Author: Rigs & Barge World

Exploration activity has been profitable in all ocean areas. Over the last five years, the value of the discoveries made is more than twice the exploration costs. (Illustration image) 23/09/2024 A Norwegian Offshore Directorate analysis of exploration activity over the last 20 years (2004-2023) shows that the discoveries are valued at three times the costs expended. The Norwegian Offshore Directorate has calculated the overall net cash flow for exploration activity during the 2004-2023 period at about NOK 3800 billion. In current value (total net present value), this amounts to more than NOK 2000 billion.…

Abu Dhabi-based artificial intelligence (AI) company AIQ, has entered into a Strategic Collaboration Agreement with Gulf Energy Information (Gulf) to enhance the development of ENERGYai, an advanced AI solution. The collaboration aims to integrate the vast data assets of Gulf with AIQ’s cutting-edge AI capabilities. ENERGYai is a first-of-its-kind agentic AI solution for the energy sector, born from a partnership between Abu Dhabi National Oil Company (ADNOC) and tech giants G42 and Microsoft. In March 2025, AIQ announced a landmark $340 million contract with ADNOC to deploy ENERGYai and associated AI solutions across ADNOC’s upstream value chain. The collaboration with…

Opec+ took observers by surprise this week by announcing that it is accelerating the pace of production increases less than 24 hours after the US unveiled its new tariff policy. Oil markets were already softening following US President Donald Trump’s 2 April ‘Liberation Day’ press conference, before the Opec+ announcement put them into a tailspin, with Brent dropping from $74.95/B to close 3 April at $70.14/B, and barely $65/B as MEES went to press. The group had earlier implemented its first easing of production cuts since September 2022 on 1 April, when the ‘Group of Eight’ eased voluntary cuts by…

09/04/2025 Through APA the industry has gained regular access to new acreage on the Norwegian continental shelf. Today, this includes nearly all the acreage that has been opened for petroleum activity. The Norwegian Offshore Directorate’s interactive map shows high activity and continuous exploration in the mature NCS (Norwegian continental shelf) areas from 2004 to 2024. The light green area shows active production licences, while the darker green areas show awarded production licences for each year. The map shows a high level of activity and continuous exploration in the mature areas on the Shelf.…

As part of his participation in the 17th edition of the OMC Med Energy Conference & Exhibition 2025–held in Ravenna, Italy from April 8 to 10, 2025–Karim Badawi, Minister of Petroleum and Mineral Resources, visited the Egyptian petroleum sector’s booth at the event. The booth showcased key national entities, including the Egyptian General Petroleum Corporation (EGPC), the Egyptian Petrochemicals Holding Company (ECHEM), the Egyptian Natural Gas Holding Company (EGAS), and their affiliated companies. It offered a comprehensive look at the sector’s activities, with a strong focus on investment opportunities and strategic areas of collaboration that align with Egypt’s current energy…

 The trade war between the world’s two largest economies escalated sharply today, as China declined to agree on a deal to avert a major economic crisis involving both nations.President Trump had warned China against levying retaliatory tariffs of 34% in response to tariffs previously imposed on Chinese goods by the United States. China, however, branded the warning as ‘blackmail’ and vowed to ‘fight to the end’, without specifying what that entailed.President Trump had set a deadline of 12:01 a.m. Eastern Time (ET) on Tuesday for a deal to be reached; when that did not materialize, he imposed an additional 50%…

Media release: Statement on the Coalition’s Frontier Economics gas policy modelling | Australian Energy Producers Skip to content Source link

Energean is planning more investments in Egypt and exploring more gas in the deeper horizons of the Abu Qir concession area in the West Nile Delta region, following the termination of its asset sale deal with Carlyle, according to Chief Executive Officer (CEO) of Energean, Mathios Rigas In an interview on Bloomberg Al Sharq TV’s Cairo Weekend program, Rigas said that the first step is to “integrate the three concessions currently owned by the company.” He explained that this integration would boost productivity and reduce costs, “which would enable us to invest more money.” “The second step is to search…

Illustration: Map of the Shelf as of 2024. 25/09/2024 The map shows all fields, discoveries, licensed area and area opened for exploration on the Norwegian continental shelf (NCS) . It also provides an overview of all production licences. Additionally, you can now view the areas on the continental shelf that the government proposes to open for the exploration and extraction of seabed minerals. The first map was released in 1965, and we have updated it almost every year since then.  You can download the newest version as of 2024 or historical versions of the…

Talks to resume oil exports through the Iraq-Turkey Pipeline (ITP) have hit a brick wall after Baghdad’s Ministry of Oil moved to force terms on the Kurdistan Regional Government (KRG) as well as IOCs with operations in the semi-autonomous region without their agreement. In a 27 March letter sent to the KRG’s Ministry of Natural Resources (MNR) and seen by MEES, the oil ministry said it had secured PM Mohammed al-Sudani’s approval for the expansive scope of work it has set out for a consultant needed to assess the region’s oil and gas sector (see table). Read this article for…