Author: Rigs & Barge World

Egypt unveiled a new investment incentives package designed to attract small and mid‑sized mining companies to undertake mineral exploration activities. The announcement was made at the “Explore in Egypt” event, where Karim Badawi, Minister of Petroleum and Mineral Resources, met with more than 30 Australian companies and institutions expressing interest in investing in Egypt’s mining sector as part of his visit to Australia. The package includes reduced annual fees during early exploration stages, tax and customs exemptions for exploration equipment and supplies. It also includes the issuance of a single license for searching multiple minerals instead of several licenses. The…

It’s decision time for Nicosia and its contentious LNG import project. The ‘Etyfa Prometheus’ floating storage and regasification unit (FSRU), will be ready to set sail from Malaysia in the coming weeks, but with the onshore receiving terminal and jetty at Vasilikos only 50% complete and work frozen, there’s nowhere to receive the vessel. France’s Technip Energies is undertaking a review to see if work can be resumed on the onshore facilities after the project’s Chinese-Greek contractor CMC walked away last year over payment and project scope disputes (MEES, 18 July). Energy Minister George Papanastasiou has hinted that the onshore…

UAE-listed Dana Gas announced on 27 November that it had shut down the 750mn cfd Khor Mor gas field in Iraqi Kurdistan after a rocket struck a liquid storage tank. As the main supplier of gas to power plants in the Kurdistan Region, the closure has had a significant impact on electricity supplies, both in Kurdistan and Federal Iraq. Electricity ministry spokesperson Ahmed Musa said the federal grid lost 1.2GW as a result. The suspension has reduced electricity provision from 24 hours to just five across Kurdistan according to Rudaw, as well as federal Iraqi provinces Kirkuk Nineva and Saladin.…

Saudi Arabia’s Ades Holding Company has completed its $379mn purchase of Norwegian listed firm Shelf Drilling through a cash merger. In a 26 November announcement, Ades says the transaction establishes Ades “as the global leader in offshore drilling, with a combined fleet of 83 offshore units (46 premium units) and 40 onshore rigs, now operating across 19 countries.” The transaction was first announced in August (MEES, 8 August). 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 and opportunities…

Cyprus and Lebanon finally ratified their maritime border on 26 November during Cypriot President Nikos Christodoulides’ visit to Beirut. Lebanon’s cabinet approved the demarcation in October after nearly two decades of delays (MEES, 31 October). “I am honored to be here today for a moment of great importance and historical significance: the signing of the Agreement on the Delimitation of the Exclusive Economic Zone (EEZ) of Cyprus and Lebanon,” Mr Christodoulides said. (CONTINUED – 199 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…

During his official visit to Perth in Western Australia, Karim Badawi, Minister of Petroleum and Mineral Resources, met with David Michael, Minister of Mines and Petroleum in the Government of Western Australia to discuss expanding cooperation and leveraging Australian expertise to support the development of Egypt’s mining sector. The meeting touched on recent progress in bilateral cooperation, including the visit of an Australian investor delegation to Cairo earlier this month. The two sides also discussed Egypt’s upcoming package of investment incentives aimed at attracting mid-tier Australian mining companies. Badawi highlighted the steps taken in a short period to draw Australian…

A rocket attack struck a liquid storage tank at Iraq’s Khor Mor gas field, one of the largest in the Kurdistan region, forcing a halt in production and causing major power cuts across northern Iraq, joint field operator Dana Gas confirmed on Thursday, November 27, as reported by Reuters. The attack, which occurred late on Wednesday and caused no casualties, impacted the facility responsible for supplying natural gas for regional power generation but did not affect oil production or exports. Moreover, the attack hit a liquid storage tank that is part of new facilities partially financed by the US and…

ADNOC Gas, the integrated natural gas company and a subsidiary of the Abu Dhabi National Oil Company (ADNOC), has signed a long-term agreement with Emirates Steel Arkan (EMSTEEL), one of the Middle East’s largest integrated steel and building materials producers. The deal, valued between $3.5 billion and $4.2 billion, will secure a stable supply of lower-carbon natural gas to EMSTEEL over 20 years starting January 1, 2027. The agreement strengthens a long-standing partnership between the two companies. It also underscores their shared commitment to supporting sustainable industrial development in the United Arab  Emirates (UAE). Under the deal, ADNOC Gas will provide reliable…

Egypt is set to host one of the largest integrated phosphate industrial complexes in the Middle East in the Suez Canal Economic Zone (SCZone). Al-Seweedy Industrial Development and CJN Company, the Chinese global leader in the phosphate industries, signed the deal to establish the complex in the presence of  Prime Minister Mostafa Madbouly. The major project, with targeted investments of approximately $1 billion across all phases, is located within the “Sokhna 360” integrated industrial city in SCZone on an area of 905,000 square meters (m²) The project is expected to create around 10,000 direct and indirect job opportunities and will…

On the sidelines of his official visit to Australia, Karim Badawi, Minister of Petroleum and Mineral Resources, met with executives from three Australian firms: Capital Drilling, Hunter, and Bell Potter. The meetings focused on attracting new foreign investments, supporting the expansion of existing operations, and securing crucial financing for exploration projects within Egypt’s mining sector. The discussions are part of the Ministry’s efforts to leverage Egypt’s mineral wealth and bolster the new investment climate. Badawi discussed Capital Drilling’s plans to expand its existing mining drilling operations in Egypt with Jamie Boyton, Executive Chairman, and Brian Rudd, Executive Director. According to…