Author: Rigs & Barge World

Agiba Petroleum Company, a joint operating venture between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni, announced a new discovery with the Arcadia West field in the Western Desert, which was swiftly brought into production. This development directly supports the Ministry of Petroleum and Mineral Resources’ foundational strategy, which prioritizes escalating domestic oil and gas production to bolster national energy security and alleviate the fiscal burden of imports. Drilling operations at the Arcadia-28 well yielded the discovery of a high-quality reservoir, commencing production at an initial rate of 2,500 barrels of oil equivalent per day (boe/d). This success further…

Global oil prices have fallen back below $70/B following US President Donald Trump’s 24 June announcement that a ceasefire agreement had been reached between Israel and Iran. The 12-day conflict had caused oil prices to increase by around $10/B, but they swiftly dropped back to pre-conflict levels of around $68/B upon the announcement (MEES, 27 June). With both sides avoiding targeting Gulf oil infrastructure, oil flows from the region remained unaffected by the conflict, capping the impact on prices. Brent crude settled at a high of $78.85/B on 19 June and briefly topped $80/B in intra-day trading following the US…

The Egyptian Mineral Resources and Mining Industries Authority signed a Memorandum of Understanding (MoU) with El Sewedy Capital Investments. The MoU aims to establish a partnership for the exploration, exploitation, and production of phosphate ore in the Nile Valley region (El-Sebaeya mines), in addition to increasing the concentration of the ore and preparing a feasibility study for establishing a factory to produce phosphate fertilizers. The MoU was signed by Yasser Ramadan, Chairman of the Egyptian Mineral Resources and Mining Industries Authority, and Abdelrahman Ahmed El Sewedy, representing the Group, in the presence of Minister of Petroleum and Mineral Resources Karim…

Canada has shipped its first liquefied natural gas (LNG) cargo from the LNG Canada facility in Kitimat, British Columbia, and en rout to South Korea. “LNG Canada grows our leading integrated gas portfolio, providing a reliable supply of LNG to markets, most notably in Asia,” said Cederic Cremers, Shell’s President of Integrated Gas. Though the LNG shipment amount was not specified, the facility is producing 14 million tons per year (mtpa) of LNG in its first phase, with plans to double capacity in a second phase. LNG Canada is billed as the largest private-sector investment in Canadian history, with investments…

The events of the past week will go down in history. After stating on 19 June that he would make a decision on whether to militarily intervene in the Israel-Iran conflict within two weeks (MEES, 20 June), US President Donald Trump oversaw an audacious bombing of three Iranian nuclear facilities on 22 June. Barely had the dust settled on Iran’s choreographed 23 June attack on the US Al Udeid airbase in Qatar in response when Mr Trump broadcast to the world on 24 June that a ceasefire had been reached. President Trump’s brinksmanship does appear to have succeeded in drawing…

www.oilfutures.co.ukDespite ongoing tensions in the Middle East, crude oil prices have remained remarkably steady. As of 09:53 GMT, WTI was priced at $65.23 and Brent at $67.02. Liquefied natural gas (LNG) was at $3.45.Contrary to some analysts’ and investment bankers’ predictions of soaring oil prices, this did not materialize. While prices did jump by nearly 8% during the peak of the 12-day conflict between Israel and Iran, “presidential intervention” by President Trump appears to have played a role in bringing them back down to pre-war levels.A significant escalation was avoided because Israel, instead of targeting Iran’s oil infrastructure, primarily struck…

Norwegian energy company Equinor and its joint venture partners have agreed to invest $1.29 billion to expand the Johan Sverdrup oilfield, currently the most productive oilfield in Western Europe. The expansion is aimed at boosting recoverable resources by 40 to 50 million barrels of oil equivalent (mmboe) from Phase 3 of the field. It is expected to start production in the fourth quarter of 2027 (Q4 2027) utilizing new subsea wells that are connected to an existing infrastructure. “By building on the technologies, solutions, and infrastructure from phases 1 and 2 of Johan Sverdrup, we can carry out an efficient…

Iraq is breathing a sigh of relief after the US-brokered ceasefire between Israel and Iran came into effect, ending 12 days of hostilities. With Iran opting to retaliate against the US military in Qatar rather than its usual choice of Iraq, the country has weathered the storm. The conflict between Iran and Israel laid bare many of Iraq’s vulnerabilities, chief among them its dependence on Gulf terminals and the Strait of Hormuz for 99% of federal oil exports. This reliance was already an acknowledged vulnerability, but the events of the past two weeks could provide the government with a renewed…

Minister of Petroleum and Mineral Resources, Karim Badawi, led an inspection tour of the remote monitoring and control system (SCADA System) used to oversee the liquified petroleum gas (LPG) distribution at Petroleum Gas Company (Petrogas), a leading distributor of natural gas in Egypt. This visit follows the completion of the implementation phases of the system across all Petrogas sites nationwide. During the tour, Badawi highlighted the critical importance of implementing the SCADA system in the LPG sector, which aligns with the Ministry’s strategy for digital transformation and strengthening monitoring systems for petroleum products. He also underscored the necessity of coordinating…

Egypt finalized agreements needed to start the construction of the phosphoric acid production complex at Abu Tartour in the New Valley. The project aims at maximizing the added value and increasing the economic return of Egyptian phosphate ore by using it in high-yield industries rather than exporting it as raw material. The Minister of Petroleum and Mineral Resources, Karim Badawi and New Valley Governor, Mohamed Al-Zamlout witnessed on Sunday the signing of a framework agreement between a consortium of Egyptian public entities, as well as a general contractor agreement with a Chinese consortium to build the industrial complex. The Egyptian…