Author: Rigs & Barge World

Kuwait is increasingly reliant on electricity imports through the GCC Interconnection Authority (GCCIA)’s common interconnector as its failure to add meaningful generation capacity over the past decade begins to have a sizeable impact. This failure has been exacerbated by huge electricity subsidies that mean demand continues to grow unchecked (MEES, 14 February), even as blackouts have become increasingly common. The latest figures from the Ministry of Electricity and Water (MEWRE) show that 666GWh (895MW) was imported in October (see chart 1). This was the second highest figure on record behind July’s 669GWh (899MW), even though peak load has fallen from…

On 14 November, media reports began to circulate that the vessel Talara, a 500,000 barrel capacity oil products tanker, had been seized by the Iranian military. According to sources in the market, the vessel had loaded 30,000 metric tons of high sulfur gasoil from Universal Terminal in the UAE’s Hamriyah port and was sailing for Singapore before the arrest. Initial reactions suggested a geopolitical incident: Iran has seized vessels in the strategically important Strait in the past – often during periods of tension with Israel, the US, or its rivals in the Gulf. Current tensions are at a lull (by…

Across the Middle East, governments are revising up their renewable energy targets as solar prices have fallen dramatically. Dubai is the latest to follow, with state offtaker Dubai Electricity and Water Authority (Dewa) this month revising up its clean energy target from 7.5GW to 8.3GW by 2030. The announcement was made in its Q3 results on 12 November. The previous 7.5GW target was itself an upgrade made earlier this year from the longstanding 5GW target (MEES, 13 June). Renewable energy’s share of the planned 2030 power mix has also been revised up from 34% of 22GW to 36.1% of 23GW.…

Cooperation in the oil, natural gas, and mineral resources between Egypt and Algeria was the focus of the meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Mohamed Sofiane Berrah, Algeria’s ambassador to Egypt. The meeting precedes the Egyptian-Algerian Joint Higher Committee meeting, set to convene in Egypt at the end of this month, which is expected to boost bilateral energy and trade relations significantly, according to a statement by the Ministry of Petroleum and Mineral Resources. During the meeting, Badawi asserted the strong Egyptian-Algerian relations and the growing cooperation in the oil and natural gas sector between…

The UAE has become an increasingly active exporter of electricity through the GCC interconnector, and Adnoc Gas says the trade is a valuable source of incremental demand for its gas supplies. Electricity exports are through the GCC Interconnection Authority (GCCIA), which operates an interconnection supplying electricity to all six members of the GCC. The GCCIA began operating in 2009, but usage has since been minimal. That changed last year when Kuwait began relying on electricity imports to supplement generation from its aging fleet in the summer. Kuwait’s import needs have grown sharply this year (MEES, 21 November), and will continue…

Finnish petrol station operator Teboil, owned by Russian Lukoil, announced on November 19 that it is preparing to shut down all of its stations in the Nordic country, as reported by Reuters. The decision comes as fuel supplies to the stations are running out amid US sanctions imposed on Lukoil.  Lukoil acquired full control of Teboil in March 2005, and it has remained under its ownership since then. A statement from Teboil indicated that the stations will close in phases as soon as existing fuel stocks are sold out. Teboil operates almost 20 % of the nation’s total stations. Last month,…

Wood, a UK-based consulting and engineering company, has secured a new contract to manage Engineering, Procurement, and Construction (EPC) services for PetroChina at the West Qurna 1 oilfield in southern Iraq. The multi-year award deepens Wood’s long-standing involvement in one of the nation’s largest and most vital oil-producing assets. “The West Qurna 1 field underpins the nation’s energy security and contributes significantly to its economic resilience. This contract award deepens our decade-long partnership at West Qurna 1 and reflects the continued trust placed in Wood to deliver complex energy solutions in Iraq,” said Ellis Renforth, Wood’s President of Operations for Europe, Middle…

(Pictured: Australian Energy Producers Chief Executive Samantha McCulloch, Chair Meg O’Neill and Vice-Chair Tor McCaul) Welcome Good afternoon members, fellow Australian Energy Producers directors, and secretariat. Year in review This year has been a significant one for our industry. In Australia, and around the world, we are seeing a marked shift in the public narrative in support of more gas production to meet increasing energy demand and growing consensus on the essential and long-term role of natural gas in our energy future. As we know, natural gas is a source of high heat for industry and manufacturing, feedstock for fertiliser…

The Ministry of Petroleum and Mineral Resources (MoPMR) announced a new oil discovery offshore the Gulf of Suez, following the successful drilling of the Northeast Ramadan Crystal exploration well (NER-1X). The well is located in the North-East Ramadan Concession area. The discovery was made by the Gulf of Suez Petroleum Company (GUPCO), the operating joint venture (JV) between the Egyptian General Petroleum Corporation (EGPC) and the UAE’s Dragon Oil. The Ministry expects the new well to be brought on stream within days, with an estimated initial output of about 3,000 barrels per day (bbl/d) of crude oil. According to the…

Russia’s Lukoil has declared force majeure on operations at Iraq’s 480,000 b/d-capacity West Qurna-2 field (WQ-2: Lukoil 75%op, North Oil Co 25%), ahead of the implementation of US sanctions on the company on 21 November. The move, coupled with the US last week blocking Lukoil’s planned sale of international assets to trading firm Gunvor (MEES, 7 November), has left Iraq scrambling to maintain operations at one of its largest southern fields. The oil ministry has transferred Lukoil’s operator role to state firms Basrah Oil Company (BOC) and Missan Oil Company (MOC) on a temporary basis in an effort to maintain…