Author: Rigs & Barge World

Mideast Communication Systems (MCS), a leading regional IT solutions provider, and The East Mediterranean Gas Forum (EMGF), a regional platform for structured dialogue on natural gas policies, have signed a Memorandum of Understanding (MOU) to launch a Cybersecurity Capacity Building Program specifically designed for the EmpowerMed Women Network, an initiative founded by EMGF to support women’s empowerment and leadership. Through this MoU, MCS will deliver specialized cybersecurity awareness and training that provides members of the EmpowerMed Women Network with the practical skills and knowledge they need to navigate today’s digital challenges confidently. By building cybersecurity capacity, the initiative empowers women…

Crude oil prices saw a slight uptick at the start of the week, even as a host of factors suggested a potential downturn. While the OPEC+ group increased its output by 137,000 barrels per day (bpd)—slightly less than anticipated—the possibility of new sanctions against Russia took centre stage, temporarily overshadowing the expected market impact of the production increase.With the latest output hike, many analysts believe the market is now well-supplied, with some even forecasting an oil glut. This is compounded by the United States, the world’s largest oil producer, which continues to ramp up production, a trend reflected in the…

The Egyptian Exchange’s (EGX) Listing Committee, at its meeting on September 3, decided to impose a financial penalty of EGP 5,000 on Maridive and Oil Services Company (MOIL), to be paid within 15 days from the date the company is notified of the decision. Articles 46 and 47 of the EGX listing and delisting rules require companies to prepare and submit to EGX their standalone and consolidated quarterly financial statements for the period ending June 30, 2025. The company’s status will be re-evaluated by the Listing Committee if it fails to comply by the end of the granted period for…

The eight OPEC+ countries have decided to continue to increase oil production in October by 137,000 barrels per day (bbl/d), which is lower than the increases of  September and August of by about 555,000 bbl/d, according to a statement released by OPEC. Led by Saudi Arabia, the group is seeking to reclaim market share but is raising output more gradually than in prior months, anticipating a slowdown in global demand, according to Reuters.  This decision was the result of the steady global economic outlook and current healthy market fundamentals. The eight countries said they retain full flexibility to suspend or…

Media release: Streamlined approvals key to unlocking critical new gas investment in WA | Australian Energy Producers Skip to content Source link

The African-Australian mining and energy conference, Africa Down Under (ADU), the largest African mining event held outside the continent, concluded in the Australian city of Perth on September 5. This year’s edition saw the first official Egyptian participation by a delegation headed by Karim Badawi, the Minister of Petroleum and Mineral Resources.Also present at the conference was Chairman Yasser Ramadan, who highlighted the mining sector’s potential, backed by strong infrastructure. The Egyptian participation aimed to present the high potential of the Egyptian mining sector for Australian companies  in light of the more favorable investment environment, simplified licensing procedures, and enhanced…

Petroleum Pipelines Company (PPC) has completed the SCADA system for automated monitoring, control, and early detection of pipeline leaks. The system protects pipelines from tampering and theft, said Haggag Rabie, the company’s chairman. The project is one in a package of projects recently undertaken by the company to replace, renew, and increase the efficiency of petroleum product pipelines nationwide. A key objective of these projects was to secure the necessary fuel supplies for electricity plants as the primary consumers. The total cost of these projects amounted to EGP 3.3 billion. Rabie explained the status of ongoing projects aimed at maximizing…

During his visit to the UAE, Karim Badawi, the Minister of Petroleum and Mineral Resources, inspected the headquarters of the Engineering for the Petroleum and Process Industries (ENPPI) company branch in UAE capital Abu Dhabi. This followed the signing of a cooperation agreement in mining and finance with the Emirati International Resources Holding Company (IRH). The Minister’s visit came in support of the role of Egyptian petroleum project companies in carrying out projects outside of Egypt with major Arab national companies and institutions. During the visit, ENPPI’s team in the UAE delivered a presentation on the company’s key ongoing projects…

Saudi Aramco and Iraq’s State Organization for the Marketing of Oil (SOMO) have halted selling crude oil to India’s Nayara Energy, to align with the sanctions imposed by the European Union on the refinery. This is due to its majority bring owned by Russian companies, including Rosneft, Reuters reported. EU sanctions have caused several payment complications, especially with SOMO. The most recent cargo of Basra crude from SOMO was discharged for Nayara by the Kalliopi, a very large crude carrier (VLCC), at Vadinar port on July 29. Furthermore, the Nayara refinery received 1 million barrels (mmbbls) of Arab Light aboard…

TotalEnergies has signed a Production Sharing Contract (PSC) with South Atlantic Petroleum (SAPETRO) for two offshore exploration licenses in Nigeria. Under the deal, TotalEnergies will operate the licenses with an 80% interest, while SAPETRO holds the remaining 20%. The blocks, PPL 2000 and PPL 2001, were awarded in the 2024 Exploration Round organized by the Nigerian Upstream Petroleum Regulatory Commission. Located in the prolific West Delta basin, the two licenses span around 2,000 square kilometers. The initial work program commits the partners to drill one exploration well. “TotalEnergies is honored to be the first international company to be awarded exploration…