Author: Rigs & Barge World
The displacement of oil from Saudi Arabia’s power generation sector continued apace in November, with the latest Jodi data showing oil burn down a massive 302,000 b/d year-on-year. November oil burn of just 869,000 b/d left Saudi Arabia well placed for a full-year drop in oil burn of 100,000 b/d, with the annual average potentially dropping below 1mn b/d for the first time since 2019 (see chart 1). It averaged 1.012mn b/d over the first eleven months of the year. Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed…
A golden era for the UAE’s oil trading sector has drawn to a close as a tightening of US sanctions on Russian and Iranian barrels, regional geopolitical shifts and broader industry headwinds combined to create a highly challenging year for Dubai-based trading firms in 2025. This year is unlikely to prove any easier for independent firms, with the traditional trading giants and NOC-backed firms consolidating their control. The first half of the decade was transformative for the United Arab Emirates, and Dubai in particular, as an oil trading hub. The Covid-induced price contango that incentivized oil storage caused storage tanks…
Omani state offtaker Nama Power & Water Procurement (Nama PWP) signed power purchase agreements with the developers of the 2.6GW Misfah and Duqm combined-cycle gas turbine (CCGT) power projects on 22 January. The plants were first announced by Nama back in late-2024 and are expected to be fully operational by 2Q 2029 (MEES, 6 December 2024). The two plants are being developed by the same consortium that groups Oman’s Bahwan Infrastructure Services, Qatar’s Nebras Energy, Korea’s Kowepo, and the UAE firm EtihadWE – EtihadWE provides electricity and water to the UAE’s ‘northern emirates’ but hasn’t generated electricity domestically since 2021.…
The Egyptian General Petroleum Corporation (EGPC) has approved amendments to the current fiscal year’s budget as well as the plan for the 2026/27 budget for Alamein Petroleum Company. EGPC’s CEO, Salah Abdel Kerim, attributed the modifications to the fact that the company’s concession areas require continuous innovation and integrated technical solutions, given their complex geological nature. He reaffirmed EGPC’s full support for efforts to increase output and reduce per-barrel production costs, specifically to counter the natural decline of mature fields. Abdel Kerim highlighted that investment in exploration continues to yield immediate results, citing the Z3 well as a recent success.…
The global economy has proven to be much more resilient than expected over the past year. After sharply downgrading growth expectations in April following the US ‘Liberation Day’ tariff launch (MEES, 1 August), the IMF has since unveiled successive upwards revisions, most recently in January. This week’s update to the World Economic Outlook (WEO) saw the IMF revise up its assessment for growth in 2025 by 0.1 percentage points to 3.3%, flat with 2024 growth. “Remarkably, global growth for 2025 and 2026 is expected to be stronger than projected back in October 2024 before the tariff disruption started,” Pierre-Olivier Gourinchas,…
The Egyptian Natural Gas Holding Company (EGAS) is accelerating the development of undeveloped offshore discoveries through new technical partnerships and expanded exploration programs with global majors, including Arcius Energy, ADNOC’s XRG, and ExxonMobil. As part of the Ministry of Petroleum and Mineral Resources’ (MoPMR) strategy to boost upstream activity, EGAS recently held a technical workshop with Arcius Energy—a regional gas platform co-owned by bp (51%) and ADNOC’s XRG (49%). The sessions focused on assessing development options for undeveloped gas discoveries in the Mediterranean to bring them onto the production map. The objective is to tie these proven reserves to existing…
China’s Xingfa Chemicals Group has unveiled plans to invest up to $2 billion in a large-scale, three-phase industrial project in Egypt’s Golden Triangle Economic Zone (GTEZ), focusing on integrated phosphate extraction and high-value chemical manufacturing. During a meeting on January 22, Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), discussed the proposal with a delegation led by Yali Cheng, President at Hubei Xingfa Chemicals Group. Badawi attributed the significance of the project to its alignment with the Ministry’s strategy to revitalize the mining sector by shifting from raw ore exports to value-added industries. He reaffirmed the Ministry’s full support…
Karim Badawi, Minister of Petroleum and Mineral Resources, has reaffirmed that the Ministry’s top priority is increasing domestic crude oil and natural gas production to reduce the national import bill and secure energy supplies for the Summer 2026 season. During a periodic meeting with petroleum and mining sector leaders at The Egyptian Natural Gas Company’s (GASCO) headquarters, Badawi reviewed progress and upcoming targets under an ambitious five-year plan extending through 2029/30, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Badawi announced that the Ministry is set to launch a new package of incentives designed to…
The Egyptian General Petroleum Corporation (EGPC) has launched a centralized digital platform to monitor, analyze, and evaluate the environmental performance of its affiliated companies with the aim of enhancing transparency and operational efficiency across the sector. The platform aims to standardize mechanisms of collecting environmental data and digitally analyze them to improve operational efficiency, support informed decision-making, enhance data quality and accuracy, and increase transparency within the sector. Tamer Aieysh, EGPC Assistant Chairman for Health, Safety & Environment Protection (HSE), and Mohamed Abouelmagd. EGPC Assistant Chairman for Information Technology explained that the necessary steps were taken to establish the platform,…
Libya’s gas exports, all of which go to Italy via the 8bcm/y (775mn cfd)-capacity Greenstream pipeline, fell to just 105mn cfd for 2025, the lowest figure in more than two decades. The 2025 volumes are down 22% year-on-year and stand at just 11% of the record 964mn cfd achieved in 2007. This is the lowest annual figure since 2003’s 73mn cfd, marking a sixth consecutive annual decline (see chart). (CONTINUED – 705 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…