Author: Rigs & Barge World

In line with the Ministry of Petroleum and Mineral Resources (MoPMR)’s strategy to promote environmental sustainability and corporate social responsibility (CSR),  Belayim Petroleum Company (Petrobel) has launched the “Zero Waste” project at its Abu Rudeis camp in South Sinai. The initiative stands as a pioneering model that integrates environmental protection with socio-economic development, supporting Egypt Vision 2030 and the United Nations (UN) Sustainable Development Goals (SDGs), noted a video by the MoPMR. The project was implemented through a collaborative effort between Petrobel, the Desert Research Center, and Hemaya Association. It features an integrated system for recycling organic and non-hazardous solid…

Egypt’s total crude oil production has exceeded 540,000 barrels per day (bbl/d), marking a return to growth after a period of decline, Karim Badawi, Minister of Petroleum and Mineral Resources, said during a meeting with the leadership of the Egyptian General Petroleum Corporation (EGPC). Badawi praised the efforts of EGPC and its affiliated companies for the increase, emphasizing their role in increasing production and ensuring secure fuel supplies through coordinated efforts across the petroleum value chain, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The Minister reaffirmed that safety remains the petroleum sector’s top priority, stressing…

Abu Dhabi National Oil Company (ADNOC) has sold more than 30 million barrels (mmbbl) of spot crude oil to Asian refiners and trading firms this month, according to market sources, as buyers moved to secure supplies following the announcement of a US-Iran ceasefire agreement, Reuters reported. The sales covered Das, Upper Zakum, and Umm Lulu crude grades for June-August loading, with cargoes reportedly marketed at flat prices or slight premiums to the Dubai benchmark. The volumes were purchased by refiners and traders across India, China, Japan, and South Korea. Indian refiners Indian Oil Corporation (IOC) and Bharat Petroleum Corporation Limited…

Exxon Mobil has entered into a preliminary agreement to supply liquefied natural gas (LNG) to South Africa’s Zululand Energy Terminal (ZET), which is set to become the country’s first LNG import facility once constructed, Reuters reported. The planned terminal forms part of South Africa’s broader shift away from coal‑fired power generation, which still provides the majority of the country’s electricity supply. ZET was aiming to finalize an LNG supply agreement with Exxon Mobil within the coming months, Reuters reported in March. Exxon Mobil’s participation underscores the strategic importance of Richards Bay port—where ZET is being developed on South Africa’s east…

During a G7 summit press conference in Évian-les-Bains, France, President Trump disclosed that a combination of rapidly depleting Strategic Petroleum Reserves (SPR) and the imminent threat of a global depression forced his hand in signing a Memorandum of Understanding (MoU) with Iran.The US SPR has been plummeting since the start of the conflict. In response to a journalist’s question, President Trump admitted that the US would run out of reserves in about four weeks. He noted that French President Emmanuel Macron had frequently raised this issue, emphasizing the risk of a global economic collapse rivaling the Great Depression of the…

US companies are expanding their role in Syria as Washington throws its weight behind the country’s new administration. The US-Syria Business Council convened a high-level US-Syria Energy Roundtable in Washington on 10 June, and Syrian executives were prominent speakers at this week’s Atlantic Council Energy Forum. The Syrian Petroleum Company (SPC) is now preparing to sign a contract on 17 June with US independent ConocoPhillips and its partner Novaterra Energy to unlock more gas supplies from existing onshore fields. (CONTINUED – 1440 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into…

The African Export-Import Bank (Afreximbank) will inject between $50 million and $100 million to construct a landmark gold refinery in Egypt, with execution scheduled to begin by the end of 2026, Ayman Elzoghby, Head of Intra-African Trade Finance, Investment, and Corporate Finance at the bank, told Asharq. This initial phase precedes a broader continental gold bank initiative, developed in cooperation with the Central Bank of Egypt (CBE) under a December 2025 Memorandum of Understanding (MoU). The refinery is projected to achieve commercial operations by 2027 or 2028, converting gold into globally tradable bullion. Elzoghby revealed that global consultancy McKinsey &…

Türkiye has rejected Iraq’s request to extend the existing agreement governing the Kirkuk-Ceyhan oil pipeline, signaling its preference to negotiate a new framework before the current accord expires on July 27, Reuters reported. Baghdad has formally requested a one-year extension of the existing Kirkuk-Ceyhan oil pipeline agreement as it continues talks with Ankara on a replacement accord. According to a senior Turkish official, Ankara sees little value in extending the decades-old agreement, which has been at the center of international arbitration disputes between the two countries. Iraq had requested at least a one-year extension to allow additional time for negotiations on…

Iraq’s strategy of trucking fuel oil to Syria’s Banias port for onwards export while the Strait of Hormuz is closed is paying off. Exports from Banias averaged 140,000 b/d this month, Kpler data shows, in line with the government’s stated plan of trucking up to 650,000 tons per month (140,000 b/d). Trucking began in early April (MEES, 17 April), and exports from Banias quickly increased to 122,000 b/d in May. The route is far more important for Iraq than simply monetizing fuel oil, although every dollar counts amid the economic crisis (MEES, 12 June). Iraq’s refineries have high fuel oil…

Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a new agreement with British Harbour Energy and a memorandum of principles (MoP) with Italy’s Eni, in a move aimed at attracting fresh investments, expanding exploration activities, and boosting Egypt’s natural gas production, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The agreement signed between the Egyptian Natural Gas Holding Company (EGAS) and Harbour Energy covers the onshore Desouq concession in the Nile Delta. Under the agreement, Harbour Energy will invest an initial $6 million and pay a $1 million signature bonus. The total…