Author: Rigs & Barge World
During a G7 summit press conference in Évian-les-Bains, France, President Trump disclosed that a combination of rapidly depleting Strategic Petroleum Reserves (SPR) and the imminent threat of a global depression forced his hand in signing a Memorandum of Understanding (MoU) with Iran.The US SPR has been plummeting since the start of the conflict. In response to a journalist’s question, President Trump admitted that the US would run out of reserves in about four weeks. He noted that French President Emmanuel Macron had frequently raised this issue, emphasizing the risk of a global economic collapse rivaling the Great Depression of the…
US companies are expanding their role in Syria as Washington throws its weight behind the country’s new administration. The US-Syria Business Council convened a high-level US-Syria Energy Roundtable in Washington on 10 June, and Syrian executives were prominent speakers at this week’s Atlantic Council Energy Forum. The Syrian Petroleum Company (SPC) is now preparing to sign a contract on 17 June with US independent ConocoPhillips and its partner Novaterra Energy to unlock more gas supplies from existing onshore fields. (CONTINUED – 1440 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into…
The African Export-Import Bank (Afreximbank) will inject between $50 million and $100 million to construct a landmark gold refinery in Egypt, with execution scheduled to begin by the end of 2026, Ayman Elzoghby, Head of Intra-African Trade Finance, Investment, and Corporate Finance at the bank, told Asharq. This initial phase precedes a broader continental gold bank initiative, developed in cooperation with the Central Bank of Egypt (CBE) under a December 2025 Memorandum of Understanding (MoU). The refinery is projected to achieve commercial operations by 2027 or 2028, converting gold into globally tradable bullion. Elzoghby revealed that global consultancy McKinsey &…
Türkiye has rejected Iraq’s request to extend the existing agreement governing the Kirkuk-Ceyhan oil pipeline, signaling its preference to negotiate a new framework before the current accord expires on July 27, Reuters reported. Baghdad has formally requested a one-year extension of the existing Kirkuk-Ceyhan oil pipeline agreement as it continues talks with Ankara on a replacement accord. According to a senior Turkish official, Ankara sees little value in extending the decades-old agreement, which has been at the center of international arbitration disputes between the two countries. Iraq had requested at least a one-year extension to allow additional time for negotiations on…
Iraq’s strategy of trucking fuel oil to Syria’s Banias port for onwards export while the Strait of Hormuz is closed is paying off. Exports from Banias averaged 140,000 b/d this month, Kpler data shows, in line with the government’s stated plan of trucking up to 650,000 tons per month (140,000 b/d). Trucking began in early April (MEES, 17 April), and exports from Banias quickly increased to 122,000 b/d in May. The route is far more important for Iraq than simply monetizing fuel oil, although every dollar counts amid the economic crisis (MEES, 12 June). Iraq’s refineries have high fuel oil…
Minister of Petroleum and Mineral Resources Karim Badawi witnessed the signing of a new agreement with British Harbour Energy and a memorandum of principles (MoP) with Italy’s Eni, in a move aimed at attracting fresh investments, expanding exploration activities, and boosting Egypt’s natural gas production, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The agreement signed between the Egyptian Natural Gas Holding Company (EGAS) and Harbour Energy covers the onshore Desouq concession in the Nile Delta. Under the agreement, Harbour Energy will invest an initial $6 million and pay a $1 million signature bonus. The total…
During its weekly meeting, the Cabinet approved the implementation of an about 869-megawatt (MW) wind power project by the international renewable energy company, Voltalia, according to a Cabinet statement. The project will be developed on land allocated by the New and Renewable Energy Authority (NREA). Under the agreement, Voltalia will invest $53 million and is committed to starting the project’s commercial operation by December 2028. The company will also proceed with all necessary procedures and implementation steps to ensure the project’s timely execution. Voltalia has been present in Egypt since 2017 and has recently pursued major renewable energy projects with…
UAE oil production increased slightly in May, the first full month since the increasingly fragile US-Iran ceasefire was announced on 7 April (MEES, 10 April). The country’s oil sector remains highly constrained by the closure of the Strait of Hormuz, but the situation has stabilized and production edged up by 110,000 b/d last month to 2.13mn b/d. This represents the second consecutive monthly increase after production bottomed out at 1.92mn b/d in March when the conflict was at its most intense, but remains well down on pre-conflict levels of 3.39mn b/d. Production is now underpinned by the 1.8mn b/d Adcop…
The Syrian Petroleum Company (SPC), a state-owned company, has signed an agreement with US ConocoPhillips and energy firm Novaterra to develop new natural gas fields in Syria, according to Reuters. The agreement aims to support the recovery of Syria’s electricity sector and contribute to the country’s broader economic reconstruction, said Syrian Energy Minister Mohamed al-Bashir. He did not specify which gas fields would be included in the project. The deal builds on a memorandum of understanding (MoU) signed by the three parties in November 2025 to expand cooperation in Syria’s natural gas sector. According to Reuters, Syria’s domestic natural gas…
Karim Badawi, Minister of Petroleum and Mineral Resources, met with a delegation from the state-owned Emirates National Oil Company (ENOC), headed by its CEO, Hussain Sultan Lootah and Abdulkarim Almaazmi, CEO of Dragon Oil, a subsidiary of ENOC, to discuss opportunities for expanding Emirati investments in Egypt’s oil and gas sector. The two sides agreed to form a joint working team to develop an executive program for expanding UAE’s investments in Egypt’s petroleum sector and to study available opportunities in aviation fuel supply, exploration, and production,supporting the strategic partnership between the two countries and opening new horizons for growth and…