Author: Rigs & Barge World

Oman’s LNG sector has been enjoying a profitable turn in recent years. Following the resurgence of upstream gas output since the 2017 startup of the 1.5bn cfd Khazzan/Ghazeer tight gas project, Muscat has been racing to expand its liquefaction capacity. Back in 2022 Oman LNG completed debottlenecking work at its three-train Sur facility adding 1mn t/y to reach its current 11.4mn t/y capacity. Expanded capacity has helped revenues jump to new highs including a record $6.5bn last year, despite prices having weakened significantly from their recent peak in 2022 (see chart 1). Profits also increased to $1.7bn, but were down…

Significant market demand was seen for the recently-closed bidding round for strategic exploration blocks spanning the Mediterranean Sea, Gulf of Suez, and Western Desert. Global and private-sector companies submitted multiple proposals for concessions such as Rahmat, under the Egyptian Natural Gas Holding Company (EGAS); North July, under the Egyptian General Petroleum Corporation (EGPC); and three blocks from Ganoub El Wadi Petroleum Holding Company (Ganope): North El Baraka, East Gebel El Zeit, and Southeast Ras El Ash. The new bidding round was overseen and made available by the Egypt Upstream Gateway (EUG), offering new investment opportunities within the framework of the…

Saudi state-owned oil major, Aramco, is considering selling up to five gas-fired power plants to raise cash, Reuters reported, quoting three people familiar with the situation. The decision is part of a broader plan to free up funds that could generate tens of billions of dollars for the company, with the estimates putting the value of five power plants at $4 billion. Aramco, the world’s most profitable company and the main source of Saudi state income, has been looking to sell some assets, improve efficiency and cut costs, according to the news agency. Aramco will also slash dividend payouts by nearly a…

Libya is planning to launch a new auction for marginal fields later this year as part of a national strategy to boost crude production to 2mn b/d by the end of the decade, NOC officials said at an industry event on 2 July. The auction will cover more than 40 smaller fields – both producing and non-producing – with expected output ranging between 5,000 b/d and 20,000 b/d, NOC board members explained during the Libya Energy Conference in London. (CONTINUED – 294 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into…

Egypt has secured an additional source of natural gas through cooperation with Jordan, according to the Ministry of Petroleum and Mineral Resources. The Jordanian port of Aqaba will receive the Energos Force regasification unit, which once docked will be connected to the Arab Gas Pipeline (AGP), making it possible to supply gas to countries connected by the pipeline. These include Egypt, Jordan, Syria and Lebanon. The regasification unit has a capacity of  750 mmcm/d  and will provide an additional source for both countries by providing a new gateway to the national grids, enhancing their ability to respond to any emergency…

Saudi Arabia’s FDI inflows increased by 24% year-on-year in Q1, but at $6.4bn they were still down on the same period in 2023. Increased FDI is a core pillar of the kingdom’s Vision 2030 economic reform strategy, with Saudi Arabia looking overseas to finance its ambitious capital-intensive projects. The importance of FDI has only increased as oil revenues have dwindled amid falling prices (MEES, 27 June). As a result, the struggles to achieve sustained increases in FDI inflows are especially problematic. Inflows dropped to a four year low of $20.7bn in 2024, and while they have started the year on…

bp and its partners have signed a series of strategic agreements aimed at expanding their substantial oil and gas portfolio in Azerbaijan. The deals are set to drive future growth, boost production, and strengthen collaboration with the Azerbaijani government and state energy firm SOCAR. Announced during Baku Energy Week, the agreements include final investment decisions for the next key development phase of the Shah Deniz gas field, known as Shah Deniz Compression, as well as for two additional projects: terminal electrification and a new solar power initiative, both designed to help reduce operational emissions. The package also grants bp access…

Omani conglomerate Khimji Ramdas announced on 2 July that it had helped import and deliver 14 large industrial cargoes for Indian firm Acme’s Green Hydrogen and Chemicals (GHC) project in Duqm. The project has an initial green ammonia capacity target of 100,000 t/y, which the company plans to scale up to 1.2mn t/y with a 3.5GW electrolyzer and 5.5GW of solar capacity. Last year it signed a 100,000 t/y green ammonia offtake agreement with global fertilizer giant Yara for green ammonia (MEES, 8 March 2024). (CONTINUED – 83 WORDS) Read this article for free Gain access to over 60-years of…

Israel’s 197,000 b/d capacity Bazan Refinery, that was damaged by an Iranian missile on 14 June and subsequently taken offline has managed to partially restart two crude distillation units, the firm announced on 30 June. “Following the shutdown of all the company’s facilities at the Bazan complex, the company began partial operation of the refining units (CDU 1 and CDU 3) as well as partial operation of downstream units,” the firm’s 30 June stock exchange announcement said. (CONTINUED – 182 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details…

Iranian president Masoud Pezeshkian signed a law on 2 July suspending cooperation with the International Atomic Energy Agency (IAEA) amid rising tensions with the UN nuclear watchdog following Iran’s 12-day conflict with Israel last month. The Iranians have accused IAEA Director Rafael Grossi of providing political cover for Israel’s miliary strikes on Iran, which began shortly after the IAEA declared Iran in breach of its nuclear non-proliferation treaty (NPT) obligations (MEES, 13 June). 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…