Author: Rigs & Barge World

Oil producers in Iraq’s Kurdistan region have successfully loaded the first export cargo from Turkey’s Ceyhan terminal, marking a critical step in the resumption of regional crude exports. Gulf Keystone Petroleum announced that it expects to receive payment for its portion of the cargo within 30 days. The company is already planning a second lifting toward the end of November. The export resumption follows a two-and-a-half-year shutdown and is proceeding under an interim agreement struck between Iraq’s federal government and the Kurdistan operators. This agreement allocates a share of the crude deliveries to the State Oil Marketing Organization (SOMO) as…

Dana Gas has signed an MoU with the Syrian Petroleum Company (SPC) to explore the potential redevelopment and expansion of several gas fields in Syria. In a 12 November announcement, the UAE-listed firm says it is the first gas developer to sign such an agreement with the Syrian authorities since the toppling of the Assad regime last December (MEES, 13 December 2024). Although Dana has no previous experience in Syria, it is a prominent player in the regional gas sector as the joint-operator of Iraq’s largest non-associated gas field; the Kurdistan Region’s Khor Mor field, where capacity was last month…

Khalda Petroleum Company has made a new natural gas discovery in the Western Desert, after drilling and electrical logging confirmed gas presence with an estimated production rate of around 36 million cubic feet per day (mmcf/d), according to the Ministry of Petroleum and Mineral Resources. The ministry said on Monday that testing and initial flow assessments are currently underway, with plans to bring the exploratory well, Gomana-1, into production on November 19. This discovery aligns with the ministry’s efforts to maximize production rates and encourage investment partners to expand exploration drilling activities. Khalda Petroleum company is a joint venture between…

Saudi Arabia revised up its forecast budget deficit for 2025 to a five-year high $65.3bn last month, but even that is looking potentially optimistic after a blow-out $23.6bn deficit last quarter. Recently released statistics from the Ministry of Finance show that Q3’s deficit was the largest quarterly deficit since 4Q 2020 due to a combination of higher spending and falling non-oil revenues. The Q3 results mean that Saudi Arabia racked up a $48.5bn deficit over the first nine months of the year, which would already equate to the largest full-year figure since 2020’s massive $78.4bn. Saudi Arabia typically records its…

Saudi Aramco is set to sign two major liquefied natural gas (LNG) supply agreements in the US next week with Woodside Energy and Commonwealth LNG, according to sources cited by Reuters. These deals, expected to be finalized during Crown Prince Mohammed bin Salman’s visit to Washington, significantly advance Aramco’s ambition to become a dominant player in the global LNG market. These transactions move Aramco closer to its target capacity of 20 million tonnes per annum (mtpa) of LNG, adding to the 4.5 mtpa already in progress, which includes a 20-year purchase agreement with NextDecade for 1.2 mtpa from the Rio…

The US Treasury Department has granted limited authorizations to facilitate the potential sale of Lukoil’s foreign assets while explicitly permitting continued transactions with the company’s Burgas refinery in Bulgaria. The new licenses, issued by the US Treasury Department, allow potential buyers to engage in talks with the Russian oil major until December 13 about acquiring its overseas holdings. This decision provides a crucial window for interested bidders, which previously included European major Shell, Carlyle, and Kazakhstan’s KazMunayGas, to pursue a deal, as reported by Reuters. However, any final sale will only be approved if the transaction completely cuts Lukoil out…

The Saudi Electricity Company (SEC) delivered a record 114.6TWh in electricity to consumers last quarter, its Q3 results show. Electricity consumption has been on a steep upwards trajectory in recent years, and has accelerated further this year (see chart 1) amid strong economic growth and the growing electrification of the economy. Total consumption of 275TWh over the first nine months of the year was up 7% year-on-year. 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…

Egypt signed an agreement to export 3,000 megawatt (MW) of electricity to Europe via the Greek network, a step that aligns with the country’s plan to become a regional energy hub, noted a statement by the Ministry of Petroleum and Mineral Resources. The trilateral agreement was signed by the Egyptian Electricity Transmission Company (EETC), Greece’s Independent Power Transmission Operator (IPTO), and ELICA SA, a subsidiary of the Copelouzos Group. It mandates the start of final studies for the implementation of the Egypt–Greece grid connection project. The interconnection is part of a broader strategy to link Egypt’s national grid with the…

Karim Badawi, Minister of Petroleum and Mineral Resources, met with Almud Weitz, Regional Practice Director, Infrastructure, Middle East and North Africa at The World Bank Group, to discuss enhancing cooperation in various petroleum and mining projects. The Minister affirmed that the ministry is working to enhance both sectors’ attractiveness to investors, given the World Bank’s growing interest in supporting and financing strategic energy and mining projects in Egypt and the region. He highlighted Egypt’s interest in collaborating with the bank on key areas, especially setting incentives to attract emerging mining companies to invest in Egypt. This initiative builds on the…

Oman’s state offtaker Nama Power and Water Procurement (Nama PWP) announced on 12 November the signing of a 20-year power purchase agreement for the 125MW Dhofar II wind project. It signed the deal with state firm OQ Alternative Energy (OQAE) and Singapore’s Sembcorp. Partners in the project will build, own and operate the wind farm with commercial operation set for 3Q 2027. Nama CEO Ahmed al-Abri says “The project will free up around 76 million cubic metres of natural gas annually, reflecting Nama Power and Water Procurement’s commitment to supporting the Sultanate of Oman’s energy diversification pillar and target and…