Author: Rigs & Barge World

Israel Key Combined Solar & Storage Capacity 1: Israel Installed Capacity (GW): Renewables Rise 20% To 8.2GW At End-2025 2: Solar PV Continues To Make Up The Lion’s Share Of Israel’s Renewable Installed Capacity (GW) 3: Israel’s Power Sector Liberalization Gathers Pace: Conventional IPPS Overtake IEC In 2025 (GW) 4: Israel Power Generated (TWh): Gas And Renewables Hit Records For 2025 As Coal Reduced To Just 9% Of Fuel Mix Source link

The ongoing Hormuz crisis has attracted widespread international attention due to its impact on the Middle East’s exports of crude oil, refined products, LNG, fertilizers and a host of other key commodities. But the conflict has also disrupted imports, with the impact varying considerably across the region. As with exports, Saudi Arabia and the UAE have been the least affected of the GCC states as they have ports outside the Strait of Hormuz through which they can partially re-route imports. Bahrain, Qatar and Kuwait have no such ports but have been able to receive goods through their neighbors’ facilities. (CONTINUED…

The Egyptian Cabinet approved a draft law that cancelled the exemption of natural gas from the value-added tax (VAT), making it subject to a table tax of EGP 20 per 1,000 cubic feet (cf). This comes as part of a wider plan to increase state revenues and widen the tax base. The Egyptian Tax Authority (ETA) clarified that the tax amendments -to be referred to the parliament for review-  will not result in higher household gas prices or impose additional financial burdens on consumers. Rasha Abdel Aal, Head of the ETA, explained in a statement that the proposed amendments are…

The Hormuz crisis is generating revenue windfalls for those producers outside of the Gulf able to capitalize in full on the price increases. Libya is one such producer. With the North African producer exporting close to post-revolution highs, oil export revenues increased to their highest level in a decade last month. NOC figures released on 2 June show that oil revenues reached $3.76bn in May, a 33% month-on-month increase from April’s $2.83bn, which was already nearly triple the $1bn reported in January and February; the last months before the Middle East conflict erupted (MEES, 8 May). (CONTINUED – 788 WORDS)…

Egypt and Cyprus are moving closer to finalising the technical and commercial agreements to connect Cyprus’s Aphrodite offshore natural gas field to Egypt’s infrastructure. The project aims to transport the field’s production to Egypt for processing and re-export, maximizing Egypt’s role as a regional hub for energy trade and exchange, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Karim Badawi, Minister of Petroleum and Mineral Resources, met with Scott Childers, Director of Strategic Assets and Emerging Markets at Chevron, the operator of the Cypriot field, along with an accompanying delegation, to follow up on preparatory procedures for…

Karim Badawi, Minister of Petroleum and Mineral Resources, met senior executives from leading international mining companies to explore new investment opportunities in gold exploration. The talks come as Egypt advances legislative and regulatory reforms designed to streamline procedures and attract greater investment into the mining sector, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The meeting was attended by Khaled Mortagy, Chairman of Capital Limited Egypt; Timothy Strong, Executive Director of the Australian company Marvel Gold, and Timothy Livesey, Mining Executive at the UK’s Ritz Mining. During the meeting,  Badawi told investors the mining sector…

British Petroleum (bp) is in talks with Ithaca Energy, a North Sea oil and gas operator and producer, regarding the sale of its UK North Sea assets in a deal worth nearly $2.69 billion, according to Reuters.While negotiations failed to reach a final agreement in recent weeks, the company continues to explore other options for the assets and could pursue a transaction with other interested parties. This deal is part of bp’s ongoing plan to review and optimize its asset portfolio. Last month, a Bloomberg report said bp was considering the sale of some or all of its UK North…

Mahmoud Esmat, Minister of Electricity and Renewable Energy, witnessed the signing of two agreements to establish separate Battery Energy Storage Systems(BESS) with a combined capacity of 1,500 megawatt-hour (MWh) in the Zafarana and Benban areas. The ceremony also included the signing of an agreement to build a factory for producing storage batteries with an annual capacity of 3,000 MWh, according to a statement by the Ministry of Electricity and Renewable Energy. The signing was attended by Sheikh Hussein Al Nowais, Chairman of UAE-based AlNowais Investments and its subsidiary AMEA Power, and Ni Jin, Chairman of China Energy Engineering Corp CEEC).…

Can Egypt translate renewed offshore Mediterranean drilling into tangible gas output gains over the next 18 months? Cairo certainly hopes so, and is banking on upcoming appraisal drilling by Chevron and Eni at their Nargis and Nour projects yielding early output gains. Minister of Petroleum Karim Badawi visited the Stena Forth drillship this week as it kicked off the Nargis-2 appraisal well. In a written statement on 24 May, the minister said the government is encouraging IOCs to accelerate the development of undeveloped gas discoveries in order to boost domestic gas output and reduce Egypt’s LNG import bill. (CONTINUED -…

The Egyptian Cabinet approved four draft petroleum agreements that cover drilling of at least six wells, and have a minimum investment value of $52.97 million, Prime Minister Moustafa Madbouly announced during the cabinet’s 94th weekly meeting. The first agreement, between the Egyptian Natural Gas Holding Company (EGAS)  and Cheiron, Egypt’s largest independent Exploration and Production company, is for natural gas and crude oil exploration in the East Alexandria Marine Block. The cabinet also endorsed a North Tanta Onshore Block agreement for natural gas and crude oil exploration between EGAS and IPR South Disouq Limited, a subsidiary of the Texas-based IPR…