Author: Rigs & Barge World
The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) have signed a Heads of Agreement (HoA) with both British Petroleum (bp) and Harbour Energy to establish the executive framework for developing oil and gas reserves in the North King Mariout area and the El Arish field in the Mediterranean. According to the agreement, both companies would work on the development of the El Arish field under EGPC’s North Alexandria concession and the North King Mariout area under EGAS, aiming to maximize economic returns through integrated operations between the two sites, the Ministry of Petroleum and…
Egypt Gas recorded a net profit after tax of EGP 321.8 million in 2025, marking 11% increase from 2024. This came on the back of a 20 % increase in the company’s revenues during the same period to stand at EGP 9 billion, according to the company’s financial results. The company increased the value of its total assets to EGP 19.46 billion, from EGP 14.35 billion in 2024. Moreover, its share price jumped by 77 % to EGP 42 in March 2026. Chairman and Managing Director Mohamed Hassan Kandil emphasised that Egypt Gas continues to deliver on its mandate as…
Eni and TotalEnergies are no closer to taking a final investment decision (FID) to develop the 3.1tcf (gas in place) Cronos gas field in Block 6 offshore Cyprus after they issued Nicosia with a deadline to approve their development and production plan (DPP), MEES learns. The 50:50 partners remain at loggerheads with Nicosia regarding project liabilities, which forced them delay a planned announcement of FID last month (MEES, 3 April). In late March, the partners gave Nicosia until May to respond, although the exact deadline remains unclear. It is also not clear whether the ultimatum implies a potential withdrawal from…
Egypt has secured investment commitments exceeding $19 billion from international oil companies (IOC)s over the next three years, Prime Minister Mostafa Madbouly said during the cabinet’s weekly meeting. He broke down the figure to: $8 billion from Italy’s Eni, $5 billion from British Petroleum(bp), $2 billion from the UAE’s Arcius Energy, and $4 billion from US-based Apache. “This diversity of global giants interested in investing in the sector reflects their confidence in the Egyptian economy amid global turbulence,” Madbouly said. In December, Karim Badawy, the Ministry of Petroleum and Mineral Resources, had noted that Egypt has a total investment commitment…
As the Iran conflict continues to disrupt global energy flows from the Gulf, Algeria hopes to capitalize on newfound investor interest in alternative hydrocarbon sources (MEES, 6 March). Building on earlier plans to bolster its energy sector and capitalize on new opportunities, Algeria’s upstream regulator Alnaft last month launched the country’s second upstream bid round in two years, offering seven blocks to investors (MEES, 24 April). (CONTINUED – 873 WORDS) 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…
On 23 April, Abu Dhabi state renewable energy firm Masdar celebrated its 20-year anniversary. From its humble beginnings in 2006 as a small subsidiary of state investment vehicle Mubadala, it has grown into a leading global renewable energy firm with $19bn in assets and $1bn in annual revenue. “Masdar’s rise over the past 20 years has been driven by the UAE’s ambition and foresight, anticipating the rise in clean power demand and looking to diversify its economy early,” said Masdar CEO Mohamed al-Ramahi. “Through partnership, innovation, and investment we have grown into a global business, driving the development and deployment…
US Chevron announced on May 5 its entry into the Maltese energy sector to explore for natural gas and oil, marking a strategic expansion into a territory situated between established Mediterranean producers Libya, Italy, and Tunisia. The move aims to unlock potential in a nation that currently lacks domestic production, according to Reuters. The initial exploration phase will prioritize the analysis of existing geological data rather than the immediate drilling of new exploratory wells. This data-led approach is designed to rationalize costs while identifying high-prospect areas south of the island. The expansion follows a broader plan of increased activity in…
The state-owned Petroleum Projects and Technical Consultations Company (PETROJET), has signed a general contractor agreement to develop Phase Two of Algeria’s Hassi Bir Rkaiz field. The contract, valued at around $1.1 billion, covers works in the El Oued–Ouargla region, located about 130 kilometers east of Hassi Messaoud in southern Algeria. Under the agreement, PETROJET will lead the execution of engineering, procurement, construction, commissioning, and start-up (EPCCS) works for the second phase of the Hassi Bir Rkaiz development. The scope includes building a central processing plant with a daily capacity of 32,000 barrels, along with shared facilities to support current and…
On 28 April, Libya’s NOC signed an MoU with US major Chevron to conduct a joint study to assess shale oil and gas potential in the country’s onshore sedimentary basins, the state firm said in statement. “Technical teams from both sides will review the available data and assess the potential for developing the resources in these areas,” it said. (CONTINUED – 315 WORDS) 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
The Egyptian General Petroleum Corporation (EGPC) and Algeria’s state-owned energy giant, Sonatrach, signed a Memorandum of Understanding (MoU) to establish an institutional framework for Egypt’s purchasing Algerian crude oil, according to a statement by the Ministry of Petroleum and Mineral Resources(MoPMR). According to the statement, the agreement aims to secure the needs of the domestic market and enhance the flexibility and sustainability of the supply chain. The signing ceremony was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, and his Algerian counterpart, Mohamed Arkab, Minister of State, Minister of Hydrocarbons and Mines. Badawi delivered a speech before the…