Author: Rigs & Barge World
Saudi Aramco is the engine on which the kingdom’s economy relies, with oil accounting for 60% of government revenues last year. The continued downturn in global oil prices is therefore problematic not just for Aramco’s balance sheet, but for the broader Saudi economy (MEES, 9 May). Rather than seeking to protect its balance sheet, Aramco is demonstrating its commitment to counter-cyclical investments. Last quarter’s $13.1bn capex was the highest Q1 figure on record. This came despite a 5% decline in net income over the same period and considerable industry headwinds stemming from uncertainty over Chinese demand growth expectations and volatile…
Emirati Mubadala Energy has signed an initial agreement with Indonesia’s state-owned fertilizer producer, Pupuk Indonesia, to supply natural gas, Reuters reported, citing Paul Slinger, the Head of Communications at Mubadala Energy. According to the Agreement, Mubadala will supply 115 million standard cubic feet per day (mmscf/d) to Pupuk’s methanol plant and 85 mmscf/d to its ammonia plant, Slinger said on the sidelines of an industry conference organized by the Indonesia Petroleum Association. He explained that natural gas will be supplied once production begins at Mubadala Energy’s South Andaman Block, starting with the Tangkulo-1 well, which is expected to start production…
During his high-profile Middle East visit this week (MEES, 16 May), US President Donald Trump announced that the United States will lift sanctions on Syria following more than a decade of civil war which finally resulted in the ousting of President Bashar al-Assad in 2024 (MEES, 13 December 2024). “The sanctions were brutal and crippling, and served an important function,” Mr Trump said during his speech at the Saudi-US Investment Forum in Riyadh this week. “But now it’s their time to shine. It’s their time to shine. We’re taking them all off, and they’re going to have, based on the…
Chairman of the Misr Phosphate, Mohamed Abdel Azim, said that net sales from the company’s areas in Abu Tartour, the Red Sea, and El-Sebaeya mines reached EGP 7.9 billion in 2024, an increase of 149% over the previous year. Profits after tax amounted to EGP 3.3 billion in 2024, a 194% increase over the previous year. This came during the company’s general assembly meeting to approve the results of its performance for the fiscal year (FY) 2024, in the presence of Minister of Petroleum and Mineral Resources, Karim Badawi. Abdel Azim noted that the company is carrying out numerous production…
Chairman of Petroleum Air Services Company (PAS), Ihab Abd Al-Maksoud, reviewed the most significant results achieved by the company during 2024. He explained that along with the company’s existing contracts with its oil and gas clients for both helicopters and fixed-wing aircraft, this year also saw the signing of new contracts, as well as the renewal and extension of others, using the company’s fleet of 39 aircraft (31 helicopters of various models and eight fixed-wing aircraft). This came during PAS’s General Assembly meeting, which was chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve 2024 results. During the…
Global oil demand growth is beginning to slow markedly, says the IEA, but it is slowing from a considerably higher base than previously expected, with the organization this month revising up its 2024 demand figures by 350,000 b/d. With this new baseline lifting 2025 and 2026 expectations, the headline demand figures are up across the board. The move brings the IEA into slightly closer alignment with Opec, with the gap between their calculations for last year’s demand now ‘just’ 540,000 b/d. The gap widens to 1.1mn b/d for this year, with the IEA’s forecast demand growth of 740,000 b/d significantly…
Tharwa Petroleum Company has recorded a rise in proven reserves amounting to 3.5 million barrels (mmbbl) in the West Kalabsha area, located in Egypt’s southern desert, opening new horizons for development operations to boost production rates, stated Mahmoud Abdel Hamid Mahmoud, Board Chairman and Managing Director of the company, while reviewing the company’s key achievements in fiscal year (FY) 2024 in its general assembly meeting. The increase was driven by rationalized operating expenditures, including the replacement of rented production facilities with permanent infrastructure and the implementation of enhanced energy efficiency strategies, Mahmoud said. These measures have optimized electricity utilization and…
The news about serious economic woes faced by Japan could not have come at a worse time for the crude oil markets, which are struggling to come out of the stagnant phase.Prime Minister Shigeru Ishiba delivered a blunt assessment of Japan’s economic condition, stating its financial situation is “undoubtedly extremely poor, worse than Greece’s”—a comparison that sent ripples of concern through the developed world.His stark evaluation followed the announcement that Japan’s economy contracted by 0.2% in the first quarter of 2025, a figure analysts project could reach an annualized rate of 0.7%. This downturn is significantly impacted by weak consumer…
United Energy Egypt (UEE), an affiliate of Kuwait Energy Egypt (KEE), completed the HILLS Social Entrepreneurship Program in Ras Gharib, in partnership with the John D. Gerhart Center at The American University in Cairo (AUC). The program aims to create a new generation of socially conscious entrepreneurs and guide young people through all stages of business development. Over 35 young participants were engaged in training, mentorship, and community collaboration, culminating in a Demo Day at AUC where 13 teams pitched their ventures. Six of those were awarded seed funding for their innovative, impact-driven business ideas. Launched under UEE’s Xsab Initiative…
Just as South Sudan celebrated the long-awaited resumption of its Dar Blend crude exports via Sudan’s Red Sea Bashayer terminal, attacks targeting vital infrastructure in war-torn Sudan compromised the country’s lifeline crude exports. The partial halt of flows over the past year has already cost both countries hundreds of millions of dollars in lost revenue, not to mention increased operational costs, and these latest attacks threaten an even more damaging complete halt. 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…