Author: Rigs & Barge World
Minister of Petroleum and Mineral Resources Karim Badawi met with Dong Sub Kim, CEO and President of the Korea National Oil Corporation (KNOC), and his accompanying delegation to explore investment opportunities and potential areas of cooperation in Egypt’s petroleum sector. The meeting highlighted KNOC’s keen interest in expanding its investments in Egypt’s oil and gas sector, particularly in four areas in the Gulf of Suez and the Western Desert. These investments are being carried out via Dana Petroleum Ltd. and the Petro Nefertiti joint venture. During the meeting, Badawi noted that Egypt’s petroleum sector possesses the capabilities and expertise necessary…
Abu Dhabi petrochemicals firm Borouge has enjoyed a solid start to 2025, with net profits up $10mn year-on-year at $280mn for Q1. The first quarter is typically the firm’s weakest quarter, and despite global economic headwinds executives are expressing confidence that a US-China trade war could yield as many opportunities as challenges. Sales increased 10% year-on-year, and Borouge (Adnoc’s XRG 54%, Borealis 36%, free float 10%) is firmly on a growth trajectory as it advances projects to organically expand capacity from 5mn t/y currently to 6.6mn t/y by 2028. This lays “firm foundations” for the ambitious merger of Borouge with…
OPEC+, a collaboration between OPEC and other oil-producing nations led by Russia, will introduce a 411,000 barrels per day (bbl/d) hike in its production in June, mirroring the surge it adopted in May. This comes as per the group’s agreement in December 2024 to gradually phase out the 2.2 million bbl/d output cut through monthly increases starting April 2025.With the surge in June’s output, the overall increase in daily output since April hovers around 960,000 bbl/day, according to Reuters calculations. The gradual increases may be paused or reversed subject to evolving market conditions, according to an OPEC+ statement that was…
Shell is studying the feasibility of acquiring the British oil giant, British Petroleum , according to Bloomberg. One key factor in the decision would be the performance of the British company’s shares, as it would affect the value of the buying offer. The stocks of BP had been on the decline for some time, losing about 30% of their value due to the changes in the company’s policy under different managements. BP and Shell were similarly sized for years, but recently Shell has surged ahead, now nearly twice BP’s size with a market valuation of around £149 billion, according to…
Kuwait is struggling to cope with record power demand levels and has already been forced to turn to imports from neighboring countries months ahead of the peak demand season. The country’s power system was already struggling to meet demand through Q1, despite demand being broadly in line with year-ago levels (MEES, 14 February). And peak load then soared in April to around 1GW above year-ago levels, further adding to the strain (see chart 1). 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…
Opinion article by Samantha McCulloch in News Corp publications on ensuring Australians continue to have reliable and affordable gas | Australian Energy Producers Skip to content Source link
Abu Qir Fertilizers and Chemical Industries Company, a major player in Egypt’s petrochemicals sector, reported a 20% increase in its sales during the first nine months of fiscal year (FY) 2024/25 compared to the corresponding period in 2023/2024 to reach EGP 16.9 billion. The company’s gross profits came at EGP 7.7 billion, compared to EGP 6.9 billion, in the first nine months of FY 2023/24. However, the net profit after tax witnessed a 1% decline during the same period on the back of differences in forex calculations of the company’s revenues following the March devaluation of the pound which saw…
Israel’s plans to end coal-fired power generation have been set back by 18 months of conflict. But, having missed the previous 2025 target (MEES, 10 January 2020), state generator IEC says it “is expected to stop routine coal usage as primary fuel by September 2026,” whilst acknowledging the “possibility of postponement to March 2027.” IEC operates all of the country’s remaining 4.3GW of coal-fired capacity, though its overall share of Israeli power generation has been falling both due to surging renewables and the growing role of Independent Power Producers (IPPs). (CONTINUED – 1322 WORDS) Read this article for free Gain…
Media release: Australian oil and gas sector congratulates re-elected Albanese Government | Australian Energy Producers Skip to content Source link
In an unexpected move on Saturday, the core members of OPEC+ declared plans to increase oil production by 411,000 barrels per day starting in June. The decision was made despite a recent downward trend in oil prices. This increase builds upon the existing gradual rise of 138,000 bpd that began in April, as outlined in December 2024. The key players involved in Saturday’s swift agreement included Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman. The unexpected stance marks a significant shift from the organization’s policy last year, when they implemented substantial production cuts of 2.2 million bpd, disregarding calls…