Author: Rigs & Barge World

Egypt is seeking partnerships with investors and financial institutions to unlock its untapped mineral wealth and boost the sector’s contribution to the national economy, said Minister of Petroleum and Mineral Resources Karim Badawi during  the Egyptian-British business mission to London. The visit opened with a session titled “Untapped Mining Opportunities and New Commercial Discoveries,” attended by representatives from about 30 European mining companies, banks, financial institutions, and advisory firms. Badawi reviewed recent mining sector reforms, including legislative changes that transformed the  Egyptian Mineral Resources Authority into an independent economic body. These reforms streamline licensing and approvals while introducing globally competitive…

The US is an increasingly critical pillar of Egypt’s energy security strategy, supplying record volumes of LNG this year. This has been key to avoiding blackouts in Egypt as Israeli pipeline supplies have been enduring a volatile 2025. Egypt has ramped up LNG imports considerably this year, with the year-to-date 7.73mn tons already more than double last year’s full year figure of 2.78mn tons, Kpler data shows. Not just that, but it is also the highest single year figure on record, topping the previous peak of 7.53mn tons in 2016. (CONTINUED – 1134 WORDS) Read this article for free Gain…

Eight leading OPEC+ members, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to pause their planned production increases for January to March 2026, citing seasonal demand patterns and a need for continued caution despite a steady global economic outlook and healthy oil market fundamentals. The decision, first announced on November 2, was reaffirmed during a virtual meeting held on November 30, where the group reviewed global market conditions. The eight producers, which had previously implemented additional voluntary adjustments in April and November 2023, noted that low inventory levels continue to signal a well-balanced market. The countries…

Adnoc’s 2024 board meeting this week has shed new light on its medium-term growth plans (MEES, 28 November). “Adnoc continues to responsibly provide energy to meet growing global demand while maximizing value for our shareholders,” says CEO Sultan al-Jaber. “Our success this year in navigating a complex energy landscape and accelerating domestic and international growth is a testament to the dedication of all my colleagues at Adnoc and our focus on leveraging advanced technologies and AI to future-proof our business.” (CONTINUED – 758 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve…

ExxonMobil has approached Iraqi oil ministry officials to express interest in acquiring Lukoil’s majority share in the West Qurna 2 oilfield, Reuters reported. The field holds approximately 13 billion barrels of recoverable reserves and produces about 480,000 barrels per day (bbl/d), accounting for roughly 10% of Iraq’s total output. The move follows ExxonMobil’s earlier review of potential acquisitions of Lukoil overseas assets, particularly in Kazakhstan, where both companies hold stakes in the Karachaganak and Tengiz projects, Reuters said. The US has sanctioned Lukoil and Rosneft, Russia’s two biggest oil producers, over their contribution to funding the war in Ukraine. The measures have heavily…

French oil major TotalEnergies and its partner Tree Energy Solutions will jointly develop a synthetic methane production facility in Nebraska with Japanese firms Osaka Gas, Toho Gas, and Itochu, Reuters reported. The Live Oak project will leverage Nebraska’s abundant biogenic carbon dioxide resources captured from bioethanol plants and the growing renewable power generation capacity in the US, TotalEnergies said in a statement. Under the partnership structure, TotalEnergies and Tree Energy Solutions will each hold 33.35% of the project, with the Japanese firms together holding the remaining 33.3%. The Japanese partners will play a critical role in the project’s commercial viability, with…

Entering the final stretch of the year, Saudi Arabia can look back at how the summer played out with satisfaction. The kingdom brought back 1mn b/d of crude oil production between April and September, and despite concerns over economic uncertainty and global oversupply, quarterly export revenues in Q3 of $55.4bn were at their highest level since the second quarter of 2024. Q3 revenues were up $2.9bn year-on-year, marking the first such annual rise since 4Q 2022 (see charts 1 & 2). (CONTINUED – 920 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news…

Petroleum Projects and Technical Consultations Company (PETROJET) has secured a $273 million Engineering, Erocurement, and Construction (EPC) contract to deliver a 193-kilometer natural gas pipeline project in Oman. The contract was announced during a meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Mansoor Ali Al-Abdali, Managing Director of OQ Gas Networks (OQGN), reinforcing growing cooperation on natural gas infrastructure projects between Egyptian and Omani partners. As part of this broader partnership, PETROJET will implement the first phase of OQGN’s planned hydrogen pipeline network, undertaking 400 kilometers out of the project’s total 2,000-kilometer length at an estimated cost…

Prime Minister Mostafa Madbouly held a meeting to review the availability of petroleum products’ strategic reserves and the regularity of arrears payments to International Oil Companies (IOC). The meeting was attended by Hassan Abdallah, Governor of the Central Bank of Egypt; Ahmed Kouchouk, Minister of Finance; and Karim Badawi, Minister of Petroleum and Mineral Resources, according to a statement from the cabinet. The government is committed to maintaining strategic petroleum reserves at safe levels to ensure market stability and the continued availability of these essential resources to cover the needs of the production and service sectors, as well as those…

Adnoc’s Board of Directors this week approved the state energy company’s new five-year business plan for 2026-2030. The board meeting on 24 November was chaired by UAE President Mohamed bin Zayed, and the scale and breadth of the new business plan highlights the extent of Adnoc’s ambitions. Adnoc plans to invest $150bn over the five-year period, averaging $30bn/year, keeping capex level with the previous 2023-2027 five-year plan. Adnoc aims to increase crude production to 5mn b/d by 2027, and in keeping capex elevated beyond that the company is showcasing the extent of its expansion plans outside of its primary crude…