Author: Rigs & Barge World
Opec+ ministers signed a historic agreement on 30 November that paves the way for a transformative revamp of how the group sets production baselines and quotas from January 2027 onwards. These changes are not just an internal bureaucratic matter, but will have pronounced, real-world implications by improving the effectiveness of Opec+ market management. In its post-meeting communique, Opec announced that during the Opec+ ministerial meeting, “the Participating Countries approved the mechanism developed by the Secretariat.” Under the mechanism a third-party consulting firm will be contracted to provide a comprehensive assessment of each country’s Maximum Sustainable Capacity (MSC), which will then…
Shell has signed a long-term agreement to purchase 100% of the sustainable aviation fuel (SAF) output from Green Sky Capital, providing the commercial certainty needed to construct Egypt’s first commercial-scale SAF facility. The plant, which is being developed by Green Sky Capital in the Suez Canal Economic Zone, is expected to commence operations by the end of 2027. It is designed to produce up to 145,000 tons per year (t/y) of SAF, along with bionaphtha and biopropane, helping to reduce carbon dioxide equivalent emissions by up to 500,000 t/y. “By securing 100% of the plant’s output, Shell is strengthening its…
Media release: Victorian acreage release a timely step to secure future gas supply | Australian Energy Producers Skip to content Source link
Russia’s state-controlled energy giant Gazprom has shipped a liquefied natural gas (LNG) cargo to China from its Portovaya LNG facility, marking the first apparent delivery since the US imposed sanctions on the project earlier this year, Reuters reported. The cargo was transported by the tanker Valera—previously named Velikiy Novgorod—which departed from the Portovaya terminal on the Baltic Sea on October 28 and discharged at the Beihai LNG import terminal in southern China. The Chinese terminal is also utilized by Novatek, Russia’s leading LNG producer, for deliveries from its Arctic LNG 2 project. Portovaya LNG, a small-scale plant with a production…
Opec+ is entering a new era with an agreement for a third-party assessment of each member state’s production capacity (MEES, 5 December). But with a US firm set to be awarded the contract to carry out the assessments, there is a complication. Three members – Iran, Venezuela and Russia – are all subject to US sanctions, and so alternative arrangements have been established for them to still participate in the process. Each country was provided with two options on how to proceed. (CONTINUED – 198 WORDS) Read this article for free Gain access to over 60-years of energy analysis and…
El Wastani Petroleum Company (WASCO) has drilled the North El-Basant–1 exploratory well in the Nile Delta, uncovering an estimated 15–25 billion cubic feet (bcf) of additional natural gas reserves according to initial results. The company is currently completing procedures to bring the well online, with expected production reaching around 10 million cubic feet per day (mmcf/d), according to the Ministry of Petroleum and Mineral Resources. This step is part of the ministry’s effort to reduce the gap between production and consumption by encouraging investment partners to intensify the drilling of exploratory wells. WASCO is a joint venture between UAE Dana…
Aramco and ExxonMobil have entered into a Venture Framework Agreement (VFA) with their joint venture, Saudi Aramco Mobil Refinery (SAMREF), to explore a major expansion and upgrade of the Samref refinery in Yanbu, Saudi Arabia, aiming to transform it into an integrated petrochemical complex. According to a statement by Aramco, the project review will assess potential investments to enhance production of lower-emission premium distillates and high-performance chemical products. The proposed expansion also includes a coordinated strategy to reduce the site’s operational emissions. The partners will now initiate a preliminary front-end engineering and design phase to evaluate how the project could…
Forces from the Southern Transitional Council (STC) in Yemen launched a rapid offensive on 30 November, advancing into the oil-rich inland areas of Hadhramaut under operation “Promising Future.” The offensive displaced military and tribal forces and brought key oil fields under their control, shaking up Yemen’s balance of power. The displaced forces, that also were nominally under the broad umbrella of the internationally-recognized government, draw support from the local Islamist Islah party and are broadly aligned with Saudi Arabia. Tribal elements within Hadhramaut under the leadership of Amr bin Habrish had also this year been pushing for greater autonomy using…
Norwegian renewable energy company Scatec has signed shareholder agreements with Norfund and renewable energy developer EDF Power Solutions to partner on the Obelisk hybrid project in Egypt. The project includes a 1.1-gigawatt (GW) solar plant and a 100-megawatt (MW) / 200-megawatt-hour (MWh) battery storage system. Located in Nagaa Hammadi near Luxor, the project will be completed in two phases during 2026 and will supply electricity to Egypt’s national grid under a 25-year power purchase agreement (PPA), according to a statement by Scatec. Under the terms of the deal, Norfund will acquire a 25% stake in the project’s holding company, with Scatec…
U.S. oil hedging protects 800,000 bbls/d in Q4 2025 and Q1 2026 Source link