Author: Rigs & Barge World
Dana Gas, the Middle East’s largest regional private natural gas company, revealed drilling results across its Nile Delta concessions, with several wells completed and tied into existing infrastructure. The new wells added reserves and boosted production, enabling Egypt operations to contribute more than 30,000 barrels of oil equivalent per day (boe/d) to the company’s overall output, noted a press release by the company. The progress in Egypt reflects a convergence of factors: the strengthened fiscal framework under the Consolidated Concession Agreement, constructive cooperation with the Egyptian government, the clearance of all overdue receivables, and Dana Gas’ sustained investment in its…
After nearly four months of conflict and a historic energy supply shock that threatened a global recession, the US and Iran have agreed to end hostilities. The memorandum of understanding (MoU), signed on 17 June, is not a peace deal but a framework agreement that extends a fragile ceasefire and sets the stage for 60-day (extendable) talks to reach a final deal on Iran’s nuclear program and other areas of disagreement. The MoU enables the gradual resumption of shipping through the Strait of Hormuz (MEES, 19 June), but the risk of a return to conflict remains if talks collapse. Although…
Norwegian renewable energy company Scatec plans to invest up to $5 billion in Egypt over the next two years across several fields, including renewable energy-powered desalination, green data centers, solar and wind projects, battery energy storage systems (BESS), and infrastructure supporting the green transition, according to a Cabinet statement. The investment plans were revealed during a meeting of Prime Minister Mostafa Madbouly with senior Scatec executives to review the status of projects being implemented in Egypt. The meeting was attended by Mahmoud Esmat, Minister of Electricity and Renewable Energy; Erik Husem, Norway’s Ambassador to Egypt; Scatec CEO Terje Pilskog; and…
The US-Israeli war against Iran that was launched on 28 February and wreaked havoc across the Middle East appears to have drawn to a conclusion with the signing of a Memorandum of Understanding (MoU) on 17 June. Although further negotiations over matters such as Iran’s nuclear program are unlikely to yield a quick resolution (MEES, 19 June), US President Donald Trump appears to have no desire to resume the fight with Tehran. The conflict may be over, but there is no returning to the pre-28 February status quo. Iran has emerged from the conflict safe in the knowledge that it…
Libya’s oil production is approaching the 1.5 million barrels per day (mmbbl/d) milestone, according to the National Oil Corporation (NOC), Libya’s state-owned oil company. The NOC announced that crude oil production reached 1.43 million barrels (mmbbl) on Sunday, June 21, 2026, while condensate output stood at 49,163 bbl/d, bringing total daily production to 1.5 mmbbl. This marks the highest production level recorded since 2013, moving Libya closer to its previously stated target of producing 1.5 mmbbl/d of crude oil. During a meeting held at the NOC headquarters in Tripoli, the Chairman of the Board of Directors, Masoud Suleman, commended the…
Iraq’s Ministry of Oil has launched drilling operations for a new exploratory well in the northern provinces, marking the first exploration activity in the region since 1978, as part of efforts to expand the country’s hydrocarbon reserves. The ministry stated that the project aims to unlock new oil and gas resources and strengthen upstream activities, particularly in underexplored areas in northern Iraq. The move comes as part of broader plans to boost reserves and enhance production capacity. In parallel, the Ministry reaffirmed its ambition to increase crude oil production to 4.3 million barrels per day (mmbbl/d) in the near term,…
The UAE’s economic model has been based on the unrestricted flow of goods in and out of the Strait of Hormuz, but Iran turned that model into a liability during more than three months of conflict this year. Rather than risk being held to ransom by Iran again, the UAE plans an ambitious gambit to reduce its reliance on the chokepoint entirely, “We’re moving towards having zero Hormuz dependency and that’s regardless of whether it’s open or not,” Minister of Foreign Trade Thani al Zeyoudi said in an interview with Bloomberg this week. “It’s going to open and we hope…
President Abdel Fattah El-Sisi has approved a memorandum of understanding (MoU) for a grant worth 300,000 Kuwaiti dinars from the Arab Fund for Economic and Social Development (AFESD) to finance a feasibility study aimed at increasing the capacity of the electricity interconnection line between Egypt and Jordan, according to Al Ahram citing the official Gazette. The approval was issued under Presidential Decree No. 568 of 2025 and came after obtaining Cabinet approval, parliamentary endorsement on March 30, 2026, and presidential ratification on April 5, 2026. Egypt exported 306.08 million kilowatt-hours (kWh) of electricity to Jordan during 2025, generating total revenues…
Badr El-Din Petroleum Company (BAPETCO) plans to start production of a new well in the Badr 15 area in the Western Desert by the end of this month at a rate of around 15 million cubic feet per day (mmcf/d) of natural gas, alongside 500 barrels per day (bbl/d) of condensates, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The update was presented during Karim Badawi, Minister of Petroleum and Mineral Resources, inspection tour of BAPETCO’s fields in the Western Desert, where he witnessed hydraulic fracturing operations at the newly discovered well. Badawi asserted that the ministry…
US President Donald Trump agreed to end the war with Iran to prevent what he labeled global economic “bedlam” as oil inventories fell to critical lows (MEES, 19 June). At the G7 summit in France, where he signed a memorandum of understanding with Tehran to cease hostilities and begin negotiations, he adopted a notably softer tone toward Iran than his normal comments. In contrast, his pointed criticism of Israeli policy in Lebanon came as a surprise given that Washington had until now granted its ally free rein there. “I feel bad for Lebanon,” he said, speaking to reporters. “Israel has…