Author: Rigs & Barge World
As part of its strategy to boost domestic oil and gas output, the Egyptian oil and gas sector has added roughly 12,000 barrels per day (bbl/d) of crude oil and condensates to Western Desert production over the past two weeks, the Ministry of Petroleum and Mineral Resources (MoPMR) announced in a statement. This comes as Khalda Petroleum Company, a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and US-based Apache, has achieved a significant production leap by adding more than 10,000 bbl/d of crude oil and condensates in just two weeks, pushing up the company’s production to around…
While some media outlets have hailed the US-Iran Framework Agreement as a major breakthrough, critics on both sides argue that the devil remains in the details. According to these critics, this is neither an ironclad treaty nor a durable path to permanent peace between the long-time rivals, let alone the wider region. Instead, it is a memorandum of understanding forged amid military threats, relentless rhetoric, and mutual insults. Barring any last-minute obstacles, the deal is scheduled to be formally signed on Friday, June 19, 2026, in Geneva, Switzerland. While President Trump and Vice President JD Vance confirmed that the preliminary memorandum of…
Prime Minister Mostafa Madbouly met with Ahmed Kouchouk, Minister of Finance, and Karim Badawi, Minister of Petroleum and Mineral Resources, to review the status of financial allocations required to secure the country’s needs for various petroleum products. The meeting was also attended by senior officials from both ministries and the Egyptian General Petroleum Corporation (EGPC), noted a statement by the Cabinet. Madbouly emphasized that the settlement of arrears owed to foreign partners in the petroleum sector represents more than a financial obligation. Rather, it constitutes a fundamental solution to one of the sector’s most pressing challenges in recent years. He…
Iraq is facing an unprecedented liquidity crisis as its oil exports have all but collapsed. Oil accounts for around 90% of government earnings and the loss of export revenues has blown a hole in Iraq’s budget. Minister of Foreign Affairs Fouad Hussein warned on 7 June that if the Strait of Hormuz remains shut until the end of the year, the government may not even be able to pay public salaries. Crude oil export revenues dropped from $6.8bn in February to just $1.1bn in April and will have fallen further last month, although Iraq has also been generating income from…
Qalaa Holdings, a leading MENA‑focused investment company, announced that its ownership stake in TAQA Arabia could rise from 6.2% currently to more than 55% by 2029 if it exercises its rights to purchase additional shares from other TAQA Arabia shareholders, according to a disclosure to the Egyptian Exchange (EGX). The disclosure explains that Qalaa retains the right to buy 20% of Taqa Arabia’s shares from the military-affiliated National Service Projects Organisation (NSPO) in June 2027. If Qalaa chooses to use this right, its share in TAQA would increase to 26.2 per cent. In 2023, NSPO got the 20% stake from…
Opec Supply & Demand Forecasts, June 2026 (mn b/d) 1: EIA Now Sees Substantial Inventory Draws For The Remainder Of 2026, Peaking At 7.6mn b/d In Q3 (mn b/d) 2: Opec+ On Course To Complete Unwinding Of Voluntary Cuts In September, After Agreeing To 188,000 b/d Quota Increase For July (mn b/d) Source link
Iraq has formally requested Türkiye to extend the existing Kirkuk-Ceyhan oil pipeline agreement for at least one year, as both sides continue negotiations on a new long-term accord, according to Ali Nizar, head of the State Organization for Marketing of Oil (SOMO), Reuters reported. Nizar stated that Baghdad submitted the request to Ankara to secure additional time for discussions on a replacement agreement governing the key export route. The current Türkiye-Iraq Crude Oil Pipeline Agreement, which regulates crude exports via the Kirkuk-Ceyhan pipeline, is set to expire on July 27. Talks between the two countries are ongoing, with no final…
“Egypt enjoys a promising potential in liquefied natural gas (LNG) complexes, supported by a well‑developed national gas transmission network and a strategic geographic location that links its production areas with global markets”, said Prime Minister Mostafa Madboul during his visit to the Egyptian Liquefied Natural Gas LNG (ELNG) complex located in Idku, Beheira. Participating in the visit, Karim Badawi, Minister of Petroleum and Mineral Resources, described the Idku LNG complex as one of Egypt’s most important strategic assets. He highlighted progress in cooperation between Egypt, Cyprus, and international partners on projects aimed at transporting and processing Cypriot gas through Egyptian…
The Middle East’s refined oil traders have been dealt a major blow by the closure of the Strait of Hormuz, with trade slowing to a trickle. Geopolitical shifts were already complicating the landscape for traders in the UAE, as a tightening of US sanctions on Russian and Iranian barrels had created new industry headwinds prior to the conflict. As they adapt to the new normal, traders are trying to find workarounds, including trucking oil across the UAE to facilities outside the strait. (CONTINUED – 640 WORDS) Read this article for free Gain access to over 60-years of energy analysis and…
Prime Minister Mostafa Madbouly reaffirmed the government’s commitment to attracting new investments into the oil and gas sector during a tour of the natural gas production facilities in Egypt’s West Delta Deep Marine (WDDM) during a visit to Beheira Governorate. Madbouly was accompanied by Karim Badawi, Minister of Petroleum and Mineral Resources, and executives from foreign companies that are operating in the area, including UK Shell, Malaysia’s Petronas, and Kuwait Foreign Petroleum Exploration Company (KUFPEC). The WDDM area is operated by Rashid Petroleum Company (Rashpetco), the joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) alongside Shell and Petronas. During…