Author: Rigs & Barge World

ADNOC Distribution, the UAE’s largest fuel and convenience retailer, reported a record net profit of $761 million for 2025, marking a 15.4% year-on-year (YoY) increase that exceeded analyst expectations. The performance was driven by disciplined execution of its growth strategy, a significant expansion of its retail network, and sustained earnings momentum across all business verticals. The company delivered earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.166 billion for the full year, representing an 11.1% increase compared to 2024. This growth was supported by record fuel volumes, which rose 4.5% year-on-year to 15.7 billion liters, fueled by increased footfall…

Bringing together female talents and energy industry leaders to bridge experience gaps through mentorship, knowledge sharing, and impactful conversations, Egypt’s Women in Energy Network (EWiEN), launched in 2022 as a working group under the Egypt Oil & Gas Committee, has led several initiatives supporting women throughout their career journeys. Most recently, on January 28, EWiEN hosted a speed-mentoring event, sponsored by ExxonMobil, under the “Career Women Pillar and themed Grow, Advocate, Lead”. The event featured short, focused conversations with experienced mentors and professional coaches, offering practical insights, career guidance, and meaningful support for professional growth. The event was kicked off…

Iraqi Kurdistan’s gas market is to gain a new entrant next year with the startup of the 5.7tcf Chemchemal field. The field is being developed by Dana Gas and Crescent Petroleum on behalf of the Pearl Petroleum consortium. These partners also operate the 750mn cfd Khor Mor gas field, which is the key supplier of gas feedstock to power plants across Kurdistan. The Pearl consortium this week signed offtake agreements with local cement and steel plants for 142mn cfd of gas from Chemchemal. (CONTINUED – 950 WORDS) Read this article for free Gain access to over 60-years of energy analysis…

North Sinai Petroleum Company (NOSPCO) has said it will allocate $89 million in investment for the upcoming fiscal year (FY), targeting the drilling of three new exploration wells. The plan aims to sustain and increase current production levels, which stand at approximately 60 million cubic feet per day (mmcf/d), as part of the company’s five-year production strategy. The announcement was made during the General Assembly meetings held to approve the amended and proposed budgets, chaired by Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC). Abdel Kerim emphasized the importance of maintaining and boosting production rates, maximizing the use…

Brent crude prices settled above $70/B on 29 January for the first time since September as a US naval armada reached the Middle East and President Donald Trump ratcheted up the pressure on Iran. In a 28 January post on Truth Social, Mr Trump said that “time is running out…as I told Iran once before, MAKE A DEAL…the next attack will be far worse!” Regional diplomacy is in overdrive in a bid to bring down tensions, with Israeli and Saudi delegations in Washington DC this week, and Iran’s Foreign Minister Abbas Araghchi arriving in Istanbul on 30 January for Turkish-mediated…

The Cairo Oil Refining Company (CORC), Egypt’s largest refining entity, plans to invest EGP 679 million in local manufacturing projects during the 2026/27 fiscal year (FY). CORC Chairman Tarek Abdel Latif announced the target during a general assembly meeting held to approve the company’s investment budget. During the meeting, Chaired by  Minister of Petroleum and Mineral Resources Karim Badawi via video conference, Abdel Latif highlighted CORC’s role in deepening the local industry through its specialized manufacturing workshops. These facilities, equipped with modern machinery, serve as a critical pillar for the national refining sector by providing essential equipment and technical services…

The Petroleum Pipelines Company (PPC), a state-owned company specialized in transporting crude oil and its products between production fields, refineries, and distributors, plans to implement EGP 16 billion projects aimed at developing, replacing, and enhancing the efficiency of Egypt’s national pipeline network, Haggag Kilany, PPC Chairman, said during a meeting chaired by Minister of Petroleum and Mineral Resources Karim Badawi to approve the company’s 2026/27 budget. Badawi stressed the importance of increasing capital expenditure to modernize the pipeline infrastructure of crude oil and refined products, thereby strengthening network reliability, capacity, and operational resilience. He described the pipeline system as a…

US President Donald Trump has issued a pointed warning against the possible nomination of Nouri al-Maliki as Iraqi prime minister, saying Washington would not accept the return of an Iran-aligned government in Baghdad. Iraqi political actors are meanwhile buying time as they assess their options amid rising regional tensions and a renewed US threat to (MEES, 30 January) hit the country’s oil revenues. “Iraq has ZERO chance of Success, Prosperity, or Freedom” if Nouri al-Maliki comes back to power, Mr Trump said, adding that the US would no longer support the country. The 27 January Truth Social post made the…

Kuwaiti Oil Minister Tariq Al-Roumi announced that bid rounds for the long-delayed Durra offshore oil and gas field are expected to launch this year. Speaking to Reuters, Al-Roumi confirmed that the project, to be developed in partnership with Saudi Arabia, is no longer facing obstacles and that tenders of “all kinds” will be issued for the “very large” development. Al-Roumi also commented on oil market conditions, saying he hoped prices would improve but described current levels as “acceptable” given prevailing circumstances, without elaborating further. His remarks came a day after OPEC+ agreed to maintain oil output levels unchanged in March,…

Saudi Aramco, one of the world’s largest integrated energy and chemicals companies, has completed a $4 billion bond issuance across four tranches under its Global Medium Term Note Program, the company said, underscoring its strategy to optimize its capital structure while maintaining financial discipline. A bond issuance is essentially a way for a company to raise large-scale capital by borrowing from global investors rather than a single bank. In this arrangement, Aramco issues notes, effectively corporate I owe you (IOUs), to investors who provide cash upfront. In return, Aramco commits to repaying the full amount by a set date, known…