Author: Rigs & Barge World

Key onshore Egypt producers are hoping new improved terms will help boost waning oil and gas output. Western Desert #1 Apache has already ac… Source link

The Cabinet, chaired by Prime Minister Mostafa Madbouly, approved Wednesday the use of the R-Factor (Profitability Factor) in certain petroleum agreements based on specific standards and conditions for each region. The R-Factor is a formula used in petroleum agreements to determine how profits are split between a government and an oil or gas company. It attracts companies by enabling them to recover their costs more efficiently during the early stages of exploration and production. Over time, as revenues increase, profit-sharing shifts to ensure the government receives a larger portion. This new system is expected to attract more companies to operate…

TotalEnergies, the world’s third-largest LNG player, has signed a 20-year agreement to buy million tons per annum (mtpa) of LNG from the Ksi Lisims LNG project in Canada. The deal is pending final approval, according to a company statement. Meanwhile, TotalEnergies acquired a 5% stake in Western LNG, the developer, shareholder, and future operator of the Ksi Lisims LNG project. This acquisition allows TotalEnergies to increase its stake in Western LNG and/or take a direct stake in the plant up to approximately 10% when the final investment decision is made. The Ksi Lisims LNG project, a liquefied natural gas (LNG)…

Abu Dhabi’s XRG has finalized a deal to partner with Malaysia’s Petronas in Turkmenistan’s upstream sector. In a 14 May announcement, XRG stated that the two firms have signed a production sharing contract (PSC) with Turkmenistan’s state firm Türkmennebit for the Block I offshore asset. The partners also signed a long-term gas sales agreement with Türkmengaz. XRG is the international arm of Abu Dhabi energy giant Adnoc, which was formed late last year with an enterprise value of $80bn (MEES, 29 November 2024). ‘International Gas’ is one of XRG’s three pillars, and the firm now has upstream assets in four…

Saad Sherida Al-Kaabi, Qatar’s Minister of State for Energy Affairs and President and CEO of QatarEnergy, stated that its LNG project in the USA is set to start production by the end of 2025. He added that its North Field East Expansion Project in Qatar is set to start production by mid-2026. This was mentioned during his speech at the Qatar Economic Forum 2025, in a panel discussion on ‘Global Energy Supplies and Security’ with the participation of Ryan Lance, the Chairman and Chief Executive Officer of ConocoPhillips. Al-Kaabi called for continued investments in energy projects, stressing that a fair…

The Ministry of Petroleum and Mineral Resources announced Tuesday a new agreement with Ardiseis, a subsidiary of Arabian Geophysical and Surveying Company (Argas), to conduct a 2D seismic survey spanning 5,233 kilometers across the West Assiut and Dakhla Basins. The company will be utilizing onshore node technology in Egypt for the first time—an advanced seismic data acquisition method mainly used in oil and gas exploration. It relies on wireless, autonomous seismic sensors (nodes) scattered across the survey area to capture super-high-resolution images of what lies beneath the surface. According to the Ministry’s statement, the project kicks off in the next…

Kuwait is examining a new contract model for IOCs operating in the country as it targets a 1mn b/d increase in crude oil production capacity over the next decade, MEES understands. Capacity currently stands at 3mn b/d (see chart), and the Kuwait Petroleum Corporation (KPC) aims to increase this to 4mn b/d by 2035. 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

Minister of Petroleum and Mineral Resources Karim Badawi met with Minister of Electricity and Renewable Energy Mahmoud Esmat to review the action plan for the electricity and petroleum sectors. They also reviewed the preparations, dynamics, and alternatives within the plan to reach the desired goals and ensure electricity supply and stability for the unified grid during periods of peak demand, increased loads, and high temperatures. The meeting reviewed signs of increased energy demand compared to peaks recorded last year, highlighting the ongoing work of joint committees in tracking future trends to ensure sufficient fuel supply for power plants. It also…

Saudi Arabia is making inroads in bringing down its astronomically high oil burn levels says Aramco CEO Amin Nasser. Speaking on the firm’s 12 May Q1 earnings call, Mr Nasser said “we have been seeing the first impact of that this year and last year.” Oil burn has been averaging more than 1mn b/d in Saudi Arabia for the last five years, and it edged up again to a new annual record 1.105mn b/d for 2024 (MEES, 21 February). Saudi Arabia is by far the largest user of oil for power generation globally, with liquids generating 152TWh in 2023 according…

Pharaonic Petroleum Company (PHPC) recorded 117% of its approved production plan in 2024/2025, with a daily average of 76,280 barrels of oil equivalent (boe), said company Chairman, Hossam Zaki. During the company’s general assembly meeting, Zaki reviewed key performance results during fiscal year (FY) 2024/2025 that ended last March. He also outlined the company’s plans for FY 2025/2026. Despite the challenges the company is facing, including the natural decline in well reserves and lower pressure in the older wells of the Hapi and Taurt fields offshore the Mediterranean, it has managed to keep production going and cut production costs, Zaki…