Author: Rigs & Barge World

Valmore Holding, formerly Egypt Kuwait Holding, has approved the distribution of about $53 million in cash dividends to shareholders, amounting to 0.045 per share (4.5 cents), according to its ordinary general assembly meeting convened on April2. This brings the company’s cumulative dividends since inception close to $1 billion. The company previously reported its financial results for the fiscal year (FY) 2025 on March 2, 2026, recording a 24% year-on-year (YoY) increase in revenues to reach $685 million. Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) bolstered 26% YoY to $322 million. During the same period, net profit remained broadly…

India is poised to receive its first shipment of Iranian oil in seven years, following the temporary lifting of US sanctions on Iranian crude and refined products to ease global supply pressures, according to Reuters. The cargo, purchased by state-owned Indian Oil Corporation (IOC), is currently aboard the Curacao-flagged very large crude carrier Jaya, which is heading to India’s east coast and is expected to arrive later this week, according to ship-tracking data from LSEG and Kpler, leading global providers of financial data, analytics, and market intelligence. Before this development, India had not imported crude oil from Iran since May 2019,…

Chevron, the operator of Cyprus’ 3.7tcf Aphrodite gas field, took decisive steps towards the field’s development this week. It finalized two key deals in Cairo on 30 March during Egypt’s showcase EGYPES conference, including a Host Government Agreement (HGA). Under Aphrodite’s development plan, 800mn cfd will be produced through a floating production unit (FPU) that will be tied-back via a 280km pipeline to the Egyptian shore (MEES, 20 March). An HGA with Egypt was therefore needed to move forward with potential gas sales deals. (CONTINUED – 944 WORDS) Read this article for free Gain access to over 60-years of energy…

Two agreements, with total investments of $740 million for establishing a Phosphate Fertilizer plant and a Chemical project in the Suez Canal Economic Zone(SCZONE), were signed on April 8 in the presence of  Prime Minister Mostafa Madbouly. The Indorama Egypt Fertilizer project will be established in the Sokhna Industrial Zone,  on an area of 522,000 square meters, with investments of $525 million for the first phase. The project is expected to provide up to 2,500 direct job opportunities during the operational phase, in addition to 500 jobs during the construction stage. The project aims to establish an integrated industrial complex…

European majors Eni and TotalEnergies, 50:50 partners at the 3.1tcf (gas in place) Cronos field offshore Cyprus, had hoped to announce a final investment decision (FID) at the Egypt Energy Show (EGYPES) in Cairo on 30 March. However, there was no announcement amid a continued standoff with the Cypriot government over contractual liabilities (MEES, 27 March). Cyprus continues to insist that Eni and Total should take on liability for cost overruns at the project, as well as any liabilities related to a potential failure to meet contractual gas commitments. (CONTINUED – 812 WORDS) Read this article for free Gain access…

Oil prices declined sharply below $100 per barrel on April 8, after US President Donald Trump announced a provisional two-week ceasefire agreement with Iran, contingent on the immediate and secure reopening of the Strait of Hormuz, Reuters reported. Brent crude decreased by 14.9% to $92.95 per barrel, while US West Texas Intermediate (WTI) dropped 16.1% to $94.79 per barrel, reflecting easing supply concerns. The announcement came just ahead of a US deadline for Tehran to restore navigation through the Strait, through which roughly 20% of global oil supply flows, or risk potential strikes on its civilian infrastructure. Trump described the…

Media release: Faster approvals critical to realising Queensland’s Taroom Trough opportunity | Australian Energy Producers Skip to content Source link

Gulf of Suez Petroleum Company (GUPCO) has completed the drilling of a new exploratory well, South Al-Wasl B.B, in the Gulf of Suez. Well tests yielded production rates of about 2,500 barrels of oil per day(bbl/d) and 3 million cubic feet of gas per day (mmcf), and the well was immediately tied into existing production facilities, thereby raising the company’s overall production capacity. GUPCO is a joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and its UAE-based investment partner, Dragon Oil, which bought bp’s share in the company in 2019. A Photo of the South Al-Wasl BB well…

Libya’s oil sector recovery has been enabled by an improved security environment, but risks being derailed by payment concerns. Oil service providers are continuing to struggle with overdue fees and lack of clarity about payment timelines. Libya’s crude and condensate output averaged 1.374mn b/d for 2025, the highest annual figure in 15 years (see chart 1 & MEES, 2 January), with IOCs reporting record volumes amid improved stability (MEES, 27 February). The country hopes to produce 2mn b/d by 2030, an ambitious target after nearly two decades of instability, that would lift output above pre-revolution levels. (CONTINUED – 1436 WORDS) Read…

Misr Fertilisers Production Company (MOPCO) reported urea production of 1.7 million tonnes in fiscal year 2025, achieving 102% of its investment plan, while ammonia output reached 1.1 million tonnes, also 102% of target. Ahmed Mahmoud, MOPCO chairman, announced at the company’s general assembly convened to approve the 2025 results. The meeting, chaired by Alaa El-Din Abdel Fattah, Chairman of the Egyptian Petrochemicals Holding Company (ECHEM), approved a cash dividend of EGP 3.94 per share. Abdel Fattah highlighted Mopco’s vital role in the national economy, noting that the company covers 26% of the domestic market’s urea fertilizer demand. MOPCO’s total urea…