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Petroleum Marine Services (PMS), an Egyptian leading offshore construction and services company, completed works for phase two of the Development Project of North Safa Offshore Field in the Gulf of Suez. The company installed the offshore platform’s production deck, including production equipment and facilities. The project is operated by the Gulf of Suez Petroleum Company(GUPCO) The works included the installation of the offshore platform’s production topside, weighing 306.15 tons, which incorporates all the necessary production facilities and equipment required to operate the platform efficiently. This was carried out alongside the installation of the helideck, weighing 128.38 tons, designated for aircraft…
Cairo’s economic reform program has regained momentum just as it enters a critical phase. Parliament’s approval of the 2026-27 budget on 22 June has reinforced the government’s commitment to fiscal consolidation, while a string of long-awaited privatization deals removed one of the main obstacles to the next IMF disbursement under Egypt’s $8bn Extended Fund Facility (EFF). The timing is significant. After spending much of the past two years battling inflation, a chronic foreign currency shortage and mounting external debt obligations, Egypt has gradually stabilized its position following the March 2024 currency float, the expansion of its IMF program and the…
Oman’s power sector is undergoing a generational shift as the sultanate reorients its power mix away from gas and towards renewables. By 2030, it intends for 30% of its power generation to come from renewable energy from around 7% currently (see chart 1), with the aim of reaching net-zero by 2050. 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
Gulf oil exports rose by over 3 million barrels per day (bpd) from May to over 10 million bpd in June, shipping data show. The UAE led, exporting 3.7-3.8 million bpd in June, more than 1 million bpd higher than May, according to Kpler, Vortexa, and LSEG. Export volumes remain 40% below pre-conflict levels. Combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq, and Iran increased by over 3.5 million bpd to 10.07 million bpd in June, Kpler reported. Vortexa estimated total exports at 10.2 million bpd, up from 7 million bpd in May and below the…
Steven Kobos, CEO of Excelerate Energy, met Prime Minister Ali al-Zaidi this week to discuss the company’s contract to build Iraq’s first LNG import terminal at Khor al-Zubair port. MEES is told that the new government has approved an initial payment of $48mn to the Texas-based LNG specialist, with funds expected to be processed soon. The project was delayed due to the previous government’s failure to make payments during the financial crisis caused by the closure of the Strait of Hormuz (MONDAY, May 15). The payment delays and security risks led Excelerate to instead lease the Arcadia FSRU vessel to…