Author: Rigs & Barge World
In a little more than a week’s time, the Opec+ ‘Group of Eight’ will complete the final tapering of its 2.2mn b/d of voluntary cuts, one year ahead of schedule. The final 550,000 b/d tranche will return on 1 September, concluding this round of cuts that has been in place since January 2024 (MEES, 8 August). The Group of Eight will continue to meet on a monthly basis to assess market conditions and can opt to reinstate production cuts if oil markets soften. Implementation of this layer was often lax, despite intense lobbying by senior officials last year (MEES, 30…
African Energy Week (AEW) 2025: Invest in African Energies is proud to announce that Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, will address delegates at Africa’s premier energy event in Cape Town. President Tinubu’s participation comes as Nigeria undergoes one of the most ambitious reform drives in its oil, gas and broader energy sectors – a drive that is reshaping the country’s investment climate and unlocking multi-billion-dollar opportunities across the value chain. Since assuming office, President Tinubu has spearheaded a wide-ranging program to reposition Nigeria as a top-tier destination for energy investment. In May 2025, he signed…
Queensland’s natural gas industry contributed $127 billion to the state economy while supporting nearly 60,000 jobs in its first decade of LNG exports, economic analysis commissioned by Australian Energy Producers has found. The Economic Impact of Queensland Natural Gas and LNG 2014–24 report, by Lawrence Consulting, found the industry directly spent $58.6 billion in Queensland over the last decade, including $42.5 billion with more than 3,000 local businesses, community groups and charities. Australian Energy Producers Queensland Director Keld Knudsen said the findings reaffirmed the gas industry is a key driver of Queensland’s economic prosperity and energy security. “As Queensland’s natural gas industry…
Iraq has increased its refining capacity to 1.3 million barrels per day (mmbl/d), positioning itself among the top Arab countries in the sector, Iraq News Agency (INA) reported, citing the media office of Iraq’s Prime Minister Mohammed Al Sudani. According to the statement, Iraq is moving closer to its target of reaching 1.65 mmbl/d in refining capacity, a goal set by Al-Sudani on March 30, 2025. It added that this development will enable the country to achieve self-sufficiency of most of the petroleum products, noting that the consumption reached 1.1 mmbl/d in 2024. In addition, the Iraqi Oil Ministry declared…
Last quarter marked a major turning point for Saudi Arabia’s oil sector, as the easing of voluntary Opec+ production cuts enabled the first significant production increases in nearly three years. The shackles have gradually been loosened in a series of monthly production increases since April, which will lift Saudi Arabia’s quota by 1mn b/d to 9.98mn b/d in September. Saudi Arabia’s production averaged 9.31mm b/d in Q2, which was the highest figure since 2Q 2023. The kingdom then implemented a series of voluntary production cuts from May 2023 (MEES, 22 August) which pushed output down below 9mn b/d from 3Q…
Zimbabwean President Emmerson Mnangagwa has been confirmed to speak at this year’s edition of the African Energy Week (AEW): Invest in African Energies conference. Taking place September 29 to October 3 in Cape Town, the event represents the premier dealmaking platform for the African energy sector. President Mnangagwa’s participation reflects the country’s ambition to unlock the full potential of its energy sector and comes as international and regional companies advance projects in natural gas and renewable energy. As a frontier oil and gas market, Zimbabwe offers significant opportunities for exploration firms seeking forays into southern Africa’s energy landscape. While the…
Israel’s 197,000 b/d Bazan refinery suffered significant damage when it was hit by Iranian missiles on 14 June (MEES, 20 June), and the plant is still months away from returning to full operations. The refinery was immediately taken offline after the strike. In early July, Bazan was able to partially restart the 27,000 b/d capacity CDU 1 and 57,000 b/d CDU 3 but the largest unit, the 113,000 CDU 4, remains offline (MEES, 4 July). “Full production activities are expected to resume in the fourth quarter of 2025,” says CEO Assaf Alamgor, telling investors that “two out of three of…
The Egyptian Tax Authority (ETA) stated that there is no truth to reports of disputes between the government and oil companies over the new value-added tax (VAT) law, confirming that the law is clear and a full agreement has been reached on all issues and that the executive regulations will be issued soon, according to a statement by the Ministry of Finance. ETA explained that the Egyptian General Petroleum Corporation (EGPC) is the sole purchaser of crude oil in Egypt. It bears the value-added tax at a rate of 10% as the recipient and beneficiary of the commodity, whether the…
Minister of Petroleum and Mineral Resources Karim Badawi said that the ministry is working to fully utilize petrochemical production capacities and explore expansion opportunities to increase added value, cut import costs, boost exports, and support the economy. His remarks came during inspection tours of petrochemical production complexes in Alexandria Governorate. He noted that the ministry’s efforts to secure gas infrastructure and regasification vessels have supported plant operations, raised output, and ensured the optimal use of gas. He added that the incentives introduced by the ministry to encourage partners to invest and expand production are also bearing fruit. The Minister also…
Oman has started 2025 with back-to-back fiscal deficits as a result of the fall in oil prices. After recording a $350mn deficit in Q1, its first since 2021, Muscat notched a $320mn deficit in Q2 (see chart). Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities Source link