Author: Rigs & Barge World

Algeria Awards Five Out Of Six Blocks In 2024-25 Bid Round 1: Algeria’s Oil Output Is Down 300,000 b/d Since The Last Bid Round In 2014, With The Fall Only Partly Due To Opec+ Output Restrictions* (‘000 b/d) 2: Algeria’s Top Foreign Producer (‘000 boe/d, Net): Eni Has Extended Its Lead With Successive Purchases Over 2022-24 Algeria Awards Five Exploration Licenses In ‘Successful’ Bid Round Source link

Israel extended its military offensive against Iran to the Islamic Republic’s gas sector on 14 June, striking onshore gas facilities near the industrial hub of Assaluyeh. Israeli drones damaged processing facilities for South Pars Phase 14 on the coast and the nearby Fajr Jam gas plant, around 20km inland. This marked Israel’s first such strike against Iranian oil and gas assets, although for now it has refrained from following it up with additional such strikes. It has also not targeted Iran’s more high profile crude oil production and exports sector. (CONTINUED – 644 WORDS) Read this article for free Gain…

During an extraordinary session, the ordinary general assemblies of the Petroleum Projects and Technical Consultations Company PETROJET and the Engineering for the Petroleum and Process Industries (ENPPI) approved taking part in financing the phosphoric acid production plant project in the Abu Tartour plateau, New Valley. The assemblies also approved the signing of the shareholders’ framework agreement and all contracts necessary to begin implementing the project with a production capacity of 250,000 tons annually in its first phase. During the assembly meeting, which was attended by Minister of Petroleum and Mineral Resources Karim Badawi via video conference, Waleed Lotfy, Chairman of…

Ganoub El Wadi Petroleum Holding Company’s (Ganope) signed a new agreement with the Egyptian Branch of the Saudi company Ardiseis, a subsidiary of Arabian Geophysical and Surveying Company (Argas), in presence of Karim Badawi, Minister of Petroleum and Mineral Resources. The agreement aims to implement a 2D seismic survey project in areas of the Southern Western Desert using advanced land node technology, with operations scheduled to begin in the coming weeks. This comes in light of the significant development in Egyptian-Saudi relations in the petroleum and mining sectors. Badawi stated that this project marks a significant milestone in unlocking new…

The aggressive expansion strategy of Adnoc’s international subsidiary XRG continues apace, with the firm bidding to take over Australian LNG firm Santos. XRG heads a consortium of Abu Dhabi sovereign wealth fund ADQ and global investment firm Carlyle which has put forward a “non-binding indicative proposal” to purchase the firm for $18.7bn. The 16 June announcement came shortly after XRG’s board approved its mandate to secure 20–25mn t/y of LNG capacity by 2035; as well as XRG’s net equity in LNG projects, this includes offtake deals with third-party projects (MEES, 6 June). (CONTINUED – 995 WORDS) Read this article for…

The Egyptian Natural Gas Holding Company (EGAS) has awarded six new blocks to several international companies to maximize exploration investments. The investments injected are estimated at $245 million, and at least 13 new exploratory wells are expected to be drilled during the exploration period. This is part of the Ministry of Petroleum and Mineral Resources’ plan and strategy to attract new exploration investments and boost current production efforts. The awarded blocks include four new offshore blocks in the Mediterranean, which were part of the 2024 international bid round facilitated through the Egypt Upstream Gateway (EUG). Additionally, two onshore blocks in…

Minister of Petroleum and Mineral Resources Karim Badawi oversaw the signing of a new oil exploration and production (E&P) concession agreement in the South Wadi Al-Sahl area of the Eastern Desert. The agreement was officially signed by Ganoub El Wadi Petroleum Holding Company’s (Ganope) and Russia’s Lukoil Overseas Egypt Limited. Its collaborative work program outlines a 3D seismic survey covering an area of 200 square kilometers, alongside the drilling of six exploratory wells during the initial exploration phases. Badawi said that this agreement aligns with Egypt’s strategy to maximize the utilization of natural resources and expand the geographical scope of…

Oil markets have endured a turbulent week since Iran and Israel’s decades-long shadow conflict escalated into open warfare on 13 June. The psychodrama around whether or not President Donald Trump was preparing to bring the US into the conflict added to the volatility through much of the week, but his decision on 19 June to hold off for two weeks lowered the risk of a regional spillover (MEES, 20 June). Oil prices retreated on Mr Trump’s statement. Brent crude had settled at $78.85/B prior to this, but has since dropped back to $77/B as MEES went to press. There remains…

Global oil markets are undergoing a fundamental transformation says the IEA, as it points to demand growth slowing to a trickle from 2028 onwards before entering a slight decline in 2030. The group’s closely watched medium term outlook, Oil 2025, was released this week and on a macro level it has largely stuck to the projections in last year’s report (MEES, 14 June 2024), with demand plateauing at the end of the decade. The IEA sees global demand increasing by 2.5mn b/d to plateau at around 105.5mn b/d by 2030 (see chart 1), with annual demand growth slowing massively from…

Minister of Petroleum and Mineral Resources Karim Badawi conducted an inspection tour at the “Tahya Misr” berth in the Alexandria Port to check the progress of the “Energos Power” Floating Storage and Regasification Unit’s (FSRU) preparation, before its move to Ain Sokhna Port for connection to its dedicated berth. The units can receive imported liquefied natural gas (LNG) shipments, regasify them, and inject them directly into the national grid. They are expected to help bridge potential consumption gaps during peak periods, especially for power plants and vital sectors and represent a strategic step in enhancing the flexibility of the natural…