Author: Rigs & Barge World

 The never-ending volatility in the Middle East took yet another turn for the worse this week, when the Druze community in Syria came under attack from some sections of the Bedouin tribes in Syria; the closer relations of the former with the state of Israel made an already tense situation even worse that almost bordered on a full-blown conflict, dragging another keyplayer in the region, Turkey, into it. When Druze community leaders begged of Israel for help, the Jewish state sprang into action with what it is usually good at – launching relentless airstrikes; it even hit the Ministry of Defence…

In an official statement, bp announced the selling of its US onshore wind business, BP Wind Energy North America Inc. (bp Wind Energy), to LS Power, a leading development, investment and operating company focused on the North American power and energy infrastructure sector. This transaction supports bp’s strategy to streamline its low carbon energy portfolio by focusing on selected investments and maximizing shareholder value. According to the company’s statment, bp Wind Energy will become part of LS Power’s portfolio company, Clearlight Energy, expanding Clearlight’s operational capacity to approximately 4.3 gigawatts (GW), when the deal is complete. The sale includes bp…

As much as 200,000 b/d of oil production was shut-in in Iraqi Kurdistan this week after a series of drone attacks on key producing fields. This was the first time that oil fields in the semi-autonomous region have been targeted, resulting in the loss of as much as two thirds of the region’s oil production. A lengthy outage would be a major economic blow for the Kurdistan Regional Government (KRG). Iran-backed Iraqi militias have been behind previous such strikes on Kurdistan’s energy sector, primarily targeting the Khor Mor gas field which was not targeted in the latest assaults (MEES, 3…

Greek foreign minister George Gerapetritis visited Tripoli on 15 July for talks over several bilateral issues, including a maritime border dispute which has flared up again with Libya complaining to the UN about a Greek hydrocarbons tender in disputed waters (MEES, 4 July). Mr Gerapetritis said the discussions with PM Abdel Hameed Dbeibeh and other Tripoli officials were “particularly productive.” (CONTINUED – 305 WORDS) 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

Since its founding in the eastern city of Benghazi in early 2023, Libya’s first and only private oil firm Arkenu has been operating quietly, keeping a low profile while positioning itself as a major player in the country’s lifeblood oil sector. As it developed a substantial list of assets and partners, securing contentious deals with state firm Agoco and international services giant SLB, Arkenu has attracted controversy and scandals involving top officials in Libya’s divided east and west administrations. (CONTINUED – 1573 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into…

The Mineral Resources and Mining Industries Authority (MRMIA) will commence aerial survey for mineral exploration for the first time in decades as part of the sector development strategy, said Minister of Petroleum and Mineral Resources Karim Badawi during the closing session of the Egypt Mining Forum in Cairo. This is one of the first decisions taken by the authority following the parliament’s approval to amend law no.198 of 2014 to transform the authority from a service to an independent economic entity to empower investors and unlock Egypt’s full mining potential. “The revamped authority now possesses the capability to carry out…

Libya’s NOC on 12 July announced the completion of repairs and restart of a key oil pipeline linked to a major refinery. An oil leak in late May had forced the shutdown of the 385km pipeline connecting subsidiary Agoco’s 10,000 b/d Hamada fields on the Ghadames Block NC-8A in the west of the country to the 120,000 b/d Zawiya refinery (MEES, 30 May). (CONTINUED – 331 WORDS) 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…

ADNOC plans to allocate its ownership stake of  24.9% in OMV AG (OMV) to XRG P.J.S.C. (XRG), its fully owned international investment arm. This planned transfer is pending regulatory approvals.It is expected to support ADNOC’s strategy to centralize its global investment activities under XRG. ADNOC is also moving forward with plans to establish Borouge Group International, aiming to become one of the world’s top four producers of polyolefins. ADNOC’s proposed 46.94% shareholding in the new entity is expected to be held by XRG upon completion of the transaction, subject to regulatory approvals. Through XRG, ADNOC remains dedicated to its strong, ongoing…

Saudi Arabia’s Advanced Petrochemicals has finally completed the construction of its major new expansion facility at Jubail. The Advanced Polyolefins Industry Company (APOC) is a joint venture between Advanced (85%) and Korea’s SK Gas (15%), and the Saudi firm confirmed the start of operations in a 14 July statement to the Tadawul exchange. The APOC facility is centered around an 843,000 t/y capacity Propane Dehydrogenation (PDH) plant alongside two polypropylene plants with combined capacity of 800,000 t/y and a 70,000 t/y isopropanol (IPA) unit. Contracts for the $1.8bn complex were awarded in 2020, with an initial planned startup date of…

The Egyptian government revised its target for renewable energy contribution to power generation to 29.7 % by 2030 , according to the  International Monetary Fund (IMF) report on the fourth review of the $8bn loan. The new target is compared to the 42 per cent by 2023 given by several government officials, including the prime minister and the 42 % by 2040 noted by Mahomoud Esmat, Minister of Electricity and Renewable Energy, in September 2024. The share of the different renewable sources in the new target is as follows:  19.3% from wind power, 5.3% from solar energy, and 5.1% from…