Author: Rigs & Barge World

Oman’s state hydrocarbons firm Petroleum Development Oman (PDO) responsible for operating the country’s largest oil and gas asset Block 6 (EDO 60%, Shell 34%, Total 4%, PTTEP 2%) produced a 22-year high 679,922 b/d of liquids in 2024, which the firm says surpassed its target by 7,000 b/d. PDO says that total hydrocarbons output increased to a new record high, although it doesn’t provide a figure. While output was on an upwards curve, PDO may have been disappointed by the return on its exploration efforts. According to its recently released sustainability report, oil reserves dropped by 140mn barrels to a…

Minister of Environment, Yasmine Fouad, submitted her resignation from the government, as she was appointed as Executive Secretary of the United Nations Convention to Combat Desertification (UNCCD). This appointment follows a distinguished national career as Minister of Environment from 2018 until her resignation was accepted. She is now preparing to assume her new responsibilities in climate and desertification issues at the United Nations, continuing her efforts to address global environmental and climate challenges. Earlier in July 2025, Karim Badawi, Minister of Petroleum and Mineral Resources, praised Fouad’s efforts throughout her tenure as Minister of Environment. He underscored her commitment to…

The Egyptian General Petroleum Corporation (EGPC) signed a strategic Memorandum of Understanding (MoU) with its partner, the Siemens, DNV, and EnExpert Energy Consortium. It aims to enhance safety levels and improve the efficiency, security, and sustainability of the petroleum pipeline network for crude oil and petroleum product transportation and storage. It reinforces Egypt’s position in transporting and storing petroleum materials and enables the Petroleum Pipelines Company (PPC) to move towards growth and expand its local and regional presence. The cooperation includes the implementation of an integrated project comprising three main phases. The three phases aim to modernize and develop the…

The central Iraqi government and semi-autonomous Kurdistan Regional Government (KRG) reached an agreement to resume oil exports through the Iraq-Turkey Pipeline (ITP) on 17 July, which has been closed since March 2023. The deal, which followed intensive talks between the two sides in recent days, was approved in an emergency session by Iraq’s cabinet. Under the terms of the deal, the KRG’s Ministry of Natural Resources (MNR) will hand over a minimum of 230,000 b/d of Kurdish output for export at Ceyhan, retaining 50,000 b/d for domestic consumption in Kurdistan’s refineries. The KRG has put recent output levels at 280,000…

Prime Minister Mostafa Madbouly held a meeting with some officials including Minister of Investment and Foreign Trade, Hassan El-Khatib to follow up on efforts to promote investment in the gold sector. The Prime Minister reaffirmed the government’s commitment to supporting investments, especially in gold, by providing more incentives and facilitations to attract investors to the mining sector and boost its contribution to the national economy. He stressed the importance of aligning with global advancements in gold investment tools and adopting standardized specifications to integrate Egypt into productive and export-oriented economic blocs. Madbouly also highlighted the importance of gold investment funds…

SLB recorded revenues of $8.55 billion in its financial results for Q2 2025, increasing 1% from Q1 2025 after reaching $8.490 billion, despite a 6% decrease Year-on-Year (YoY). The company recorded $2.369 billion in revenues from the Middle East and Asia, marking a 6% sequential increase, despite being 3% lower YoY. Also, the results showed an increase by 21% in the income before taxes, which amounted to $1.285 billion during Q2 2025, compared to $1.063 billion in Q1 2025. However, it decreased by 10% YoY. Additionally, the net income attributable to SLB of $1.01 billion increased 27% sequentially, yet decreased 9%…

Physical oil markets remain tight despite the second quarter of the year being dominated by concerns over the impact of US President Donald Trump’s tariff policies on the health of the global economy. The price structure of crude oil futures indicates robust demand even as the market navigates US trade policy volatility, increased Opec+ production and continued concerns over the geopolitical fallout from June’s 12-day Israel-Iran war. Oil prices remain stable at around $70/B. “We thought that 2024 was the hardest year, but now in 2025 we think that 2024 was a doddle,” Saudi Arabia’s Energy Minister Prince Abdulaziz bin…

AVEVA, a global leader in industrial software, released its 2024 Sustainability Report at London Climate Action Week, during which it revealed progress across all three pillars of the company’s sustainability framework: technology handprint, operational footprint and inclusive culture. The company reported 93% reduction in scope 1 and 2 emissions against its baseline year, driven by utilizing renewable energy, careful management of office space and fleet optimization. Since 2022, the company has reduced its fleet size by 58.6%, from 186 vehicles to 77 at the start of 2025. Of the remaining vehicles, 35 are hybrid and six are electric In respect…

US firm HKN has signed a preliminary deal to develop the Hamrin field in Iraq’s northern Saladin province. The deal was signed with state-owned North Oil Company (NOC) in the presence of Oil Minister Hayan Abdulghani and the US Embassy’s Chargé d’Affaires, Stephen Fagin. This is significant because HKN is a prominent operator in the semi-autonomous Kurdistan Region of Iraq and Baghdad had in the past barred IOCs with production-sharing contracts in Kurdistan from federal contracts although it has since softened its stance. The Federal government and Kurdistan Regional Government (KRG) are in a long-running dispute over management of the…

Minister of Petroleum and Mineral Resources, Karim Badawi, conducted an inspection visit to the main control center of the national gas grid, the National Advanced Transmission and Automation Centre,(NATA), affiliated with Egyptian Natural Gas Company (GASCO), to monitor the operational status of gas supplies to the electricity and industrial sectors, according to a statement from the Ministry of Petroleum and Mineral Resources. This comes as a part of the ongoing efforts to secure the local market’s natural gas needs. During the tour, the Minister and Yasser Salah El Din, GASCO Chairman, along with the NATA team, reviewed the daily operations…