Author: Rigs & Barge World
The aggressive expansion strategy of Adnoc’s international subsidiary XRG continues apace, with the firm bidding to take over Australian LNG firm Santos. XRG heads a consortium of Abu Dhabi sovereign wealth fund ADQ and global investment firm Carlyle which has put forward a “non-binding indicative proposal” to purchase the firm for $18.7bn. The 16 June announcement came shortly after XRG’s board approved its mandate to secure 20–25mn t/y of LNG capacity by 2035; as well as XRG’s net equity in LNG projects, this includes offtake deals with third-party projects (MEES, 6 June). (CONTINUED – 995 WORDS) Read this article for…
The Egyptian Natural Gas Holding Company (EGAS) has awarded six new blocks to several international companies to maximize exploration investments. The investments injected are estimated at $245 million, and at least 13 new exploratory wells are expected to be drilled during the exploration period. This is part of the Ministry of Petroleum and Mineral Resources’ plan and strategy to attract new exploration investments and boost current production efforts. The awarded blocks include four new offshore blocks in the Mediterranean, which were part of the 2024 international bid round facilitated through the Egypt Upstream Gateway (EUG). Additionally, two onshore blocks in…
Minister of Petroleum and Mineral Resources Karim Badawi oversaw the signing of a new oil exploration and production (E&P) concession agreement in the South Wadi Al-Sahl area of the Eastern Desert. The agreement was officially signed by Ganoub El Wadi Petroleum Holding Company’s (Ganope) and Russia’s Lukoil Overseas Egypt Limited. Its collaborative work program outlines a 3D seismic survey covering an area of 200 square kilometers, alongside the drilling of six exploratory wells during the initial exploration phases. Badawi said that this agreement aligns with Egypt’s strategy to maximize the utilization of natural resources and expand the geographical scope of…
Oil markets have endured a turbulent week since Iran and Israel’s decades-long shadow conflict escalated into open warfare on 13 June. The psychodrama around whether or not President Donald Trump was preparing to bring the US into the conflict added to the volatility through much of the week, but his decision on 19 June to hold off for two weeks lowered the risk of a regional spillover (MEES, 20 June). Oil prices retreated on Mr Trump’s statement. Brent crude had settled at $78.85/B prior to this, but has since dropped back to $77/B as MEES went to press. There remains…
Global oil markets are undergoing a fundamental transformation says the IEA, as it points to demand growth slowing to a trickle from 2028 onwards before entering a slight decline in 2030. The group’s closely watched medium term outlook, Oil 2025, was released this week and on a macro level it has largely stuck to the projections in last year’s report (MEES, 14 June 2024), with demand plateauing at the end of the decade. The IEA sees global demand increasing by 2.5mn b/d to plateau at around 105.5mn b/d by 2030 (see chart 1), with annual demand growth slowing massively from…
Minister of Petroleum and Mineral Resources Karim Badawi conducted an inspection tour at the “Tahya Misr” berth in the Alexandria Port to check the progress of the “Energos Power” Floating Storage and Regasification Unit’s (FSRU) preparation, before its move to Ain Sokhna Port for connection to its dedicated berth. The units can receive imported liquefied natural gas (LNG) shipments, regasify them, and inject them directly into the national grid. They are expected to help bridge potential consumption gaps during peak periods, especially for power plants and vital sectors and represent a strategic step in enhancing the flexibility of the natural…
Liquefied natural gas shipping costs have surged to their highest level in roughly eight months, driven by reduced vessel availability as more tankers are redirected to Asia amid rising tensions in the Middle East, Reuters reported citing Spark Commodities’ data. On Monday, the data showed that the Atlantic freight rate for LNG carriers equipped with two-stroke engines and a capacity of 174,000 cubic meters, the market’s most common vessel type, was estimated at $51,750 per day, which is the highest level since October 3. Meanwhile, the Pacific freight rate for the same class of ship climbed to $36,750 per day…
US President Donald Trump has appeared to back away from plunging the US into the Israel-Iran war. After days of ratcheting up the tensions in the region through opaque statements hinting that the US was going to enter the fray, Mr Trump released a statement on 19 June that “Based on the fact that there’s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next 2 weeks.” Many in the region and in the US let out a collective…
Media release: Vic Government’s rethink on gas ban recognises Victorians want choice | Australian Energy Producers Skip to content Source link
The evaluation of offers for seven new exploration and production blocks under the Egyptian General Petroleum Corporation (EGPC) has been finalized as part of the Ministry of Petroleum and Mineral Resources’ strategy to attract new investments in exploration and production (E&P). Offered via the Egypt Upstream Gateway (EUG), these blocks will bring significant new investments and the drilling of at least 17 new exploratory wells. The North Sitra and the East Sidi Barrani blocks were awarded to Cheiron Petroleum Corporation, with plans to drill four exploratory wells in these two blocks. Meanwhile, the West Kanayis K block was awarded to…