Author: Rigs & Barge World

US ExxonMobil has commenced production from Yellowtail, its fourth oil development in Guyana’s offshore Stabroek block, four months ahead of schedule. The company reported an initial average production of 250,000 barrels per day (bbl/d) of oil throughout the year, and a storage capacity of two million barrels from the operating vessel. The project involved ONE GUYANA, the largest floating production, storage, and offloading (FPSO) vessel on the Stabroek block to date, alongside the Destiny, Unity, and Prosperity FPSOs, thereby raising the country’s total installed capacity to over 900,000 bbl/d. Oil from the vessel will be marketed as Golden Arrowhead crude,…

Libya’s NOC on 4 August signed an MoU with ExxonMobil, marking the potential return of the US oil giant after more than a decade of absence due to ongoing instability (MEES, 4 October 2013). The agreement was signed in London days after US President Donald Trump’s Senior Advisor for Africa Massad Boulos revealed it was coming soon following “productive” meetings in Libya (see main story). (CONTINUED – 355 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…

Baker Hughes, an energy technology company, has completed its $540 million acquisition of Continental Disc Corporation (CDC) from investment partnerships managed by Tinicum Incorporated. The acquisition will immediately contribute the company’s earnings and cash flow per share and Industrial and Energy Technology’s segment margins. The transaction brings a complementary portfolio of products to Baker Hughes’ existing valves product line with the addition of CDC’s well-established critical pressure management solutions, the company said on Thursday. CDC, based in Liberty, Missouri, makes safety products such as rupture discs, relief valves, and flame arrestors, used in industries including pharmaceuticals, chemicals, food and beverage, oil and…

Oman’s abundant gas reserves underpin the sultanate’s industrial expansion strategy, and the sultanate is investing to expand its distribution network to support growing industrial clusters. OQ Gas Networks (OQGN) owns and operates the 4,235km of gas pipelines that snake around the country and transported a record 3.96bn cfd of gas during the first quarter of the year. By 2027 it expects this to reach 4.41bn cfd, an 11% increase made possible by four major expansion projects (see map). (CONTINUED – 737 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the…

Amid a turbulent second quarter of the year, Saudi Aramco’s downstream segment produced a robust performance (see p8). In marked contrast to the firm’s core upstream business, downstream revenues and earnings have increased since the start of the year as the firm capitalized on improved refinery margins. Downstream revenues edged up sequentially to $61.2bn last quarter (see chart 1), while adjusted earnings before interest and taxes (Ebit) more than doubled to $2.59bn (see chart 2). This adjusted Ebit figure is the highest on record (to 1Q 2024) and the non-adjusted Ebit figure of $560mn was the highest since 1Q 2024’s…

Amea Power is joining the second phase of the Agadir reverse osmosis desalination project in Morocco, the UAE-based firm announced on 1 August, marking its first such project in North Africa. Development of the 275,000 m³/d first phase was awarded in 2014 to Spanish firm Abengoa and came online in 2022 (MEES, 21 November 2014). Abengoa has since been rebranded as Cox after being acquired by compatriot Cox Energy in 2023, and Amea itself has a 3.76% stake in Cox. (CONTINUED – 793 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve…

Egypt has not  signed a new agreement to import Israeli gas, clarified Moataz Atef, the Undersecretary for the Minister’s Technical Office and Official Spokesperson of the Ministry of Petroleum and Mineral Resources, during a prime-time talk show on Friday night. His comments came in response to media reports suggesting Egypt had entered a new $35 billion deal to import gas from Israel through 2040. Atef explained that this is not a new agreement, but rather an extension of an existing 2019 deal. Atef emphasized that the deal comes as part of Egypt’s strategy to secure its gas supply. This includes…

A late July surge of LNG cargoes drove Egyptian imports to a record monthly high of 1mn tons, Kpler data shows. This was enabled by the start-up of the 750mn cfd Energos Eskimo and 750mn cfd Energos Power FSRU’s, which took regasification capacity to 2.25bn cfd (MEES, 25 July). LNG imports more than doubled month on month, with the Hoegh Galleon importing 502,000 tons (seven cargoes). The Energos Eskimo received 284,000 tons (4 cargoes) and Energos Power another 213,000 tons (3 cargoes), according to Kpler (see chart). (CONTINUED – 828 WORDS) Read this article for free Gain access to over…

Minister of Petroleum and Mineral Resources Karim Badawi has announced a new round of transfers and appointments involving senior officials at the ministry, the Egyptian Natural Gas Holding Company (EGAS), and several petroleum and mineral resources sector companies. The reshuffle aims to strengthen key petroleum entities with the required expertise to drive future objectives and encourage knowledge exchange. It also includes filling leadership positions that have recently become, or are expected to become, vacant due to retirements. Yasseen Mohamed was appointed First Undersecretary and Supervisor, Health, Safety and Environment(HSE), Energy Efficiency and Climate at the Ministry of Petroleum and Mineral…

ADNOC Distribution’s net profits increased by 12% year-on-year (YoY) in H1 2025 to $358 million, according to the company’s financial results. The company also achieved the highest earnings before interest, taxes, depreciation, and amortization (EBITDA) of $566 million during the same half, up 10% YoY. The results emphasized that ADNOC Distribution made records in the fuel volumes after reaching 7.62 billion liters, increasing by 5.6% YoY in H1 2025. “Our strong H1 2025 results demonstrate the successful execution of our 2024-28 growth strategy, driven by operational excellence and customer-focused innovation. The sustained growth in EBITDA and net profit highlights our…