Author: Rigs & Barge World
Eni’s production went down by 2.6% in Q2 2025 compared to Q2 2024; however, it increased by 1.3% sequentially, confirming the positive outlook for the year. According to the company’s results, it achieved net profit of $1.13 billion with a group tax rate of 46.6%. The performance is supported by several internal improvement initiatives, including cost savings, increased volumes, and a more favorable product or service mix. Eni also predicted increase in the cash flow from operations (CFFO) before working capital adjustments to approximately €11.5 billion at the updated scenario. “Eni’s consistent strategic focus has produced excellent results in Q2 2025.…
Media release: Australian oil & gas industry delivers record $22 billion in taxes and royalties to government revenues in 2024-25 | Australian Energy Producers Skip to content Source link
Production from several IOC-operated fields in Iraqi Kurdistan remains shut-in following last week’s drone strikes, which forced as much as 200,000 b/d offline (MEES, 18 July). An IOC industry source tells MEES that initial assessments do not indicate severe damage to infrastructure, except for Hunt Oil’s Ain Sifni block which was attacked twice on 16 June. Hunt Oil has yet to confirm the incidents. The firms “are waiting for a few days of calm and to repair minor damages and then restart production,” the source adds. The companies are also assessing whether they can bring back expatriate personnel. “The IOCs…
The Mineral Resources and Mining Industries Authority (MRMIA) and China’s Hunan Institute of Geology have agreed on a joint cooperation protocol in the mining sector. The protocol involves exchange of expertise in geological, aerial surveys and mineral exploration; satellite imagery analysis and interpretation; value-added studies for mineral resources; and specialized training programs for Egyptian geologists and technical staff. This was announced during a meeting that brought together Yasser Ramdan, MRMIA Chairman, and a delegation from the Institute to discuss cooperation opportunities in mining and geological exploration. Ramadan emphasized the deep ties between Egypt and China and provided an overview of…
Qatar’s second quarter deficit widened to $210mn from $150mn in Q1, latest finance ministry data shows. This marks the second consecutive quarterly deficit, following a return to the red in Q1—the first since 2021 (MEES, 13 June). Doha had projected a deficit of $3.6bn in the 2025 budget, based on a conservative $60/B oil price assumption. But oil and gas revenues took a hit during the second quarter, falling to a four-year low of $9.3bn. (CONTINUED – 190 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by…
Minister of Petroleum and Mineral Resources Karim Badawi met with George Papanastasiou, Cypriot Minister of Energy, Commerce, and Industry, in Nicosia. Senior representatives from Eni and TotalEnergies also attended the meeting. The discussion focused on the progress of Cyprus’s Cronos natural gas field, which is scheduled to be linked to Egypt’s energy infrastructure by 2027. Within the framework of the Steering Committee overseeing the development of Cyprus’s Cronos natural gas field, Egypt and Cyprus reiterated their commitment to the project’s agreed timelines. The committee further reviewed the status of the technical and implementation agreements, now in their final stages of…
Sudan has announced plans to rehabilitate its top refinery, the 100,000 b/d capacity al Jaili facility, along with the country’s power grid following substantial infrastructure damage caused by the ongoing brutal civil war. The energy ministry says repair plans will cover several transformer, distribution, and thermal stations across the capital Khartoum, which the army recently recaptured from rival militias (MEES, 18 April). (CONTINUED – 152 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
Iraq’s Midland Oil Company on 22 July signed a development contract with US oilfield services firm SLB to raise output at the 5.6tcf Akkas field in Anbar province to 100mn cfd. The award brings to and end an embarrassing episode following last year’s contract with Ukrzemresurs (MEES, 26 April 2024), which led to parliamentary and public scrutiny that resulted in the revocation of the contract to the little-known Ukrainian firm earlier this year (MEES, 16 May). SLB will add 60mn cfd, according to oil minister Hayan Abdulghani. Currently, all output of around 40mn cfd is piped with minimal treatment via…
UK Major BP announced on 21 July that it has appointed Albert Manifold as chairman, taking over from Helge Lund effective 1 October. Mr Manifold was CEO of international construction company CRH and non-executive director at Mercury Engineering. The appointment comes as the energy giant is trying to allay shareholder and market concerns with its strategic U-turn back to its core oil and gas business (MEES, 28 February). BP’s senior independent director Amanda Blanc lauded Mr Manifold’s “relentless focus on performance which is well suited to bp’s needs now and into the future.” (CONTINUED – 143 WORDS) Read this article…
UK major Shell announced on 23 July that it has taken a final investment decision on its Mina West gas discovery in Egypt’s offshore Mediterranean. The c.500bcf discovery was made in the North East El Amriya block in late 2023 (MEES, 24 November 2023). “The Mina West gas field will be developed as a subsea tie-back to the existing infrastructure of West Delta Deep Marine (WDDM), supporting the delivery of reliable energy to Egypt’s domestic gas market,” Shell says. (CONTINUED – 207 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into…