Author: Rigs & Barge World
The Egyptian General Petroleum Corporation (EGPC) has launched an initiative to develop the environmental performance across its affiliated companies. The EGPC Green Oilfield initiative aims to transition companies from basic environmental compliance to a mature risk-management system while enhancing site readiness to meet regulatory requirements, according to an EGPC statement. EGPC will issue a unified technical guide setting minimum environmental requirements for companies. It will also establish standardized models for data collection, performance indicators, corrective action plans, and technical monitoring records. The guide is designed to promote best practices across emissions management, water handling, waste treatment, energy use, pollution prevention,…
OQ Exploration and Production (OQEP) expects a sharp increase in its revenues this quarter. “The hike that we’ve seen in oil prices will have some [revenue] reflection, hopefully, in the second quarter of this year,” CFO Khalid al-Qassabi told investors during a 25 May earnings call. The main driver of higher revenues will be the premium that Oman’s oil has fetched as a result of the shortage of similar crude grades due to the closure of the Strait of Hormuz. The official selling price (OSP) for Oman Crude surged by 57% to $98.98/B for Q2 loadings. With Omani crude exports…
The Ministry of Petroleum and Mineral Resources (MoPMR) has opened bidding for the NE Esh El Mallaha Block in the Gulf of Suez region, starting June 3 and up to August 3, through the Egypt Upstream Gateway (EUG) under its Open Blocks Licensing Program (OBLP). The program offers 49 blocks throughout the year to ensure continuous access to investment opportunities, EUG said in a statement. The block, spanning an area of about 163 square kilometers, is anticipated to hold oil resources and potential for natural gas associated as well, targeting the Miocene & Pre-Miocene underground layers, according to EUG. A…
Investment in the Middle East’s upstream sector is expected to fall this year, the IEA said in its World Energy Investment 2026 report released this week. The disruption unleashed by the US-Israeli attacks on Iran on 28 February is liable to result in a 1% drop in regional investment this year, while global upstream investments hold broadly steady at $546bn (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
Egypt’s liquefied natural gas (LNG) imports from the US declined to approximately 300,000 metric tons (mt) in May, nearly half its typical monthly intake of around 600,000 mt, Reuters reported, citing maintenance work at major US ports. In April, the Board of Directors of the Export-Import Bank of the United States (EXIM) authorized more than $2 billion in export credit insurance to support US LNG exports to Egypt. The financing is expected to facilitate LNG shipments during 2026 and 2027 under agreements between the Egyptian General Petroleum Corporation (EGPC) and Hartree Partners, a US-based energy and commodities trading company. According…
US crude oil exports surged to an all-time high of 5.6 million barrels per day (mmbbl/d) in May, as Asian and European refiners increased purchases to offset supply disruptions triggered by the war between the US and Israel against Iran. Ship-tracking data from analytics firm Kpler showed exports surpassing the previous record of 5.2 mmbbl/d set in April, according to Reuters. The conflict has effectively closed the Strait of Hormuz, a key waterway through which nearly one-fifth of global oil and gas supplies normally transit, causing the largest disruption to energy flows in decades. Refiners worldwide scrambled for alternatives, with…
The Middle East conflict has now reached the three-month stage, and the endgame remains as uncertain as ever. Rumors that a deal is imminent have been ever present throughout the conflict, but have grown to a crescendo this week. Yet strip away the hyperbole and it’s far from evident that the “MoU” purportedly on the table would result in any meaningful change beyond further solidifying the ceasefire that has been in place since 8 April. According to Axios reports, the MoU would extend the ceasefire by 60 days and enable the start of negotiations over Iran’s nuclear program. Within this,…
Russia exported 14.5 million metric tons (mmt) of liquefied natural gas (LNG) between January and May, marking an 11.5% increase compared to the same period last year, according to Reuters. The growth was driven by higher output from the Arctic LNG 2 project. Russian LNG shipments reached 3.12 mmt in May alone, up 23% year-on-year (YoY). This represented the highest monthly export volume since December 2023, when exports hit a record 3.2 mmt The Arctic LNG 2 project contributed about 1.4 mmt of exports during the first five months of the year. Although production began in December 2023, the project…
Karim Badawi, Minister of Petroleum and Mineral Resources, participated in the first meeting of the Developing Eight (D‑8) Organization for Economic Cooperation, which includes Egypt, Türkiye, Indonesia, Iran, Malaysia, Nigeria, Pakistan, and Bangladesh. The meeting aimed at reinforcing cooperation between members and expanding joint infrastructure, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The meeting took place on the sidelines of Baku Energy Week in the Azerbaijani capital, Baku, with the participation of energy ministers from the member countries. During the meeting, the ministers adopted the Baku Declaration on Energy Cooperation. The declaration provides a…
UK-listed Sound Energy is exiting Morocco, selling its 20% stake in the Tendrara concession to operator Mana Energy and also quitting exploration acreage. Sound had earlier sold its 55% operating stake in Tendrara to Mana Energy in 2024 (MEES, 6 February). Following the transaction, Sound Energy will hold 75%, and the remaining 25% is owned by Morocco state firm ONHYM. In a 26 May announcement, Sound Energy said that it will receive aggregate proceeds of $57mn for the Tendrara sale and that it is also relinquishing its 27.5% interest in the Anoual Exploration Permit and waiving any subsisting rights in…