Author: Rigs & Barge World

During the opening ceremony of Egypt Mining Forum, Egypt signed two agreements with leading international gold mining companies to develop the mining sector in line with Egypt Vision 2030. Chairman of the Mineral Resources and Mining Industries Authority (MRMIA), Yasser Ramadan, has signed an exploration license agreement for gold and associated minerals with Mohamed Kamal, Chairman of Centamin PLC Central Mining, a subsidiary of AngloGold Ashanti. Moreover, Chairman yasser Ramadan and Head of Central Administration for Legal Affairs at the Ministry, Mohamed El Bagoury have signed a framework agreement with Henry Onslow, Exploration Manager at Barrick Mining Corporation. Following the…

Houthi attacks on shipping in the Red Sea have returned with a vengeance over the past week. The group attacked and sunk both the Greek-owned bulk carriers Magic Seas (IMO: 9736169) and Eternity C (IMO: 9588249), killing at least three sailors and taking multiple hostages in their first attacks in the Red Sea since December. It comes on the back of a fragile truce agreed between their ally Iran, the US, and Israel following 12 days of warfare (MEES, 27 June) and despite ongoing negotiations in Doha for a possible ceasefire between Israel and Hamas in Gaza. (CONTINUED – 1637…

During the fourth edition of the Egypt Mining Forum (EMF), Minister of Petroleum and Mineral Resources Karim Badawi presented recognition awards to the key partners supporting Egypt’s mining sector in its ongoing reform journey. Badawi delivered his recognition to Mahmoud Fawzi, Minister of Parliamentary and Legal Affairs; Ahmed Kouchouk, Minister of Finance, on behalf of whom the award was received by Vice Minister El-Kilany; and Yasmin Fouad, Minister of Environment. Additionally, Hanan Magdy, Deputy Governor of New Valley, received recognition on behalf of Governor of the New Valley, Mohamed El-Zamlout. Badawi further delivered his recognition to Mohamed El Sallab, Chairman…

The Egyptian Ethylene and Derivatives Company (ETHYDCO) completed a comprehensive carbon footprint study for all its operations. The study was carried out by the company’s General Department of Environmental Protection, in cooperation with the Petroleum Safety and Environmental Services Company (PetroSafe) and Integral. A carbon footprint is the quantity of greenhouse gases (GHGs) emitted as a result of certain industrial activities. These emissions are divided into three scopes: direct emissions resulting from combustion within the facility or from material leaks; indirect emissions from the consumption of purchased electricity; and indirect emissions across supply chains, such as transportation, business travel, the…

Opec has revised up its long-term oil demand outlook by nearly 3mn b/d, citing a series of policy U-turns in advanced economies which are slowing down the shift away from oil and gas. The group expects oil demand to continue growing out to at least 2050; “there is no peak oil demand on the horizon,” it emphasizes. In an address which set the tone for much of the discussions that would follow, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman Al Saud told the first day of this week’s 9th Opec Seminar in Vienna that “it is encouraging to see…

bp, a major international oil company, posted higher expectations for upstream production during Q2 2025 compared to Q1 2025. The company projects higher oil production and operations primarily in bpx Energy, while slightly higher in gas and low carbon energy. Meanwhile, bp noted that revenues from the gas and low-carbon energy segment are expected to be impacted by $0.1 to $0.3 billion, including effects from changes in non-Henry Hub natural gas benchmark prices. Furthermore, the company stated that the performance of the gas marketing and trading segment is anticipated to be in line with typical levels. In the oil production…

As temperatures soar in the East Med, electricity demand is rising. So far Egypt has been able to stave-off extensive power cuts but how long can it last with key regasification capacity yet to be increased? Cairo recognized the need for more gas and procured three additional FSRUs to enable increased LNG imports, but the first two to arrive are sitting idle as work to connect them to the gas grid is still incomplete. Egypt will likely have a gas shortfall of around 2.5bn cfd this summer – demand peaks at around 6.5bn cfd, while output is around 4bn cfd…

Prime Minister Mostafa Madbouly held a meeting with Karim Badawi, Minister of Petroleum and Mineral Resources; and Mahmoud Esmat, Minister of Electricity and Renewable Energy, to discuss several issues, including the efforts to secure the necessary fuel for operating power plants, the executive status of new and renewable energy projects connected to the national grid, and the status of payment arrears owed to foreign partners. Badawi reviewed the status of petroleum product supplies and the efforts to secure and increase them to ensure the sustainable operation of power plants. He emphasized that the Ministry is continuously monitoring the regasification vessels…

Baker Hughes and Petronas have signed a Memorandum of Understanding (MoU) to form a strategic partnership aimed at exploring business opportunities that could contribute to advancing Asia’s energy growth and transition efforts. According to the MoU, the two companies will work together in enhancing local supply chain capabilities and assessing the potential implementation of various technology solutions. Supporting these initiatives, Baker Hughes revealed plans to broaden its current service operations in Malaysia by establishing a comprehensive aeroderivative gas turbine module repair facility. This is not the first collaboration between Baker Hughes and Petronas. The two companies have built a multi-year,…

Iraq’s ministry of oil has launched a rushed process to assess offers to lease a Floating Storage and Regasification Unit (FSRU). Deputy oil minister for gas affairs, Izzat Sabir, told MEES on the sidelines of this week’s Opec Seminar that his country aims to “reach an agreement within ten days.” Iraq’s cabinet on 8 July reaffirmed its commitment to signing a contract. This comes after offers were received from a handful of companies in late-June, after Iraq opened up the process beyond its favored-provider; the Iraqi-owned, UAE-registered Breeze Investments (MEES, 6 June). Breeze has been the preferred option for Baghdad…