Author: Rigs & Barge World
Cyprus’ Energy Ministry confirmed on 14 April that US major ExxonMobil’s Block 5 Elektra well, while returning “encouraging results, confirming the existence of a hydrocarbon system and good quality reservoirs” ultimately only indicated “the presence of natural gas in non-commercial quantities.” The news was picked up by local and international press following initial MEES reports ((MEES, 11 April). “The ‘Valaris DS-9’ drillship, which carried out the drilling operations, will now move to Block 10 of the EEZ of Cyprus to conduct exploration drilling at the ‘Pegasus-1’ well site,” the ministry says. (CONTINUED – 402 WORDS) Read this article for free…
In a significant move to enhance safety and environmental stewardship within the Egyptian petroleum sector, the Egyptian General Petroleum Corporation (EGPC) has inked a memorandum of understanding (MoU) with global energy technology company Baker Hughes. The MoU, signed by EGPC Chairman Salah Abdel Kerim and Baker Hughes Egypt General Manager Amro Ismail, will see the development of an integrated governance framework for health, occupational safety, and environmental protection (HSE). Central to this collaboration is the implementation of a comprehensive training program focused on Leadership in Human and Organizational Performance (LHOP). This initiative aims to elevate human and organizational performance efficiency…
The First Undersecretary and Supervisor for Health, Occupational Safety and Environment (HSE), Energy Efficiency, and Climate Affairs at the Ministry of Petroleum and Mineral Resources, Alaa El Batal, has inaugurated the third seminar of the Organization of Arab Petroleum Exporting Countries (OPAEC) at ENPPI headquarters in Cairo, discussing current and future developments in the hydrogen field and its contribution to building a low-carbon future. During his opening speech, El Batal welcomed Jamal Al Loughani, Secretary General of the OPAEC, praising the organization’s continuous efforts to enhance cooperation and integration among Arab countries in the fields of petroleum and energy, especially…
22/03/2024 Nearly all petroleum industry executives believe that the Norwegian Offshore Directorate is achieving its objective to contribute to the greatest possible value for the broader society from the oil and gas industry. This is just one of the results from a major user survey commissioned by the Directorate. “These are very good results! In addition to that, we’re getting concrete feedback on how we can improve and continue developing for the better. We’re taking a very positive view of this,” says Kristin Reitan Husebø, Director of Framework and Governance at the Norwegian…
The partners at Israel’s 13.7tcf Tamar gas field, led by operator US major Chevron, and Greek firm Energean with its 4.3tcf Karish gas project on 14 April signed separate gas sales deals for a combined 16.5bcm with local firm Kesem Energy to supply a planned 780MW CCGT power station to be built 25km east of Tel-Aviv. “The Tamar partners undertake to supply the purchaser, on a firm basis, daily gas quantities with a maximum annual cumulative volume of approximately 0.8bcm, starting from the date of commencement of commercial operation of the power station, expected in 2029, and for a period…
The Acting Head of Engineering and Development at the National Iranian Oil Company Reza Aqebati announced that they will allocate $41 billion of investment packages to develop 50 natural gas fields, among them 35 projects aimed to increase gas production capacity by 500 million cubic meters per day (mmcm/d). Aqebati said that in a specialized meeting on investment opportunities in gas field development during the “Transformation in Investment and Development in Iran’s Upstream Oil and Gas” event. He added that there are 35 onshore fields that need to be developed with costs exceeding $13 billion and 14 offshore fields in…
Photo from Technology Day 2023. (Photo: Rune Goa) 22/03/2024 Now, a very exciting program with lectures from a variety of companies is ready for Technology Day on June 6th. The event will be held at the Norwegian Offshore Directorate. Technology Day is primarily for those of you who work for the resource management authorities and licensees on the Norwegian shelf. “We are fully dependent on technology development and implementation to realise the values on the continental shelf. The Technology Day is a great opportunity to share experiences and inspire each other,” says Arne…
Most North American oil production left unhedged in early 2025 Source link
Baker Hughes announced its financial results for the Q1 2025 noting that it has achieved revenues worth $6.427 billion compared to $4.18 year-on-year (YoY). The company’s statement showed that it recorded orders of $6.5 billion, including $3.2 billion of IET orders. Also, its attributable net income reached $402 million. “Baker Hughes started the year strong, building on the positive momentum from 2024 and setting multiple first-quarter records. Our continued transformation initiatives and strong execution continue to drive structural margin improvement across both segments. The operational transformation and streamlining efforts have created a solid foundation to optimize margins and enhance returns, even…
Eni CEO Claudio Descalzi last week pledged that his company will invest “more than €8bn [$9.1bn]” in each of its three key North Africa areas of operations over the next four years. A pledge that means that the region, which provided 35% of the Italian firm’s global output for 2024 (598,000 boe/d of 1.71mn boe/d), is likely to strengthen its position further. In Egypt, Eni is looking to bolster output at its declining Zohr field including via the tie-back of nearby discoveries (MEES, 11 April), whilst in Libya the bulk will go on ongoing development of offshore 6tcf ‘Structures A&E’…