Author: Rigs & Barge World

Since its founding in the eastern city of Benghazi in early 2023, Libya’s first and only private oil firm Arkenu has been operating quietly, keeping a low profile while positioning itself as a major player in the country’s lifeblood oil sector. As it developed a substantial list of assets and partners, securing contentious deals with state firm Agoco and international services giant SLB, Arkenu has attracted controversy and scandals involving top officials in Libya’s divided east and west administrations. (CONTINUED – 1573 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into…

The Mineral Resources and Mining Industries Authority (MRMIA) will commence aerial survey for mineral exploration for the first time in decades as part of the sector development strategy, said Minister of Petroleum and Mineral Resources Karim Badawi during the closing session of the Egypt Mining Forum in Cairo. This is one of the first decisions taken by the authority following the parliament’s approval to amend law no.198 of 2014 to transform the authority from a service to an independent economic entity to empower investors and unlock Egypt’s full mining potential. “The revamped authority now possesses the capability to carry out…

Libya’s NOC on 12 July announced the completion of repairs and restart of a key oil pipeline linked to a major refinery. An oil leak in late May had forced the shutdown of the 385km pipeline connecting subsidiary Agoco’s 10,000 b/d Hamada fields on the Ghadames Block NC-8A in the west of the country to the 120,000 b/d Zawiya refinery (MEES, 30 May). (CONTINUED – 331 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…

ADNOC plans to allocate its ownership stake of  24.9% in OMV AG (OMV) to XRG P.J.S.C. (XRG), its fully owned international investment arm. This planned transfer is pending regulatory approvals.It is expected to support ADNOC’s strategy to centralize its global investment activities under XRG. ADNOC is also moving forward with plans to establish Borouge Group International, aiming to become one of the world’s top four producers of polyolefins. ADNOC’s proposed 46.94% shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals. Through XRG, ADNOC remains dedicated to its strong, ongoing…

Saudi Arabia’s Advanced Petrochemicals has finally completed the construction of its major new expansion facility at Jubail. The Advanced Polyolefins Industry Company (APOC) is a joint venture between Advanced (85%) and Korea’s SK Gas (15%), and the Saudi firm confirmed the start of operations in a 14 July statement to the Tadawul exchange. The APOC facility is centered around an 843,000 t/y capacity Propane Dehydrogenation (PDH) plant alongside two polypropylene plants with combined capacity of 800,000 t/y and a 70,000 t/y isopropanol (IPA) unit. Contracts for the $1.8bn complex were awarded in 2020, with an initial planned startup date of…

The Egyptian government revised its target for renewable energy contribution to power generation to 29.7 % by 2030 , according to the  International Monetary Fund (IMF) report on the fourth review of the $8bn loan. The new target is compared to the 42 per cent by 2023 given by several government officials, including the prime minister and the 42 % by 2040 noted by Mahomoud Esmat, Minister of Electricity and Renewable Energy, in September 2024. The share of the different renewable sources in the new target is as follows:  19.3% from wind power, 5.3% from solar energy, and 5.1% from…

Minister of Petroleum and Mineral Resources Karim Badawi issued a new round of appointments for finance and contracts directors in a number of petroleum sector companies. Haytham Fakhry Abdou Saleh was appointed Assistant Chairman for Financial Affairs at Tanmia Petroleum Company. Saleh began his career as an accountant at Engineering for the Petroleum and Process Industries (ENPPI) in 2001. He progressed through various positions within the company, becoming Assistant General Manager of Financial Affairs in 2019, and then General Manager of Financial Affairs in 2021. Mohamed Sayed Abdelhady Abdelghany was assigned the role of Assistant Chairman for Financial and Commercial…

Egypt has leased the Energos Winter floating, storage, and regasification unit (FSRU) for five years, and the unit is expected to arrive at Damietta port by August this year. The Ministry of Petroleum and Mineral Resources has developed a comprehensive plan to upgrade and secure gas supply to meet the needs of the electricity, industrial, and economic sectors. Egypt has connected three regasification units to SUMED and Sonker berths in Ain Sokhna port. The three units hold regasification capacity of 2,250 million standard cubic feet per day (mmscf/d), said Moataz Atef, Undersecretary of the Minister’s Technical Office and Official Spokesperson,…

United Energy Egypt (UEE) has signed a Memorandum of Understanding (MoU) with LONGi Green Energy, a global leader in solar technology, to deploy a 20-megawatt (MW) hybrid solar power system across six oil fields. The project is expected to deliver 24,800 megawatt per hour (MWh) of annual clean energy, powering more than 6,000 Egyptian households, while avoiding over 14,000 tons of carbon dioxide emissions yearly, equivalent to removing 3,000 gasoline vehicles. “This partnership with LONGi marks a pivotal moment in our journey to redefine how energy is produced in the oil and gas sector. By deploying cutting-edge solar and storage…

Exxon concluded its three-well offshore East Mediterranean drilling campaign this week with a “significant gas discovery,” at the Pegasus-1 prospect in Cyprus’ Block 10, the firm’s VP John Ardill said on 7 July. “The ‘Pegasus-1’ offshore well, located about 190 kilometres southwest of Cyprus, indicated approximately 350 metres of gas-bearing reservoir. The well was safely drilled by the ‘Valaris DS-9’ drillship in 1,921 metres of water,” Cyprus government spokesman Konstantinos Letymbiotis announced earlier that day. (CONTINUED – 1791 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by…