Author: Rigs & Barge World
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The Cronos field will transform Cyprus from a country with gas potential into a gas producer. After years of hope and frustration, Cyprus plans to produce its first gas in 2028. Cronos is operated by Eni (50%) alongside TotalEnergies (50%) and its 1.9tcf of 2P recoverable reserves underpin a $2.2bn development that is intended to enable plateau production of 500mn cfd. FID was taken on 28 July (MEES, 31 July). The field contains 3.1tcf of gas in place, meaning that around 61% is currently classified as 2P recovera-ble reserves. The relatively modest capital requirement, compared to $4bn for Cyprus’ 3.7tcf…
Megha Engineering submitted the lowest bid for the contract last year Subscribe to read the full article Become a MEED subscriber for unlimited access to: Exclusive news, comment and analysis on the MENA region An unrivalled 20-year old archive Exclusive announcements on project news, bids, awards and updates The latest Industry data and competitor insights SUBSCRIBE To MEED REGISTER to unlock sample content Source link
The US has imposed sanctions on Singapore-based Wellbred Capital and affiliated trading companies in the UAE and Switzerland, citing their links to Iran as Washington intensifies efforts to disrupt Tehran’s global financial and oil networks. The US Treasury Department’s Office of Foreign Assets Control (OFAC) said the measures target nearly 60 companies, individuals, and vessels, including entities linked to Iranian oil shipping magnate Mohammad Hossein Shamkhani. OFAC said Shamkhani established Wellbred as a company operating outside his broader Iranian business network, while ultimately retaining responsibility for its operations. The latest sanctions also target Dubai-based Wellbred Trading FZCO, Geneva-based Wellbred Trading…
QatarEnergy had issued the main EPC tender last year for the estimated $4bn-$5bn project to expand the Maydan Mahzam oil field in the Gulf’s waters Subscribe to read the full article Become a MEED subscriber for unlimited access to: Exclusive news, comment and analysis on the MENA region An unrivalled 20-year old archive Exclusive announcements on project news, bids, awards and updates The latest Industry data and competitor insights SUBSCRIBE To MEED REGISTER to unlock sample content Source link
The Australian mining company, Velox Energy Materials, is looking to enter the Egyptian market and targets mining areas located within the Arabian-Nubian Shield, as it explores new investment opportunities in the sector, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The plans were discussed during a meeting between Minister of Petroleum and Mineral Resources Karim Badawi and Velox Energy Materials CEO Nicole Morecombe in New Alamein, attended by Khaled Mortagy, Managing Partner and Chairman of Capital Limited, and Vincent Algar, a Velox board member. While no formal kind of cooperation has been announced, Mortagy’s involvement…
Oman’s upstream sector has benefited from an upswing in oil prices coupled with stable output this year, as its operations have been unaffected by the regional conflict. For state upstream firm OQ Exploration and Production (OQEP), this has translated into windfall revenues and profits. Revenues increased 31% sequentially to reach $1bn for the first time in Q2, while profits were up 38% to $330mn (see chart). Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities Source link
Ship traffic through the Strait of Hormuz remains significantly below normal levels, with only five commodity vessels crossing the key energy chokepoint on August 25, well below the 10-day average of 15 crossings according to preliminary data from shipping tracker Kpler, as cited by Reuters. However, the data could be revised because some vessels have switched off their automatic identification system (AIS) transponders while crossing the waterway, making their movements more difficult to track. The continued weakness in Hormuz traffic comes as Iran and Oman resumed discussions on managing navigation through the strait. The talks include proposals for a temporary…