Author: Rigs & Barge World
Egypt’s bureaucracy is struggling to handle the surge in LNG imports in recent weeks, with a backlog of tankers waiting to offload cargoes building up outside the Red Sea terminal of Ain Sukhna. The delay has been attributed to a delay in payments clearing from the Central Bank of Egypt (CBE), according to a well-placed source, rather than to any infrastructure issues. The delay was due to “financial issues with traders regarding the letters of credit opening by the CBE,” the source says. This is not unusual for Egypt, with the CBE only sending a letter of credit to the…
ExxonMobil, an American energy giant, is exploring the possibility of returning to operations in Iraq after nearly two years’ hiatus by signing preliminary agreements to begin work on the Majnoon oil field in southern Iraq. The oil field, located about 60 kilometers north of Basra, is recognised as one of the world’s most resource-rich fields, containing an estimated 38 billion barrels of oil. ExxonMobil is expected to finalise a Heads of Agreement (HoA) with Basra Oil and Iraq’s State Organisation for Marketing of Oil (SOMO) within the next few days. An ExxonMobil spokesperson confirmed to Reuters that the company entered…
The U.S. Energy Information Administration (EIA) projects that crude oil prices will remain stable for the third quarter of 2025, primarily due to yet another year of record-high U.S. oil production.The EIA has revised its 2025 production forecast upward, from 13.44 million barrels per day (bpd) to 13.53 million bpd. This is a significant increase from the 13.23 million bpd recorded last year, cementing the United States’ position as the world’s largest crude oil producer. However, the U.S. is also the world’s top consumer of crude oil, meaning the bulk of its output is used domestically, allowing Saudi Arabia to…
Zohr field currently contributes more than 23% of Egypt’s total gas production, said Karim Badawi, Minister of Petroleum and Mineral Resources, adding that the Mediterranean region would witness stability in production and further development and exploration plans. Badawi revealed during an interview on DMC TV Channel that Eni, the operator of Zohr, will increase its investment in Egypt by $8 billion over the coming five years, including projects in the Zohr, Dennis, Nour, and Narges fields. Moreover, he noted that between October 25 and December 26, more than $1.2 billion in foreign investments will be directed to over 100 exploration…
U.S. upstream oil and gas capital spending review Source link
Exports of Adnoc’s Upper Zakum exports have jumped as a refining switch freed up volumes for export. Despite more Murban being refined domes… Source link
Minister of Petroleum and Mineral Resources, Karim Badawi, has announced new leadership appointments at several petroleum sector companies as part of efforts to enhance operational efficiency and support the ministry’s strategic objectives. Khaled El-Sayed Abdel Salam Saleh has been appointed Chairman and Managing Director of Badr El Din Petroleum Company (Bapetco). Saleh began his career as an engineer at Petrogulf Egypt in 1996 and most recently served as Chairman and Managing Director of Esh El Mallaha Petroleum Company (Eshpetco). Mostafa Mohamed Ibrahim Hussein has been named Chairman and Managing Director of Eshpetco. Hussein started his career as a geophysicist at…
Opinion article by Samantha McCulloch in the Australian Financial Review on the east coast gas market | Australian Energy Producers Skip to content Source link
Minister of Petroleum and Mineral Resources, Karim Badawi, inspected the offshore drilling rig Cairo-2, operated by Modern Drilling Company (MDC) in Alexandria, before its transfer to its next drilling site at Dennis West 1X exploratory well in the Temsah concession, offshore Port Said in the Mediterranean Sea. The Dennis West 1X well, set to be drilled in deep waters at depths exceeding 4,000 meters through slanted drilling operations, is a significant project managed by Belayim Petroleum Company (Petrobel)—a joint venture between the Egyptian General Petroleum Corporation (EGPC) and Italy’s Eni. Badawi emphasized that the site visit aligns with the Ministry’s wider…
Crude oil flows from Iraq’s northern Kurdistan Region to Turkey’s Ceyhan export terminal resumed on the morning of 27 September following last week’s tripartite agreement (MEES, 26 September). Flows started at around 150,000 b/d and should ramp up in the coming days, with Kurdistan’s MNR saying on 1 October that volumes had reached 195,000 b/d. The resumption of pipeline flows after a two-and-a-half-year suspension will have no impact on global supply/demand balances as producers had already been selling into the domestic market, but it will reshuffle regional trade patterns. Specifically, the restart could have a noticeable impact on crude trade…