Author: Rigs & Barge World
The Egyptian Mineral Resources and Mining Industries Authority (MRMIA), the New Valley for Mineral Resources and Oil Clay (WADICO), and Elsewedy Capital Holding for Investments signed a shareholders’ agreement to establish a company to develop, construct, manage, and operate an integrated phosphate fertilizer production plant in Ain Sokhna. The signing took place in the presence of Karim Badawi, Minister of Petroleum and Mineral Resources, and Ahmed Elsewedy, Chairman of Elsewedy Capital Holding for Investments. The agreement comes in Implementation of the Ministry of Petroleum and Mineral Resources’ strategy to maximize the added value of the country’s mineral resources. Signing the…
The Abu Dhabi energy giant and its international partner, Pakistan International Oil (PIOL), have selected contractors for a feed competition to potentially produce oil from Offshore Block 5 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
The recent settlement of overdue payments owed to international oil companies (IOCs) marks a significant positive indicator for Egypt’s medium-term economic outlook, according to Standard Chartered’s July 2026 report. The bank noted that the repayment comes alongside investment commitments exceeding $6 billion in oil and gas exploration and production (E&P) activities, a development expected to support injecting more investments into the energy sector and support higher domestic production. Egypt has accelerated payments of all overdue debts to IOCs over the past two years under a regular monthly schedule. The country’s arrears stood at about $6.1 billion in June 2024, before…
The US-Iran conflict has descended into the heaviest fighting in weeks, with each side carrying out a series of strikes and counter-strikes in a bid to gain leverage. Despite the breakdown of the MoU less than a month after its 17 June signing, and US President Donald Trump again threatening to attack Iranian power plants, the consensus view remains that neither party wants a major escalation. Yet the risk of escalation rises with each attack. As has been apparent since the first few weeks of the conflict, neither side has been able to gain a definitive edge over the other.…
India’s Larsen & Toubro has won a contract covering the EPC of Jurassic crude oil storage facilities and upgrades to Kuwait Oil Company’s existing export network Register for MEED’s 14-day trial access State-owned upstream operator Kuwait Oil Company (KOC) has awarded India’s Larsen & Toubro (L&T) a contract for the engineering, procurement and construction (EPC) of crude oil storage facilities and upgrades to its existing export network. The contract for the JLO export facilities and the upgrading of the existing export network project is valued at KD303.5m (about $979.2m), according to information published by Kuwait’s Central Agency for Public…
In the second quarter (Q2) of 2026, Halliburton posted net income of $534 million, up from $461 million last quarter. This growth was driven by a 5.5% sequential increase in revenue to $5.7 billion, an operating margin of 14%, and adjusted operating income of $683 million. Chairman and CEO Jeff Miller said one reason for this growth is that demand is rising in every region and is supporting ongoing margin expansion. Operating cash flow reached $824 million, while free cash flow topped $668 million, enabling about $200 million in share repurchases and a $0.17 per share dividend. Drilling and evaluation…
Region records increased awards activity Source link
The deal to supply 1 million tonnes a year of LNG to Inpex Corporation over 15 years is the third offtake agreement Adnoc has secured with a Japanese company for the upcoming Ruwais LNG project 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
The collapse of the US-Iran MoU threatens to bring oil exports through the Strait of Hormuz grinding to a halt once again, raising the prospect of a destabilizing price spike. Global oil inventories have fallen sharply since the start of the conflict on 28 February, and the buffer now is much thinner than on 13 April, when the US imposed its first blockade on Iranian ports and vessels (MALE, 17 April). The blockade had been lifted after the 17 June signing of the MoU but was reinstated less than a month later at 4PM EST on 14 July, two days…
The International Energy Agency (IEA) is warning that escalating Middle East tensions are increasing uncertainty in global oil and gas markets. Hostilities threaten the Strait of Hormuz and regional energy infrastructure. IEA Executive Director Fatih Birol said the agency is closely monitoring developments and their impact on global energy security. Disruptions near the Strait of Hormuz, a key oil transit chokepoint, have heightened concerns over supply and market stability. Threats to the Bab el-Mandeb Strait, now a critical alternative for energy shipments, have further intensified worries. Despite the tensions, Birol noted that several factors are cushioning supply disruptions. Gulf producers,…