Author: Rigs & Barge World

Egypt announced on 10 June that it has “fully settled its arrears to foreign oil and gas partners,” in line with its expedited target (MEES, 29 May). The buildup of IOC receivables has been a recurring theme in Egypt in recent years, and as IOCs have been unwilling to invest heavily due to payment concerns, this has contributed to declining oil and gas output. In order to address this, Minister of Petroleum Karim Badawi made paying off arrears a priority since assuming the role in mid-2024. The arrears stood at a massive $6.1bn at the time, and Egypt’s ability to…

Prime Minister Mostafa Madbouly, held a meeting to follow up on securing financing for new and renewable energy projects, ensuring alignment with their implementation timelines, according to a statement issued by the Cabinet. Madbouly emphasized that mobilizing the required funds is essential to support the national electricity grid, reduce reliance on conventional fuels, and enhance energy efficiency. He also called for continued coordination between the Ministries of Electricity and Finance, along with relevant entities, to accelerate the integration of additional clean energy capacities to meet rising demand and ensure service sustainability. The meeting highlighted the government’s strong commitment to renewable energy…

Executives from ExxonMobil met Iraq’s new oil minister Bassim Khudair in Baghdad on 7 June. The US major last year signed a preliminary agreement to develop the 450,000 b/d-capacity Majnoon field and to explore the development of Iraq’s export infrastructure (MEES, 10 October 2025). Since taking office last month, Mr Khudair has called on US companies to resume commercial talks that began under the former government (MEES, 22 May). Iraq is under tremendous US pressure to disassociate from Iran and dismantle its backed militias in the country, and Washington sanctioned deputy oil minister Ali Maarich last month over allegedly facilitating…

The Egyptian Maintenance Company (EMC)  secured a 10-year international contract valued at approximately €46 million to provide long-term maintenance for natural gas turbines at the Arab Potash Company’s power generation plant in Jordan, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). EMC won the contract following an intensive international bidding process with major specialized multinational companies. Under the agreement, the company will deliver integrated maintenance and technical support services for two Siemens Energy natural gas turbine units. The units generate 110 megawatt (MW) of electricity and produce 170 tons of steam per hour to supply…

Algeria has launched construction works on its section of the long-planned 30 bcm/y Trans-Saharan Gas Pipeline (TSGP), which will one day theoretically transport Nigerian gas to Europe via Niger using Algeria’s export infrastructure. On 4 June, hydrocarbons minister Mohamed Arkab and his counterparts from Nigeria and Niger marked the groundbreaking ceremony of the “highly strategic project” in the town of Aoulef in Adrar Province, according to a statement by project developer and state energy giant Sonatrach. (CONTINUED – 435 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed…

The Mineral Resources and Mining Industries Authority (MRMIA) launched an Open Blocks System offering exploration and exploitation opportunities across several mineral commodities. The bid round targets gold and associated minerals, phosphate, talc, and kaolin. The offering officially commenced on Wednesday, June 10, at 12:00 PM Cairo time. The Open Blocks System allows companies to apply for mineral exploration blocks at any time, without waiting for a fixed bid round closing date. Once the first offer is submitted for a block, a 30‑day competitive window opens for other bidders. Blocks that attract no bids will remain open to investors, with the…

Italian energy services company Saipem has been awarded a new onshore contract for the Uthmaniyah Gas Compression Plant project in Saudi Arabia, with Saipem’s share of the contract valued at about €900 million, noted a press release by Saipem. The contract was awarded to Saipem Nasser Saeed Al-Hajri Contracting Company (SNSH), a joint venture (JV) between Saipem and Saudi Arabia-based Nasser Saeed Al-Hajri and Partners Company for Contracting (NSH). The project is expected to be completed over a period of three and a half years.  The project involves carrying out engineering, procurement, and construction (EPC) works for a new gas…

The newly listed energy solutions provider Korra Energi, in alliance with High Dam for Electrical and Industrial Projects(HIDLECO), has secured the first and third lots of a major Egyptian electricity transmission project. According to a company press release dated June 11, the project involves constructing 500-kilovolt (kV) extra-high-voltage overhead transmission lines to connect wind power facilities in the Gulf of Suez to the national grid. The project, tendered by the Egyptian Electricity Transmission Company (EETC), is part of the state’s strategy to upgrade the national grid infrastructure and enhance its capacity to absorb renewable energy projects. It is considered one…

The closure of the Strait of Hormuz since the beginning of March has hit Kuwait especially hard, with the emirate having no alternative export route to reach its primary markets in Asia and Europe. Crude oil production has been cut to minimal operational levels required to meet domestic demand alongside small volumes of intra-Gulf trade (MEES, 5 June). The World Bank has warned that the economy could contract by 6.4% this year as a result (MEES, 10 April). The conflict has exposed Kuwait’s lack of export flexibility, with the country having failed to reduce its reliance on a single export…

TAQA Arabia signed an agreement with the military-affiliated National Service Projects Organization (NSPO) to acquire a stake in 172 fuel stations operated under the “Wataniya” brand, according to a cabinet statement. The deal will take place through transferring the ownership of the stations to a newly established company, Quick Fuel for Petroleum Products Trading and Distribution, in which TAQA Arabia will acquire a 10% stake with an option to purchase an additional 15% once the company is listed on the Egyptian Stock Exchange. The agreement follows a comprehensive restructuring of the stations aimed at preparing them for expanded operations in…