Author: Rigs & Barge World
www.oilfutures.co.ukDespite ongoing tensions in the Middle East, crude oil prices have remained remarkably steady. As of 09:53 GMT, WTI was priced at $65.23 and Brent at $67.02. Liquefied natural gas (LNG) was at $3.45.Contrary to some analysts’ and investment bankers’ predictions of soaring oil prices, this did not materialize. While prices did jump by nearly 8% during the peak of the 12-day conflict between Israel and Iran, “presidential intervention” by President Trump appears to have played a role in bringing them back down to pre-war levels.A significant escalation was avoided because Israel, instead of targeting Iran’s oil infrastructure, primarily struck…
Norwegian energy company Equinor and its joint venture partners have agreed to invest $1.29 billion to expand the Johan Sverdrup oilfield, currently the most productive oilfield in Western Europe. The expansion is aimed at boosting recoverable resources by 40 to 50 million barrels of oil equivalent (mmboe) from Phase 3 of the field. It is expected to start production in the fourth quarter of 2027 (Q4 2027) utilizing new subsea wells that are connected to an existing infrastructure. “By building on the technologies, solutions, and infrastructure from phases 1 and 2 of Johan Sverdrup, we can carry out an efficient…
Iraq is breathing a sigh of relief after the US-brokered ceasefire between Israel and Iran came into effect, ending 12 days of hostilities. With Iran opting to retaliate against the US military in Qatar rather than its usual choice of Iraq, the country has weathered the storm. The conflict between Iran and Israel laid bare many of Iraq’s vulnerabilities, chief among them its dependence on Gulf terminals and the Strait of Hormuz for 99% of federal oil exports. This reliance was already an acknowledged vulnerability, but the events of the past two weeks could provide the government with a renewed…
Minister of Petroleum and Mineral Resources, Karim Badawi, led an inspection tour of the remote monitoring and control system (SCADA System) used to oversee the liquified petroleum gas (LPG) distribution at Petroleum Gas Company (Petrogas), a leading distributor of natural gas in Egypt. This visit follows the completion of the implementation phases of the system across all Petrogas sites nationwide. During the tour, Badawi highlighted the critical importance of implementing the SCADA system in the LPG sector, which aligns with the Ministry’s strategy for digital transformation and strengthening monitoring systems for petroleum products. He also underscored the necessity of coordinating…
Egypt finalized agreements needed to start the construction of the phosphoric acid production complex at Abu Tartour in the New Valley. The project aims at maximizing the added value and increasing the economic return of Egyptian phosphate ore by using it in high-yield industries rather than exporting it as raw material. The Minister of Petroleum and Mineral Resources, Karim Badawi and New Valley Governor, Mohamed Al-Zamlout witnessed on Sunday the signing of a framework agreement between a consortium of Egyptian public entities, as well as a general contractor agreement with a Chinese consortium to build the industrial complex. The Egyptian…
As the recent conflict between Israel and Iran raged, the world fixed its eyes on the Gulf. Missiles fired across the world’s most important oil producing region raised the specter of global economic shocks. While the fate of roughly 14mn b/d of crude and condensate exports from the region topped international markets’ concerns, the episode also highlighted the Gulf’s growing role as a supplier of refined products on which regions like Europe depend. Gulf oil producers in recent years have built up their refining capacity with a string of new refineries and big-ticket upgrades (MEES, 30 May). Meanwhile, Europe has…
Chairman of the Egyptian General Petroleum Corporation (EGPC), Salah Abdel Kerim, visited three refining companies in Alexandria: the Middle East Oil Refinery (MIDOR); Amreya Petroleum Refining Company (APRC); and Alexandria National Refining and Petrochemicals Company (ANRPC). During the visit to the MIDOR refinery, the plant’s strategic expansion efforts were reviewed, aiming to boost local production and reduce reliance on imports. MIDOR Chairman Amr Lotfy presented the status of this expansion, particularly after the completion of the project designed to increase refining capacity by 60%. The expansion is expected to reduce the import bill and save foreign currency. Abdel Kerim emphasized…
Media release: East coast gas market review an opportunity to strengthen investment and increase supply | Australian Energy Producers Skip to content Source link
Agiba Petroleum’s Chairman, Tharwat El Gendy, presented the company’s performance results for the period spanning July 2024 to June 2025. He confirmed that daily production peaked last May, reaching 44,196 barrels of oil equivalent per day (boe/d). The company’s immediate goal is to maintain an average daily production of 30,000 boe/d throughout the upcoming fiscal year 2025/26. He revealed these figures during a meeting, which was attended by Minister of Petroleum and Mineral Resources Karim Badawi, held at the company’s headquarters in Nasr City. The meeting was also attended by the company’s leadership, as well as officials from IEOC Production…
An ongoing dispute over Eastern Mediterranean maritime borders has come into the spotlight this week as Libyan authorities object to a Greek hydrocarbons exploration tender for blocks south of Crete which extend into contested waters claimed by Libya. Relations between the two countries have been strained since 2019, when the Tripoli government signed a controversial maritime border agreement with regional ally Turkey, shifting the borders of their continental shelves to connect their offshore waters at the expense of Greek and Egyptian claims (MEES, 22 May 2020). (CONTINUED – 968 WORDS) Read this article for free Gain access to over 60-years…