Author: Rigs & Barge World
*Egyptian authorities are keen to highlight the progress the country has made over the last twelve months in enacting reforms required by its $8bn IMF loan agreement (MEES, 14 March). This IMF loan, agreed in March last year, has also helped unlock key foreign direct investment (FDI) from Egypt’s Gulf allies and appears to have given Egyptians working abroad the confidence to send more of their hard-earned money back home. *Last year’s record $46.6bn FDI was largely driven by one project: the UAE’s $35bn planned Mediterranean resort of Ras el-Hekma (MEES, 17 May 2024). This skewed the numbers, with $40.5bn…
As Saudi Arabia moves forward on its trajectory towards ending oil burn by 2030, 2028 is shaping up to be an inflection point. Recent months have seen a number of contracts awarded for developing gas-fired power generation capacity in the kingdom, with the projects due to be completed in 2028. A key driver behind the 2028 date? It’s when the Master Gas System (MGS) Phase III expansion project is due to be completed. If Saudi Arabia is to succeed in its efforts to eliminate oil burn, this project will play a pivotal role. Not only does it increase MGS capacity…
Chevron is advancing pre-front-end engineering design (FEED) studies for Cyprus’ 3.5tcf Aphrodite gas field and this week began seabed surveys to outline the route a planned pipeline to Egypt will take. CEO Mike Wirth confirmed that Chevron had begun pre-FEED work in Q1 (MEES, 9 May). The Kobi Ruegg research vessel had been in the region awaiting Chevron’s green light to begin the survey, MEES understands. (CONTINUED – 310 WORDS) 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…
The feud between the world’s most powerful man, President Trump, and the richest man, Elon Musk, dramatically escalated on Thursday this week, taking both their loyalists and critics by surprise. While the intensity of the exchange was unexpected, the underlying policy disagreement over federal taxes and public spending, specifically President Trump’s “Big and Beautiful” bill, had been brewing for some time. At the outset, Mr Musk fired first salvo against bill by saying it cannot be both big and beautiful at the same time, for which President Trump avoided to respond.Mr. Musk, known for his advocacy in reducing the Debt-to-GDP ratio…
The UAE’s Amea Power has started up its 500MW Amunet wind farm at Ras Gharib on Egypt’s Gulf of Suez, two and a half months ahead of schedule, the firm announced on 2 June. “The facility is now the largest operational wind farm in Africa—solidifying Egypt’s leadership in the continent’s renewable energy transition,” Amea says. The Amunet project was developed by a JV of Amea (60%) and Japan’s Sumitomo (40% – MEES, 16 June 2023). (CONTINUED – 195 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by…
France’s EDF has announced that EDF Power Solutions and Korea Western Power Co., Ltd. (Kowepo) signed a Joint Development Agreement with Abu Dhabi state offtaker Ewec for the 1.5GW Al Zarraf Solar PV IPP project during last week’s World Utilities Congress. Ewec issued a Request for Proposals (RFP) to qualified companies for development of Al Zarraf in January (MEES, 10 January). Abu Dhabi’s solar capacity currently stands at 2.6GW, and Ewec has targeted 10GW by 2030. That target is likely to be revised up, given the launch of an ambitious project earlier this year to develop a $6bn solar/battery facility…
Austria’s OMV announced on 30 May that it has exited its position in a high profile gas development in Abu Dhabi. “OMV signed and closed an agreement to divest its 5% stake in the Ghasha concession, located in the United Arab Emirates, to Lukoil Gulf Upstream L.L.C.,” the firm says, adding that “The overall cash consideration amounts to $594mn less $100mn transaction fee.” The transaction means that Russia’s Lukoil has now doubled its holdings in Ghasha to 10%, where it works alongside Adnoc (70%), Eni (10%), and PTTEP (10%). (CONTINUED – 235 WORDS) Read this article for free Gain access…
A dispute over the planned 600mn cfd ‘Nitzana link’ aimed at boosting Israeli pipeline gas exports to Egypt threatens to cap future gas flows. The plan entails constructing a 65km pipeline connecting Israel’s southern gas network at Ramat Hovav to Egypt’s gas network on the eastern Sinai Peninsula and was initially announced in 2023. However, continued disagreement over volume allocations and cost burdens between the partners at US major Chevron’s Leviathan and Tamar fields and Israel’s Natural Gas Authority is pushing back the expected start-up date. Israel had first hoped the pipeline would be operational this year but NewMed Energy…
LNG import plans are rapidly losing momentum due to Iraq’s failure to secure a Floating Storage and Regasification Unit (FSRU). The ministerial energy council had been reviewing only one proposal from Breeze Investment, a little-known UAE-based company, despite receiving at least one offer from a more established firm. Concerns over pricing have stalled progress, delaying a final recommendation to the cabinet. Resorting to LNG imports just ahead of the high-demand summer season was always a long-shot, and failure to secure volumes is certain to result in widespread electricity blackouts in the coming months. Iraq’s electricity struggles have been compounded by…
Bahrain’s gas output fell 10% year-on-year to 2.20bn cfd for Q1, a six-year low, raising the prospect of a gas crunch for the island kingdom which relies on gas to feed its power plants and heavy industry. Manama is turning to LNG imports to get through the year, five and a half years after commissioning its 5.9mn t/y import terminal. At triple the cost of domestic gas this is an expensive gambit. Output comes from the onshore Bahrain (Awali) field, which averaged a record high 2.60bn cfd last year. Despite the annual record, production was down slightly year-on-year through the…