Author: Rigs & Barge World

Minister of Petroleum and Mineral Resources Karim Badawi met with Sherif El-Gabaly, Chairman of the Board of the Egyptian Chamber of Chemical Industries under the Federation of Egyptian Industries (FEI), and Founder and Chairman of Polyserve Investment Group, which specializes in phosphate fertilizers and phosphoric acid. The meeting explored opportunities for cooperation and partnership to maximize the added value of phosphate ore, which can be achieved through expanding the phosphate fertilizer and phosphoric acid industries. This initiative falls under the third pillar of the Ministry’s strategy, which focuses on developing mining industries and transforming raw materials into value-added products. Badawi emphasized…

Tensions have continued to rise in the Eastern Mediterranean this week amid a maritime border dispute involving Greece, Egypt, and Cyprus on one side, and Turkey and Libya on the other. The dispute over the contested waters has intensified in recent months as Libya’s eastern government considers ratifying a 2019 MoU initially inked between its rival western government in Tripoli and Turkey, connecting Turkish and Libyan offshore waters at the expense of Greek and Egyptian claims (MEES, 22 May 2020). (CONTINUED – 877 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve…

Minister of Petroleum and Mineral Resources Karim Badawi and his accompanying delegation conducted a field visit to Dakahlia Governorate, specifically to the Begonia-2 well. The well is located within the New Manzala concession area, which is operated by El Wastani Petroleum Company (WASCO) in partnership with Dana Gas. The visit is to oversee the start of an integrated program to drill 11 new wells. These wells are expected to add approximately 160 billion cubic feet (bcf) of natural gas, with an additional average daily production of about 100 million cubic feet of gas (mmcf) and 2,000 barrels per day (bbl/d)…

The Egyptian Parliament gave final approval to a draft law, permitting the Minister of Petroleum and Mineral Resources to contract with the Egyptian Mineral Resources and Mining Industries Authority and Centamin Company. The purpose of this contract is to exploit gold ore and associated minerals in the Sukari sector. The agreement, which is in line with the constitution’s provision for natural resource exploitation licenses of up to 30 years, aims to boost economic prosperity; create new job opportunities; and support the state’s focus on developing the mining sector. Under this agreement, Centamin will have the right to exploit the Sukari…

UK-based start-up Xlinks has been left scrambling for alternative markets after the British government pulled out of its ambitious $33bn power project with Morocco. With backing from international heavyweights including TotalEnergies, Abu Dhabi state firm Taqa, and renewables-focused UK power supplier Octopus Energy, the proposed project promised to power seven million UK homes with renewable energy from the Guelmim Oued Noun region of southern Morocco via 3,800km subsea high voltage direct current (HVDC) cable sets (see map & MEES, 1 December 2023). (CONTINUED – 888 WORDS) Read this article for free Gain access to over 60-years of energy analysis and…

Shell’s trading of integrated gas is expected to decline in Q2 2025 compared to Q1 2025, according to its operational results. The Company’s production recorded 927,000 barrels of oil equivalent per day (boe/d) in Q1 2025, and predicts the production of 900,000- 940,000 boe/d in Q2 2025. Additionally, the company’s liquified natural gas production reached 6.6 million metric tons in Q1 2025, with projections ranging between 6.4 million to 6.8 million metric tons in Q2 2025. Regarding upstream operations, Shell’s production stood at 1.85 million barrels of oil equivalent per day (mmboe/d), with guidance of 1.66 to 1.76 mmboe/d for Q2…

Oman’s LNG sector has been enjoying a profitable turn in recent years. Following the resurgence of upstream gas output since the 2017 startup of the 1.5bn cfd Khazzan/Ghazeer tight gas project, Muscat has been racing to expand its liquefaction capacity. Back in 2022 Oman LNG completed debottlenecking work at its three-train Sur facility adding 1mn t/y to reach its current 11.4mn t/y capacity. Expanded capacity has helped revenues jump to new highs including a record $6.5bn last year, despite prices having weakened significantly from their recent peak in 2022 (see chart 1). Profits also increased to $1.7bn, but were down…

Significant market demand was seen for the recently-closed bidding round for strategic exploration blocks spanning the Mediterranean Sea, Gulf of Suez, and Western Desert. Global and private-sector companies submitted multiple proposals for concessions such as Rahmat, under the Egyptian Natural Gas Holding Company (EGAS); North July, under the Egyptian General Petroleum Corporation (EGPC); and three blocks from Ganoub El Wadi Petroleum Holding Company (Ganope): North El Baraka, East Gebel El Zeit, and Southeast Ras El Ash. The new bidding round was overseen and made available by the Egypt Upstream Gateway (EUG), offering new investment opportunities within the framework of the…

Saudi state-owned oil major, Aramco, is considering selling up to five gas-fired power plants to raise cash, Reuters reported, quoting three people familiar with the situation. The decision is part of a broader plan to free up funds that could generate tens of billions of dollars for the company, with the estimates putting the value of five power plants at $4 billion. Aramco, the world’s most profitable company and the main source of Saudi state income, has been looking to sell some assets, improve efficiency and cut costs, according to the news agency. Aramco will also slash dividend payouts by nearly a…

Libya is planning to launch a new auction for marginal fields later this year as part of a national strategy to boost crude production to 2mn b/d by the end of the decade, NOC officials said at an industry event on 2 July. The auction will cover more than 40 smaller fields – both producing and non-producing – with expected output ranging between 5,000 b/d and 20,000 b/d, NOC board members explained during the Libya Energy Conference in London. (CONTINUED – 294 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into…