Author: Rigs & Barge World

Khalda Petroleum Company, partnering with international energy firm Apache, has optimized oil and gas well drilling operations in the Western Desert, resulting in a cost reduction of $3 million and the connection of 110 wells. Khalda revealed these performance improvements during a workshop organized by the Egyptian General Petroleum Corporation (EGPC), noting that it reduced the average drill pipe connection time from 24 minutes to 18 minutes, with some wells recording 12.5 minutes. This was translated into a cumulative time saving of 60 days during 2024. In the first half of 2025, the company built on this momentum by drilling…

Iran’s crucial oil sector emerged largely unscathed from the 12-day war with Israel. Despite dominating Iranian airspace and hitting targets at will, the Israeli military held back from targeting Iran’s crude oil production and export facilities. This appears in part to have been a recognition that Tehran would not move to close the Strait of Hormuz so long as it was still exporting its own oil through the chokepoint. With the fragile ceasefire holding since 24 June, the immediate threat to Iranian exports has now passed. Indeed, US President Donald Trump appears to have tacitly accepted that Iran can continue…

US liquefied natural gas (LNG) exports registered their second lowest monthly volume this year in June, as maintenance activities at major export terminals curtailed output, Reuters reported quoting provisional data from financial firm LSEG. The United States, a global leader in LNG exports, recorded sold shipments of 8.4 million metric tons (MT) in June. This volume reflects a decrease from the 8.9 million MT exported in May and is substantially lower than the record 9.3 million MT achieved in April. The primary driver behind the reduction in LNG exports was scheduled seasonal maintenance across key facilities. This included operations at…

Two years on from the launch of Acwa Power’s 2030 strategy, and the Saudi firm is on a clear growth trajectory. Its gains are underpinned by Saudi Arabia’s transformative domestic power and water growth strategy, coupled with ambitious international expansion plans. The firm’s board approved the “Acwa Power 2.0” strategy in June 2023, with CEO Marco Arcelli saying “we aim to triple our assets under management [AUM] to about USD 250 billion by 2030 and aspire to not only sustain our global leadership in water desalination but also emerge as one of the top worldwide renewable energy firms, including in…

The Ministry of Petroleum and Mineral Resources immediately activated its emergency plan following the incident involving the marine barge Admarine 12, deploying sector rescue teams in the Gulf of Suez and mobilising all maritime and aerial resources, including vessels, rescue equipment, and aircraft, to assist in the rescue of the crew and coordinate with state authorities to ensure the swift recovery of survivors. The Ministry received a report on July 1st from the Offshore Shukheir Oil Company (OSOCO) stating that the marine barge Admarine 12′ had capsized in the Gabal El Zeit area of the Gulf of Suez. In light…

Agiba Petroleum Company, a joint operating venture between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni, announced a new discovery with the Arcadia West field in the Western Desert, which was swiftly brought into production. This development directly supports the Ministry of Petroleum and Mineral Resources’ foundational strategy, which prioritizes escalating domestic oil and gas production to bolster national energy security and alleviate the fiscal burden of imports. Drilling operations at the Arcadia-28 well yielded the discovery of a high-quality reservoir, commencing production at an initial rate of 2,500 barrels of oil equivalent per day (boe/d). This success further…

Global oil prices have fallen back below $70/B following US President Donald Trump’s 24 June announcement that a ceasefire agreement had been reached between Israel and Iran. The 12-day conflict had caused oil prices to increase by around $10/B, but they swiftly dropped back to pre-conflict levels of around $68/B upon the announcement (MEES, 27 June). With both sides avoiding targeting Gulf oil infrastructure, oil flows from the region remained unaffected by the conflict, capping the impact on prices. Brent crude settled at a high of $78.85/B on 19 June and briefly topped $80/B in intra-day trading following the US…

The Egyptian Mineral Resources and Mining Industries Authority signed a Memorandum of Understanding (MoU) with El Sewedy Capital Investments. The MoU aims to establish a partnership for the exploration, exploitation, and production of phosphate ore in the Nile Valley region (El-Sebaeya mines), in addition to increasing the concentration of the ore and preparing a feasibility study for establishing a factory to produce phosphate fertilizers. The MoU was signed by Yasser Ramadan, Chairman of the Egyptian Mineral Resources and Mining Industries Authority, and Abdelrahman Ahmed El Sewedy, representing the Group, in the presence of Minister of Petroleum and Mineral Resources Karim…

Canada has shipped its first liquefied natural gas (LNG) cargo from the LNG Canada facility in Kitimat, British Columbia, and en rout to South Korea. “LNG Canada grows our leading integrated gas portfolio, providing a reliable supply of LNG to markets, most notably in Asia,” said Cederic Cremers, Shell’s President of Integrated Gas. Though the LNG shipment amount was not specified, the facility is producing 14 million tons per year (mtpa) of LNG in its first phase, with plans to double capacity in a second phase. LNG Canada is billed as the largest private-sector investment in Canadian history, with investments…

The events of the past week will go down in history. After stating on 19 June that he would make a decision on whether to militarily intervene in the Israel-Iran conflict within two weeks (MEES, 20 June), US President Donald Trump oversaw an audacious bombing of three Iranian nuclear facilities on 22 June. Barely had the dust settled on Iran’s choreographed 23 June attack on the US Al Udeid airbase in Qatar in response when Mr Trump broadcast to the world on 24 June that a ceasefire had been reached. President Trump’s brinksmanship does appear to have succeeded in drawing…