Author: Rigs & Barge World

The exploration activities in the North Lotus Deep-1 well in Western Desert yielded positive results and it will add about 1,835 barrels of crude oil per day (b/d) and 7 million cubic feet of natural gas daily (mcf/d), which is equivalent to 3,100 barrels of oil equivalent (boe), according to a press release by the Ministry of Petroleum and Mineral Resources (MoPMR). With estimated reserves of about 5 million (boe), the well has already been put on the production map. The new well belongs to Agiba Petroleum Company, a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Italy’s…

With a 50% tariff on Indian goods now in effect, the Indian government has acknowledged the potential damage and is urgently pursuing a strategy to diversify its exports. This move is seen by Indian analysts as the first countermeasure against the high tariffs imposed by the Trump administration. The Indian government is planning to reach out to 40 markets, including the UK, Japan, and South Korea, to expedite this process as a matter of urgency. The new tariffs, which came into effect on August 27, 2025, are a result of the Trump administration’s decision to add an additional 25% tariff on…

Since its IPO last year, Oman’s OQ Exploration and Production (OQEP) has been working to convince investors of its growth potential. It has a two-track strategy to expand output at existing assets and work with the government to entice more international companies to Oman and partner with OQEP. This requires demonstrating to investors that it is a resilient partner and operator in Oman’s upstream sector, and it has had successes in this over the first half of the year. Despite lower oil prices, OQEP’s shares are currently trading higher than at the start of the year. The company’s share price…

The Cooperation Petroleum Company’s (CPC) sold 9.4 million tons of petroleum products , including product gasoline, diesel, and mazut , reached 9.4 million tons in fiscal year (FY) 2024/25, according to Mostafa El Sayed, the company’s Chairman during the general assembly chaired by Minister of Petroleum and Mineral Resources, Karim Badawi, to approve the company’s results of FY 2024/25. The company operates 32 warehouses, which represent 35% of Egypt’s total storage capacity for petroleum products. It provides services at 1,232 gas stations, 373 of which have been upgraded, with 17 new stations currently being put into operation, CPC further expanded its…

The amount of crude oil refined at the Mostorod and Tanta refineries of the Cairo Oil Refining Company (CORC)  reached nearly seven million tons in the fiscal year (FY) 2024/25, enough to cover the local market’s need for various petroleum products, according to Chairman El Sayed Youssef Abbas. He made that statement during the general assembly chaired by Minister of Petroleum and Mineral Resources Karim Badawi to approve the results of FY 2024/25. Abbas reviewed the company’s top projects that are currently implemented to develop the infrastructure, including the project to construct 12 containers for crude oil and petroleum products in…

BP is updating the field development plan for Block 61 (BP 40%op, OQEP 30%, Petronas 10%), which is home to the massive 1.5bn cfd Khazzan/Ghazeer gas development, Oman’s largest non-associated gas asset. It is looking to add up to 2tcf to its original 10.5tcf of reserves to provide feedstock for a fourth LNG train at Oman’s current three-train 11.4mn t/y facility in Sur (MEES, 7 March). In its 17 August 1H results call, state upstream firm OQEP says output from the block will increase to 1.8bn cfd. “The idea is to increase the production from 1.5bn cfd to 1.8bn cfd,…

Drydocks World, a DP World company, was awarded a major Engineering, Procurement, and Construction (EPC) contract by Mexican joint venture (JV) AMIGO LNG. The project involves creating the world’s largest Floating Liquefied Natural Gas (FLNG) liquefaction facility. To be carried out at Drydocks World’s yard in Dubai, the project involves converting two LNG carriers into Floating Storage Units (FSUs) and constructing two new FLNG barges. Once operational in the second half of 2028, the four-vessel facility will provide more than 4.2 million tons per year of liquefaction capacity, surpassing any existing floating LNG development worldwide. The EPC project will use…

Earlier this month the UAE’s Ministry of Energy and Infrastructure quietly issued a directive banning “maritime interactions” with Port Sudan – Sudan’s key terminal on the Red Sea – citing the “strategic interest of the UAE.” It called for a “suspension of sailing permits,” and more importantly, a “prohibition on cargo movement.” In effect, the ministry has banned all ports in the country from exporting or importing cargo (including oil) to and from Port Sudan. The directive, which was seen by MEES, marks an escalation of the UAE’s activities in Sudan, where the Sudanese Armed Forces (SAF) accuse it of…

Putting the Zohr-6 well into production has added 65 million cubic feet of gas per day (mmcf/d) , said Karim Badawi, Minister of Petroleum and Mineral Resources during the general assembly meetings of Belayim Petroleum Company (Petrobel) and Petroshorouk to approve the results of the fiscal year 2024/2025, in the presence of petroleum sector leaders and representatives of international investment partners Italian Eni, British bp, Russian Rosneft, Hungarian Arkeus Energy, and Emirati Mubadala. He stressed that the Zohr field is an integral part of every household in Egypt due to its role in securing a significant share of the domestic…

Reham Mohamed, chair of Alexandria Petroleum Company’s said that her company refined more than 3.5 million tons of crude oil in fiscal year (FY) 2024/25 to produce various petroleum products and petroleum solvents for local industries. She made this statement during the company’s general assembly, chaired by Minister of Petroleum and Mineral Resources Karim Badawi, to approve the company’s results of FY 2024/25. The company also supplied petroleum refining and petrochemical companies with essential materials such as mazut, naphtha, asphalt, turbine oil, and kerosene, to be converted into high-value products to cover local consumption and demand in export destinations. This…