Author: Rigs & Barge World

President Abdel Fattah Al-Sisi held a meeting with Prime Minister Mostafa Madbouly, and Karim Badawi, Minister of Petroleum and Mineral Resources. The meeting addressed the state’s efforts to secure citizens’ needs for petroleum products and provide natural gas to various state sectors, especially the electricity sector. Discussions also covered updates on exploration activities and added petroleum reserves. During the meeting, Badawi reviewed the main pillars of the ministry’s current operations and activities. The minister reviewed the main results achieved from July 2024 to June 2025, including an increase in added local oil and gas production. He highlighted the petroleum sector’s…

Iraq is looking to lease oil tankers to serve as floating storage after the US sanctioned an important oil products terminal at Basra’s Khor al-Zubair port earlier this month. The US Treasury imposed sanctions on VS Oil, registered in the UAE as VS Oil Terminal FZE, alleging that it was actively involved in blending sanctioned Iranian fuel oil with Iraqi barrels at the six-tank facility it manages. Volumes were then exported as Iraqi fuel oil to regional hubs using forged documents, according to the US. Washington says the terminal and its VS Tankers affiliate have ties to Iraqi-British businessman Salim…

bp has appointed Albert Manifold as the new Chair of the company, succeeding Helge Lund. The company’s statement explained that Manifold will join the board by the start of September as non-executive director and chair-elect, and will take over the Chair position starting from October. Manifold served as the Chief Executive Officer (CEO) of CRH plc (CRH) from January 2014 to December 2024. During his tenure, he led a strategic transformation of the company’s portfolio and consistently delivered strong growth and performance. Additionally, he is recognized for his proven ability in strategic leadership and effective execution, with a particular emphasis…

Turkey has sent a request to Iraq asking to renew and expand the collaboration between the two countries in energy, the Iraq News Agency reported. The request was attached with a draft for a new inclusive agreement in oil, gas, petrochemical industries, and electricity. This followed Turkey’s announcement to terminate the agreements and protocols signed between Turkey and Iraq regarding the crude oil pipeline extending from Iraq to Turkey, effective July 27, 2026. An anonymous official source at the Iraq Oil Ministry explained that the Iraqi-Turkish pipeline agreement, which was signed between the two neighboring countries, Iraq and Turkey, in…

Kufpec, the overseas upstream arm of state-owned Kuwait Petroleum Corporation (KPC) reported a decline in its oil and gas production in 2024 to 76,205 boe/d, well short of its 107,000 boe/d target for the year. CEO Mohammed al-Haimer attributed the decline in production from last year’s 96,022 boe/d to the divestment of the company’s Norwegian assets, which had accounted for 21% of its total production in 2023. Kufpec finalized its exit from Norway in early 2024, selling assets to Poland’s PGNiG (MEES, 12 January 2024), following exits from China and the Philippines in 2023 and Tunisia in 2022. The Norwegian…

The Mineral Resources and Mining Industries Authority (MRMIA) signed a Memorandum of Understanding (MoU) with China’s Asia-Potash International Investment (Guangzhou) Co., Ltd. The MoU is designed to strengthen joint cooperation in exploring and assessing phosphate ore reserves. The objective is to maximize the added value of this crucial resource. The signing took place in the presence of Karim Badawi, the Minister of Petroleum and Mineral Resources, according to the Ministry’s statement. The MoU was signed by Yasser Ramadan, MRMIA’s Chairman, and Zeng Yuy, Vice President of the Chinese company Asia-Potash. Following the signing ceremony, Badawi stated that this initiative aligns…

Oman’s state hydrocarbons firm Petroleum Development Oman (PDO) responsible for operating the country’s largest oil and gas asset Block 6 (EDO 60%, Shell 34%, Total 4%, PTTEP 2%) produced a 22-year high 679,922 b/d of liquids in 2024, which the firm says surpassed its target by 7,000 b/d. PDO says that total hydrocarbons output increased to a new record high, although it doesn’t provide a figure. While output was on an upwards curve, PDO may have been disappointed by the return on its exploration efforts. According to its recently released sustainability report, oil reserves dropped by 140mn barrels to a…

Minister of Environment, Yasmine Fouad, submitted her resignation from the government, as she was appointed as Executive Secretary of the United Nations Convention to Combat Desertification (UNCCD). This appointment follows a distinguished national career as Minister of Environment from 2018 until her resignation was accepted. She is now preparing to assume her new responsibilities in climate and desertification issues at the United Nations, continuing her efforts to address global environmental and climate challenges. Earlier in July 2025, Karim Badawi, Minister of Petroleum and Mineral Resources, praised Fouad’s efforts throughout her tenure as Minister of Environment. He underscored her commitment to…

The Egyptian General Petroleum Corporation (EGPC) signed a strategic Memorandum of Understanding (MoU) with its partner, the Siemens, DNV, and EnExpert Energy Consortium. It aims to enhance safety levels and improve the efficiency, security, and sustainability of the petroleum pipeline network for crude oil and petroleum product transportation and storage. It reinforces Egypt’s position in transporting and storing petroleum materials and enables the Petroleum Pipelines Company (PPC) to move towards growth and expand its local and regional presence. The cooperation includes the implementation of an integrated project comprising three main phases. The three phases aim to modernize and develop the…

The central Iraqi government and semi-autonomous Kurdistan Regional Government (KRG) reached an agreement to resume oil exports through the Iraq-Turkey Pipeline (ITP) on 17 July, which has been closed since March 2023. The deal, which followed intensive talks between the two sides in recent days, was approved in an emergency session by Iraq’s cabinet. Under the terms of the deal, the KRG’s Ministry of Natural Resources (MNR) will hand over a minimum of 230,000 b/d of Kurdish output for export at Ceyhan, retaining 50,000 b/d for domestic consumption in Kurdistan’s refineries. The KRG has put recent output levels at 280,000…