Author: Rigs & Barge World
Prime Minister Mostafa Madbouly held a meeting with some officials including Minister of Investment and Foreign Trade, Hassan El-Khatib to follow up on efforts to promote investment in the gold sector. The Prime Minister reaffirmed the government’s commitment to supporting investments, especially in gold, by providing more incentives and facilitations to attract investors to the mining sector and boost its contribution to the national economy. He stressed the importance of aligning with global advancements in gold investment tools and adopting standardized specifications to integrate Egypt into productive and export-oriented economic blocs. Madbouly also highlighted the importance of gold investment funds…
SLB recorded revenues of $8.55 billion in its financial results for Q2 2025, increasing 1% from Q1 2025 after reaching $8.490 billion, despite a 6% decrease Year-on-Year (YoY). The company recorded $2.369 billion in revenues from the Middle East and Asia, marking a 6% sequential increase, despite being 3% lower YoY. Also, the results showed an increase by 21% in the income before taxes, which amounted to $1.285 billion during Q2 2025, compared to $1.063 billion in Q1 2025. However, it decreased by 10% YoY. Additionally, the net income attributable to SLB of $1.01 billion increased 27% sequentially, yet decreased 9%…
Physical oil markets remain tight despite the second quarter of the year being dominated by concerns over the impact of US President Donald Trump’s tariff policies on the health of the global economy. The price structure of crude oil futures indicates robust demand even as the market navigates US trade policy volatility, increased Opec+ production and continued concerns over the geopolitical fallout from June’s 12-day Israel-Iran war. Oil prices remain stable at around $70/B. “We thought that 2024 was the hardest year, but now in 2025 we think that 2024 was a doddle,” Saudi Arabia’s Energy Minister Prince Abdulaziz bin…
AVEVA, a global leader in industrial software, released its 2024 Sustainability Report at London Climate Action Week, during which it revealed progress across all three pillars of the company’s sustainability framework: technology handprint, operational footprint and inclusive culture. The company reported 93% reduction in scope 1 and 2 emissions against its baseline year, driven by utilizing renewable energy, careful management of office space and fleet optimization. Since 2022, the company has reduced its fleet size by 58.6%, from 186 vehicles to 77 at the start of 2025. Of the remaining vehicles, 35 are hybrid and six are electric In respect…
US firm HKN has signed a preliminary deal to develop the Hamrin field in Iraq’s northern Saladin province. The deal was signed with state-owned North Oil Company (NOC) in the presence of Oil Minister Hayan Abdulghani and the US Embassy’s Chargé d’Affaires, Stephen Fagin. This is significant because HKN is a prominent operator in the semi-autonomous Kurdistan Region of Iraq and Baghdad had in the past barred IOCs with production-sharing contracts in Kurdistan from federal contracts although it has since softened its stance. The Federal government and Kurdistan Regional Government (KRG) are in a long-running dispute over management of the…
Minister of Petroleum and Mineral Resources, Karim Badawi, conducted an inspection visit to the main control center of the national gas grid, the National Advanced Transmission and Automation Centre,(NATA), affiliated with Egyptian Natural Gas Company (GASCO), to monitor the operational status of gas supplies to the electricity and industrial sectors, according to a statement from the Ministry of Petroleum and Mineral Resources. This comes as a part of the ongoing efforts to secure the local market’s natural gas needs. During the tour, the Minister and Yasser Salah El Din, GASCO Chairman, along with the NATA team, reviewed the daily operations…
The never-ending volatility in the Middle East took yet another turn for the worse this week, when the Druze community in Syria came under attack from some sections of the Bedouin tribes in Syria; the closer relations of the former with the state of Israel made an already tense situation even worse that almost bordered on a full-blown conflict, dragging another keyplayer in the region, Turkey, into it. When Druze community leaders begged of Israel for help, the Jewish state sprang into action with what it is usually good at – launching relentless airstrikes; it even hit the Ministry of Defence…
In an official statement, bp announced the selling of its US onshore wind business, BP Wind Energy North America Inc. (bp Wind Energy), to LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector. This transaction supports bp’s strategy to streamline its low carbon energy portfolio by focusing on selected investments and maximizing shareholder value. According to the company’s statment, bp Wind Energy will become part of LS Power’s portfolio company, Clearlight Energy, expanding Clearlight’s operational capacity to approximately 4.3 gigawatts (GW), when the deal is complete. The sale includes bp…
As much as 200,000 b/d of oil production was shut-in in Iraqi Kurdistan this week after a series of drone attacks on key producing fields. This was the first time that oil fields in the semi-autonomous region have been targeted, resulting in the loss of as much as two thirds of the region’s oil production. A lengthy outage would be a major economic blow for the Kurdistan Regional Government (KRG). Iran-backed Iraqi militias have been behind previous such strikes on Kurdistan’s energy sector, primarily targeting the Khor Mor gas field which was not targeted in the latest assaults (MEES, 3…
Greek foreign minister George Gerapetritis visited Tripoli on 15 July for talks over several bilateral issues, including a maritime border dispute which has flared up again with Libya complaining to the UN about a Greek hydrocarbons tender in disputed waters (MEES, 4 July). Mr Gerapetritis said the discussions with PM Abdel Hameed Dbeibeh and other Tripoli officials were “particularly productive.” (CONTINUED – 305 WORDS) 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 future risks and opportunities Source link