to 12 concessions, a government source told EnterpriseAM. The planned exploration tenders will coincide with the wrapping up of seismic surveys in the Mediterranean, Red Sea, and Gulf of Suez, we were told.

The upcoming tender may see a notable uptick in interest from local energy players, following an in-the-works government push — which could include fresh incentives for local investors — to increase local investment in the oil and gas sector, a government source told EnterpriseAM in August. The tender will include new fields and fresh exploration areas — including blocks being offered for the first time — as well as mature fields slated to be put back on the market, the source told us at the time.

REMEMBER- The planned offerings, which include several concessions in the Red Sea, follow Shell and its partners’ withdrawal from their two Egyptian Red Sea exploration blocks in March of this year, followed by Chevron’s exit in April from its block — the last active exploration block in the Red Sea.

THE BIG STORY ABROAD-

It’s another busy afternoon in the global press, led by the aftermath of several states recognizing Palestine ahead of the upcoming United Nations General Assembly. Yesterday saw Canada, Australia, the UK, and Portugal formally recognize Palestine’s statehood, with other states — mainly France — expected to follow suit over the coming days.

While the recognition — both achieved and forthcoming — is largely symbolic, Israel’s response has raised international concern. In a statement published on X by Israel’s Foreign Ministry, the occupying force noted it would not “accept any detached and imaginary text that attempts to force it to accept indefensible borders.” Furthermore, several Israeli ministers have called for the annexation of the West Bank, the Financial Times reports. “[The international community] will hear from us on this matter in the following days,” Israeli Prime Minister Benjamin Netanyahu said on Sunday.

Several European officials were quick to issue their own statements, warning Israel against annexing parts of the occupied West Bank in retaliation. "We have been clear that this decision that we are taking is about the best way to respect the security for Israel as well as the security for Palestinians,” UK’s Foreign Secretary Yvette Cooper said in an interview with the BBC.

MEANWHILE- A catastrophic super typhoon — reportedly the most powerful storm on Earth in 2025 — has hit the northern Philippines, leaving thousands of residents stranded amid evacuations. Typhoon Ragasa made landfall with winds comparable to those of a category five hurricane, according to the Philippines’ meteorological agency. The storm threatens to endanger tens of mns across the Southeast Asian country, prompting warnings across neighbouring Taiwan and Hong Kong. (CNN | BBC | Reuters)

☀️ TOMORROW’S WEATHER- Goodbye summer, hello fall. We’re in for a breezy day in the capital, with temperatures set to peak at 32°C before cooling down to 21°C, according to our favorite weather app.