Good afternoon, all, and happy hump day. The slew of news is holding up today, as we receive reports of USD multi-mn investments, political incidents, and a miraculously good TV adaptation of a book.

THE BIG STORY TODAY-

BP and Shell to add 125 mn cbf of daily gas production in 2026 with USD 370 mn project: The Egyptian Natural Gas Holding Company (EGAS) has signed an agreement with global energy giants BP and Shell to begin production from the offshore Harmattan gas field in the Mediterranean by 1Q 2026, Asharq Business reports, citing an unnamed government official. Initial investments in the project’s field operations are estimated to be around USD 370 bn.

The in-the-works project will be a welcome help for the country’s efforts to close the gap between local supply and demand, with the estimated 125 mn cubic feet (cbf) of daily production capacity set to help reduce the country’s energy import bill — or at some point hopefully be turned towards export. While the country's daily demand stands at more than 6 bn cbf per day, current domestic daily production stands at 4.3 bn cbf, bolstered by 900 mn cbf of imports, a senior government source recently told EnterpriseAM.

The details: The project — which will be carried out by the Pharaonic Petroleum Company, a JV between BP and EGAS that operates in the area — will drill 3 wells in the area. There are also plans to construct an offshore platform and a 50 km-long gas pipeline to connect to an onshore processing station, the outlet’s source added. Construction is planned to be finished by late 2025, with production pencilled in for the start of 2026.

THE BIG STORY ABROAD-

The war in Ukraine is once again headlining the global press, with news that high-ranking Russian general Igor Kirillov was killed in a Moscow bombing reportedly perpetrated by Ukrainian intelligence. The attack came one day following Ukraine’s allegation that Kirrilov — the head of Russia's Nuclear, Biological and Chemical Protection Troops — used banned chemical weapons in combat. Moscow has denied this claim. Ukrainian authorities are yet to officially claim responsibility for the bombing. (Financial Times | BBC | Reuters | AP)

The world’s business papers are also covering economic data out of Argentina showing the struggling country emerging out of recession, with GDP having grown 3.9% q-o-q in 3Q 2024 — when taking into account seasonal fluctuations — after having contracted for the three consecutive quarters. Despite the promising economic data, on an annual basis, growth is still down 2.1% and President Javier Milei’s unorthodox economic policies have contributed to poverty rates passing the 50% mark as the country’s poor feel the brunt of his mass public sector lay-offs and social spending cuts. (Financial Times | Reuters | Bloomberg)

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

• Big-ticket Chinese investments are once again leading domestic business news, with news of an in-the-works industrial complex targeting the automotive industry at the same time as construction kicks off on a solar cell factory — two sectors that are very much priorities of the Madbouly government’s industrial policy.
• FRA greenlights SIC bid for up to 100% of CIRA: The Financial Regulatory Authority (FRA) has approved CIRA Education majority shareholder Social Impact Capital’s (SIC) mandatory tender offer to acquire up to an additional 48.78% of CIRA.
• BP, Adnoc’s XRG launch Arcius Energy: BP and the Abu Dhabi National Oil Company’s (Adnoc) investment arm, XRG, finalized the establishment of Arcius Energy, a joint venture aimed at expanding natural gas operations in Egypt.

☀️ TOMORROW’S WEATHER- Temperatures in the capital tomorrow are staying consistent with this week’s chill, with expected highs of 22°C and low of 12°C at night, according to our favourite weather app.