Author: Rigs & Barge World

 A curious paradox unfolded in the oil market this week: despite growing anxieties over a looming military conflict between the two nuclear-armed South Asian neighbors, crude oil prices experienced a significant decline; the prices of both WTI and Brent have been at their the lowest since 2021, just as the world was recovering from a once-in-a-century pandemic, Covid-19.Despite the looming threat of war between India and Pakistan, which carries the risk of significant disruption to oil and gas tanker traffic and the need for expensive alternative shipping routes, energy prices have surprisingly not risen. In fact, after remaining stable in…

Saudi Aramco and Nabors Drilling are considering monetizing their 50:50 Sanad Drilling JV through an IPO. Speaking on the firm’s Q1 earnings call on 30 April, Nabors CEO Anthony Petrello, described an IPO as “the obvious path…we think Sanad is the most attractive company in the region.” He adds that for now plans remain embryonic. “Obviously we have some preparatory work to be done in the meantime. Both parties are looking at that as an option. It’s pretty clear that this is one path to realize value and create enormous shareholder value,” he says. Nabors last month valued its 50%…

This week saw two major Gulf NOCs sign new deals to boost their growing LNG trading portfolios. On 30 April, Adnoc Trading signed an agreement to supply India’s Hindustan Petroleum (HPCL) with volumes at the latter’s recently-commissioned LNG import terminal at Chhara in Gujarat province. The 5mn t/y facility has two storage tanks with combined capacity to store 400,000 tons. India is the largest destination for Adnoc’s LNG, although Adnoc Trading could ultimately source cargoes from elsewhere. The same day, Oman’s OQ Trading signed a 15-year LNG Sales and Purchase Agreement (SPA) to receive 600,000 t/y of LNG from Amigo…

The Engineering for the Petroleum and Process Industries (ENPPI) organized an extensive meeting at the company’s headquarters on the occasion of the World Day for Safety and Health at Work. The event aligns with the strategy of the Ministry of Petroleum and Mineral Resources (MoPMR) and the Egyptian General Petroleum Corporation (EGPC), which attach paramount importance to establishing a culture of security and safety. The meeting featured live broadcasts from the company’s work sites and projects both inside and outside Egypt. It was held under the slogan: “Artificial Intelligence and Digital Transformation in Health, Occupational Safety, and Environmental Protection (HSE).”…

The fate of Egypt’s gas output has gone hand in hand with the country’s largest producer Zohr since the Eni-operated field’s late 2017 start-up. Zohr output initially soared to peak at 2.96bn cfd for 1Q 2021 but had slumped to 1.5bn cfd by early this year following water breakthrough issues that began in 2021 (MEES, 11 June 2021). Eni has attempted to offset those losses by drilling more development wells, specifically on the northern portion of the field. But, after two wells drilled in 2023 some 13km northeast of the key Zohr producing wells proved unfruitful, Eni subsequently scaled back…

The IPR Energy Group (IPR) has announced another significant hydrocarbon discovery in the Yidma field (Yidma-12), located within the Yidma-Alamein concession in Egypt’s Western Desert. The well was drilled to a total depth of 8,910 feet (ft), targeting untapped reserves following recent successes in the adjacent Alamein field. The well encountered a substantial oil column of 73 ft hydrocarbons beneath a tight stratigraphic barrier within the Alamein Dolomite formation. A highly porous dolostone interval was perforated, yielding initial rates of 1,926 barrels of oil per day (bbl/d), stabilizing at a rate of 1,250 bbl/d with high quality light oil at…

The Minister of Petroleum and Mineral Resources, Karim Badawi, said that the Ministry views its workforce as a cornerstone in achieving its strategy and meeting citizens’ needs for petroleum products and natural gas while contributing to the national economy. During a meeting with a delegation from the General Trade Union for Petroleum Workers (GTUPW) on Labor Day, Badawi highlighted the six pillars of the Ministry’s strategy, underscoring their importance for attracting new investments and driving growth within the petroleum sector. The Minister also commended the efforts exerted by the workforce to overcome challenges and deliver positive results. For their part,…

In recent years Oman’s oil and gas developments have moved ahead on two distinct tracks. Gas has raced ahead as IOC development of non-associated gas fields has enabled a series of gas-fed industrial projects. Meanwhile, crude oil has been curbed by persistent Opec+ cuts, though, in terms of overall liquids output this has been partly alleviated by rising condensate output thanks to the gas gains (MEES, 24 January). Latest official data for Q1 show Oman’s liquids production stayed flat at 987,000 b/d, of which MEES calculates crude averaged 754,000 b/d, the lowest quarterly figure since 2021. (CONTINUED – 928 WORDS)…

Baker Hughes, an energy technology company, reported a 39.5% reduction in emissions intensity for its scope 1 and 2 greenhouse gas (GHG) emissions compared to its 2019 baseline, as outlined in its 2024 Corporate Sustainability Report (CSR). This achievement highlights the company’s commitment to delivering lasting value through sustainability, supported by strong corporate governance and a “people first” culture. “Sustainability continues to be a key competitive advantage for Baker Hughes, helping us deliver long-term value to all of our stakeholders,” said Allyson Anderson Book, Chief Sustainability Officer at Baker Hughes. “Our 2024 CSR shows how each part of our business…

Equinor reported strong financial and operational performance during the first quarter (Q1) of 2025. According to the results, Equinor delivered adjusted operating income of $8.65 billion and $2.25 billion after taxes. The company reported net operating income of $8.87 billion and net income at $2.63 billion. Adjusted net income was $1.79 billion, leading to adjusted earnings per share of $0.66. Operationally, Equinor achieved a total equity production of 2,123 million barrels of oil equivalent (mmboe) per day in the first quarter, down from 2,164 mmboe in the same quarter last year. The company said that the operational performance for most…