Author: Rigs & Barge World
Iraq’s parliamentary elections largely reaffirmed the political status quo. Traditional ethno-sectarian parties continue to dominate the 329-seat parliament (see table). And although incumbent PM Mohammed al-Sudani emerged as the leading contender with 46 seats, securing a second term is still uncertain. 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 Source link
Exxon Mobil CEO Darren Woods announced on Friday, November 21, that the company has paused plans to build what would have been one of the world’s largest hydrogen production facilities in Baytown, Texas, citing weak customer demand. Reuters reported that the suspension of the multi‑billion‑dollar project reflects a wider trend of traditional energy firms struggling to transition profitably to cleaner‑energy initiatives. The company and its partners, including Abu Dhabi National Oil Company (ADNOC), have invested about $500 million into the project so far. However, according to Woods, a sustained challenge exists in establishing committed customers willing to provide off-take contracts…
The European Union (EU) on Friday, November 21, rejected a draft agreement at Brazil’s COP30 climate summit in Belém. The bloc refused to back the draft, stating it fell short of advancing global efforts to cut greenhouse gas emissions and lacked a commitment to move away from fossil fuels. Delegates had scheduled the two-week negotiations to end Friday evening, but they continued the talks late into the night as they struggled to bridge deep divisions. EU Climate Commissioner Wopke Hoekstra declared the bloc would under no circumstances approve the current draft, as reported by Reuters. He confirmed the EU was…
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The Abu Dhabi National Oil Company (ADNOC), through its international investment company XRG P.J.S.C., announced on November 21 the receipt of the final outstanding regulatory approval needed for its €14.7 billion acquisition of German chemicals producer Covestro. The final clearance, granted by the German Federal Ministry for Economic Affairs and Energy, means all closing conditions are now satisfied, and the transaction is expected to be finalized within days. This milestone paves the way for Covestro and XRG to move forward in their strategic partnership, which aims to redefine the chemical industry by advancing innovation, circularity, digitalization, and strengthening leadership in…
Petroleum Marine Services (PMS) has launched a unified offshore rig movement service covering the Red Sea and Gulf of Suez. PMS launched the service in collaboration with the UK-based ABL Group. This strategic expansion aims to reduce operating costs and support production efficiency in the region. The announcement was made at a workshop hosted by PMS and attended by the company’s CEO, Amr Badawy, senior executives from petroleum production and drilling firms, Egyptian General Petroleum Corporation (EGPC) drilling officials, and ABL Group representatives. Badawy said the unified system directly addresses the needs of production companies seeking a more efficient and flexible…
Deadly drone attacks targeting oil facilities in Sudan’s south have caused significant disruptions to crude flows this week as the battle for territorial control continues between the Sudanese Armed Forces (SAF) and the rival paramilitary Rapid Support Forces (RSF). The attacks targeted central processing facilities (CPFs) in southern Sudan that handle the two crude grades exported from oilfields in Sudan and neighbouring South Sudan via Port Sudan’s Bashayer terminal (see map). Heglig houses the main facility for processing Nile Blend crude, while al-Jabalain processes South Sudan’s Dar Blend. (CONTINUED – 775 WORDS) Read this article for free Gain access to…
The Ministry of Petroleum and Mineral Resources (MoPMR) signed a Memorandum of Understanding (MoU) with the Suez Canal Authority (SCA) to establish the infrastructure needed to build an LNG liquefaction and bunkering station in Raswa, Port Said. The agreement aims to secure gas supplies for the natural-gas liquefaction and storage terminal and to facilitate cooperation between petroleum-sector companies and the SCA in completing the necessary technical and administrative procedures to commence construction of the new terminal. The MoPMR, represented by the Egyptian Natural Gas Holding Company (EGAS), gas companies, and the SCA, have held consultative meetings recently on the project.…
US firm HKN has finalized technical terms for the development of Iraq’s Hamrin field in the northern Saladin province. In a 20 November statement, the Texas-based firm said the agreement “provides a comprehensive framework for developing the field and increasing oil production to maximize efficiency and local benefit.” HKN had signed an HoA for the field in July (MEES, 18 July). The firm says that once a contract is signed, it plans to “bring US expertise, investment, and equipment to quickly increase production at Hamrin.” Srood Mukhtar, HKN Energy’s vice president said “we look forward to quickly concluding contract negotiations…
Mahmoud Essmat, Minister of Electricity and Renewable Energy, reviewed the latest advancements in ore processing, purification, and technology at the Nuclear Materials Authority complex in Anshas. Essmat praised the Authority’s active role in localizing industry and relying on entirely Egyptian techniques, particularly for extracting rare elements and materials, supporting the country’s vision to maximize returns from natural resources and mineral ores, as noted in a Statement by the Presidency of the Council of Ministers. He also affirmed that the ministry aims to improve performance rates, advance affiliated sectors, and invest in the accumulated competencies and expertise within its research and scientific…