Author: Rigs & Barge World
Saudi Aramco’s net income fell by 22% year-on-year to $22.67bn in Q2 as average realized prices for its crude oil production fell below $70/B for the first time since 2021. The slump in oil prices following US President Donald Trump’s ‘Liberation Day’ tariff announcements in April has unsurprisingly had a significant impact on Aramco’s bottom line, although the subsequent price recovery coupled with production increases (MEES, 8 August) point to a possible improved performance in Q3. Saudi Arabia’s Opec+ quota is increasing by 1mn b/d between March and September, and Mr Nasser told the firm’s Q2 earnings call on 5…
The Egyptian Soda Ash Company (ESAC) and several national and regional financing institutions signed an Agreement in Principle (AIP) for financing a Soda Ash production project for an estimated $490m. The ESAC project’s goal is to produce 600,000 tons of soda ash and its derivatives annually within the industrial zone of New Alamein City. The signing took place in presence of Minister of Petroleum and Mineral resources, Karim Badawi, and financial advisors from the National Bank of Egypt (NBE) and the African Export-Import Bank (Afreximbank). On behalf of Soda Ash Company, Shaher Reda Chairman and CEO, signed the agreement with…
Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds (CIF) program—a recognition of the nation’s tangible efforts and serious steps toward transitioning to a green economy. The Egyptian Cabinet highlighted this achievement through a series of infographics on its social media platforms, showing the country’s strategic direction toward promoting sustainable development, expanding clean energy use, and implementing environmentally friendly projects. Among the highlighted achievements is Egypt’s climbing six places in the prestigious Climate Change Performance Index by Germanwatch to reach 20th position in 2025, up from 26th in 2014. Additionally, Egypt…
US President Donald Trump’s Senior Advisor for Africa Massad Boulos kicked off a six-day diplomatic tour of North Africa on 22 July, visiting Tunisia, Libya, and Algeria over the course of the week. The senior envoy unexpectedly left Morocco out of his tour, angering Rabat and sparking rampant speculation over the significance of the move. (CONTINUED – 1516 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities Source link
Dana Gas, one of the major natural gas companies in the Middle East, reported a 1% increase in net profits during the H1 2025, compared to the same period of last year to reach AED 270 million ($73 million) thanks to new investment momentum in Egypt and strong operation in Kurdistan Region of Iraq (KRI). In a company press release on the results, Dana Gas highlighted the successful drilling of the first well in Egypt under its new investment program, with a successful outcome. In July, the company announced the successful drilling and completion of Begonia-2, the first of 11…
Egypt’s Prime Minister Mostafa Madbouly held a meeting with the Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, and Minister of Petroleum and Mineral Resources Karim Badawi, to review the ongoing efforts to ensure the availability of petroleum products and the status of the arrears owed to foreign partners in the petroleum sector. At the start of the meeting, Madbouly commended the close coordination between the government and CBE in securing the necessary financial allocations to maintain a strategic stockpile of petroleum products. He emphasized the government’s proactive measures to meet the needs of the electricity and industrial…
The Opec+ Group of Eight has agreed to unwind the final tranche of its 2.2mn b/d voluntary cuts in September, but will continue to meet each… Source link
Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), has paid a field visit at El Hamra Petroleum Port in the New Alamein City to inspect the ongoing development and expansion works. Following the model of the Fujairah Port in UAE, Egypt aims to transform El Hamra Port as a pivotal hub and a logistics center for storing and handling crude oil and petroleum products on the Mediterranean coast, based on the cooperation agreement signed between MoPMR and the government of the Emirate of Fujairah. During the visit, the Minister met with Salah Abdel Karim, CEO of the Egyptian…
Fertiglobe’s profits fell sharply to $38.3mn during the second quarter of the year. This is the lowest ever Q2 figure for the Adnoc subsidiary (Adnoc 86.2%, listed 13.8%) (see chart 1). The company says disruption to its facilities in Egypt was a major reason for its drop in profits. Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities Source link
A team from El Wastani Petroleum Company (WASCO) restored production from the Balsam-3 well, which had been slated for permanent abandonment. The well yielded approximately 5 million standard cubic feet of gas per day (mmscf/d), adding 4 billion cubic feet (bcf) of natural gas to the company’s reserves. After the depletion of its original producing layer ‘Qawasim’, and despite challenges such as limited data about its prospects and the absence of wireline logs for the Kafr El Sheikh formation, the team conducted an in-depth study of this layer using various indicators. They analyzed gas ratios during drilling and employed advanced…