Author: Rigs & Barge World
TotalEnergies posted its second-quarter results, amid rising commodity prices and an integrated business model boosting earnings and cash flow despite Middle East-linked disruptions. Adjusted net income rose 12% quarter-on-quarter to $6 billion, while first-half adjusted net income increased 47% year-on-year to $11.4 billion and first-half cash flow climbed 35% to $18.4 billion. Oil and gas production averaged 2.395 million barrels of oil equivalent per day, thanks to increased production in Brazil, the U.S. and Libya, partly offsetting a 210,000 boe/d drop in the Middle East. The Exploration & Production division reported $3.2 billion in adjusted net operating income and $5.8…
Khalda Petroleum has started production from the newly discovered Wanda deep natural gas exploration well in Egypt’s Western Desert at an initial rate of 40 million cubic feet per day (mmcf/d). Natural gas flow from the well commenced on June 21, with full tie-in to the national natural gas grid scheduled before the end of July, according to a statement by the Cabinet. Drilled to a depth of 15,000 feet, electrical logging at the Wanda well indicated positive natural gas-bearing structures. Subsequent production testing confirmed commercial output at 40 mmcf/d. To expedite development, Khalda Petroleum constructed a 10-kilometer (km) production…
Mauritania hopes to revitalize its offshore exploration sector after a series of relinquishments in recent years, aiming to capitalize on renewed international interest in prospective acreage outside the Gulf. Although Mauritania achieved its ambition to become an LNG exporter last year (MEES, 30 May 2025), growth plans have been scaled back and IOCs have relinquished assets. Energy minister Mohamed Ould Khaled said during a cabinet meeting on 8 July that US-based independent Murphy Oil and London-listed junior Chariot Limited had separately applied for three exploration blocks off the country’s Atlantic coast. (CONTINUED – 777 WORDS) Read this article for free…
MEED previously reported that frontrunners had emerged for the two offshore and onshore packages of the Umm Shaif gas cap project, which Adnoc expects will feed up to 600 million cubic feet a day of gas into the Abu Dhabi grid by 2030 Register for MEED’s 14-day trial access Abu Dhabi National Oil Company (Adnoc) and its foreign partners have announced a $6.2bn final investment decision (FID) for a major project to produce up to 600 million cubic feet a day (cf/d) of natural gas by developing the Umm Shaif Gas Cap in Abu Dhabi. The Umm Shaif Gas Cap…
From the moment he was nominated as Iraq’s prime minister in late April, Ali al-Zaidi has had one priority: to charm US President Donald Trump. So far, he appears to be succeeding. Mr Trump said during his meeting with Mr Zaidi at the White House on 14 July, that he felt “tremendous chemistry” with the young leader, predicting that “he’s going to be there for a long time…he’s going to be one of the great leaders in the Middle East.” Mr Zaidi assumed power during a turbulent period for Iraq. The US-Iran War is reshaping the region’s geopolitical order, placing…
The scope of work on the project to build product pipelines, storage and export facilities at Duqm has been carved out of a larger OQ Group project to build a natural gas liquids (NGL) facility in the sultanate Subscribe to read the full article Become a MEED subscriber for unlimited access to: Exclusive news, comment and analysis on the MENA region An unrivalled 20-year old archive Exclusive announcements on project news, bids, awards and updates The latest Industry data and competitor insights SUBSCRIBE To MEED REGISTER to unlock sample content Source link
Karim Badawi, Minister of Petroleum and Mineral Resources, met with representatives from Quantum Capital Group (QCG), a U.S. energy investment firm. The delegation included Charles Davidson, Partner at QCG, and Patrick Hughes, the company’s Managing Director and Head of Global Government Affairs. The meeting explored investment opportunities in Egypt’s petroleum and gas sector, with Quantum Capital seeking to enter the Egyptian market and establish a long-term portfolio. Badawi highlighted promising investment opportunities in exploration, development, and production, especially in the Eastern and Western Mediterranean and the Red Sea. He said the ministry has adopted flexible economic models, including the R-Factor…
The Mineral Resources & Mining Industries Authority (MRMIA) and Genesis Mining Egypt signed an MoU to develop a $930 million integrated phosphate mining and industrial project in Egypt’s New Valley Governorate. MRMIA Chairman Yasser Ramadan and Genesis Mining Egypt CEO Hossam El Reedy signed the MoU in the presence of Petroleum Minister Karim Badawi. Badawi said the project targets phosphate mining capacity of up to 20 million tons annually and beneficiation facilities producing up to 4 million tons of phosphate concentrate per year. Genesis Mining Egypt intends to invest around $930 million. The development plan targets phosphate mining capacity of…
MEED recently reported about Petroleum Development Oman signing EPC framework agreements with a group of contractors which it intends to invite for tenders for up to eight projects, with a combined value of up to $6bn Source link
Oman has been profiting from its location outside the Strait of Hormuz, which was effectively shut down after the Middle East conflict ignited in late February. The sultanate is set for windfall oil revenues on the back of near record prices and steady exports during the past four months (MALE, 26 June). Oman LNG has also been pushing its three-train 11.4mn t/y export facility to the maximum in recent months, helping to partly offset the loss of a combined 83mn t/y of LNG from Qatar and Abu Dhabi while benefiting from higher prices. (CONTINUED – 820 WORDS) Read this article…