Author: Rigs & Barge World
The European Union (EU) will announce a plan to prohibit new Russian natural gas agreements by the end of this year and gradually terminate current contracts with Moscow by the close of 2027, according to three EU officials cited by Reuters. The decision was in response followed the elimination of Russian fossil fuel imports after its invasion of Ukraine in 2022. As part of the plans, the EU will propose a ban on new Russian natural gas import agreements and immediate contracts, the officials explained. It will also provide a legal proposal to prohibit the current contracts of Russian liquefied…
When the Opec+ ‘Group of Eight’ met on 3 April and decided to accelerate the easing of voluntary production cuts in May the news blindsided the market, which had been expecting the group to stick to its pre-agreed timetable (MEES, 4 April). Now, with ministers preparing to discuss production levels for June, the market view is crystalizing around another expected acceleration. The meeting had been planned for 5 May, but was brought forward to 3 May just before MEES went to press. According to the roadmap agreed on in December, production limits are to be adjusted upwards by around 138,000…
Minister of Electricity and Renewable Energy Mahmoud Esmat met with a delegation from the International Finance Corporation (IFC)–the World Bank’s private sector arm. The meeting covered several cooperation files, including proposals related to renewable energy tenders to be offered, the means of support and advisory services for renewable energy projects, the work strategy, Egypt’s energy mix, and increasing reliance on renewable energy. Esmat highlighted present and future areas of cooperation in terms of providing the necessary funding for several renewable energy electricity production projects, and supporting renewable energy tenders in terms of advisory services and other various forms of support.…
Recent escalations between Algiers and Paris are raising concerns over trade ties and the fate of French companies in Algeria. Source link
During the first half of fiscal year (FY) 2024/25, Egypt’s petroleum imports value increased by 53.3% to reach $9.7 billion, compared to $6.3 billion in the first half (H1) of FY 2023/24. Imports of natural gas grew by $2.1 billion, and imports of petroleum products by $1.2 billion, while crude oil imports increased by $58.7 million, due to the increase in imported amounts, according to the Balance of Payment (BoP) performance report for H1 FY 2024/25. On the other hand, the value of Egypt’s petroleum exports dropped by 7% to around $3 billion, compared to $3.2 billion during the same…
ExxonMobil Corporation, the American gas and oil giant, reported a 7.3 per cent decline in its net profits during the first quarter of 2025 to reach $7.7 billion compared to $8.2 billion in the same quarter of 2024. Exxon Mobil attributed the drop in net profits to the significant decline in industry refining margins, weaker crude prices, lower base volumes from strategic divestments and higher expenses from growth initiatives. “In this uncertain market, our shareholders can be confident in knowing that we are built for this. The work we have done to transform our company over the past eight years…
Morocco’s pioneering 150MW Noor III concentrated solar power (CSP) plant at Ouarzazate in the south of the country is back online following a 14-month outage due to a leak in its molten salts tank (MEES, 29 March 2024), the country’s renewables energy agency Masen announced on 21 April. “To ensure the facility’s long-term reliability, a second tank with an improved design is currently being constructed,” Masen said in its statement. “It will complement the existing infrastructure and strengthen operational resilience.” (CONTINUED – 559 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve…
In what is considered a milestone towards strengthening safety practices across Egypt’s oil, gas, and petrochemical sectors, the Ministry of Petroleum and Mineral Resources (MoPMR), the Engineering and Science Services (ESS) of the American University in Cairo (AUC), and Methanex Egypt, signed a protocol to develop the country’s first professional Process Safety Management (PSM) Diploma. The diploma aims to equip sector professionals with the technical knowledge and practical skills needed to implement the 24 national PSM standards and guidelines published by the Egyptian General Petroleum Corporation through its partnership with Methanex Egypt. According to the protocol, Methanex Egypt, the country’s…
More than two years ago Oman unveiled its ambitious green hydrogen targets: 1mn t/y output by 2030, rising to 3.25mn t/y by 2040 and a towering 7.5mn t/y by 2050 (MEES, 28 October 2022). On the back of these plans the IEA tipped Oman to be the largest Middle Eastern producer of hydrogen by 2030 ahead of both Saudi Arabia and the UAE (MEES, 16 June 2023). (CONTINUED – 850 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…
Minister of Petroleum and Mineral Resources, Karim Badawi, inaugurated the integrated development project for the village of Al Tonab Village in Aswan Governorate, emphasising the role of the petroleum sector in supporting community development initiatives. The initiative aims to transform Al Tonab Village into a self-sufficient village by providing its dwellers with 30 new houses equipped with biogas production units to recycle animal waste as well as solar energy production units, thus securing income for them. It will also comprise helping families to manage small-scale livestock farming units. This initiative, launched in December, was implemented by the New Valley Company…