Author: Rigs & Barge World
The Libyan oil producer is wrestling with liquidity problems Source link
The Cabinet has approved the establishment of a special free zone named Fujairah Alamein Oil and Gas Company in New Alamein City, Matrouh Governorate, according to Decree No. 65 of 2026. The new free zone, which covers about 737,915 square meters, will be dedicated to the storage and trading of petroleum products and crude oil. According to the Decree, the company must export at least 100% of its annual production, and its products must contain at least 50% local content. The Decree also requires the company to provide an approved document proving its legal possession of the project site and…
About half of Venezuela’s oil production is now being exported to the United States (US), Reuters reported, quoting US Energy Under Secretary Kyle Haustveit, highlighting the rapid shift in Venezuela’s crude trade following Washington’s easing of restrictions on the country’s oil sector. Haustveit’s comments point to the US becoming the dominant destination for Venezuelan crude as production and exports recover and US refiners increase their purchases of the heavy oil. “In the last couple of months, we’re seeing north of 500,000 barrels, of approximately half of the production coming out of Venezuela, coming to the United States to the refineries…
The Dorra gas project spending, which took place in an environment of conflict fuelled by Iran, is a show of resolve, strength and purpose by Saudi Arabia and Kuwait 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
Egypt’s crude and condensate output averaged 521,200 b/d in 2Q 2026, down 0.4% quar-ter-on-quarter after a 3% 1Q rebound. Although oil output was still above year-ago levels, the failure to sustain the 1Q gains underlines the difficulty companies are having in revers-ing Egypt’s long-running oil decline. The Western Desert, accounting for 46% of total output, averaged 241,300 b/d, down 0.6% sequentially. US firm Apache, the region’s largest producer, has increasingly focused on gas, where its drilling program has helped lift output (see p6), potentially limiting scope for comparable gains in oil (MEES, 14 August). (CONTINUED – 170 WORDS) Read this…
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EGPC is offering a total of six blocks up for investment, of which five are in the Western Desert, while the sixth is the South Lagia block in the Gulf of Suez. The Western Desert acreage spans established producing areas and more lightly explored positions, with most blocks positioned adjacent to acreage where recent drilling successes have highlighted the basin’s potential. The timing is particularly notable for the Western Desert, where Apache’s recent drilling success has demonstrated the potential for further gas growth (MEES, 14 August). The offered blocks sit close to established Western Desert production and infrastructure, potentially allowing…
The fifth expansion phase of Saudi Aramco’s Jafurah unconventional gas development mainly involves the EPC of three gas compression plants, each with a capacity of 200 million cf/d 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
Russian fuel stations have reimposed gasoline sales limits in Moscow as a renewed supply crunch, driven by Ukrainian drone attacks on oil refineries and elevated seasonal demand, spreads to the capital, according to Reuters. Gazprom Neft has capped gasoline sales at 40 liters per customer at automated stations and 60 liters for gasoline at regular stations, while Rosneft has limited gasoline purchases to 30 liters per vehicle nationwide. Tatneft has introduced a 50-liter gasoline limit, while Lukoil has also restricted sales in Moscow and surrounding areas amid high demand and unplanned refinery maintenance. Diesel sales have generally remained less restricted.…
Global technology company SLB and private equity firm Formentera Partners are working to reactivate oil drilling rigs in Venezuela or potentially bring additional rigs into the country in the coming months, executives from both firms said on Wednesday during a conference in Houston. Formentera is in talks with international oilfield service providers to import drilling rigs, while SLB plans to reactivate up to 15 rigs already in Venezuela, according to Reuters. Up to four of SLB’s rigs could return to operation this year, depending on contracts with oil producers. Only two onshore drilling rigs were active in Venezuela at the…