Author: Rigs & Barge World

Petrobel, the joint venture (JV) between Eni and the Egyptian General Petroleum Corporation (EGPC), has started production from the Belayim Offshore 133 well in the Gulf of Suez at an initial rate of 1,500 barrels of crude oil per day (bbl/d), with further potential to optimize output in the near term, according to the Ministry of Petroleum and Mineral Resources (MoPMR). This marked the first drilling activity under the Italian company’s new investment program in the Gulf of Suez, Sinai, and Delta regions, pursuant to the agreement signed with EGPC in mid-November to inject new investments into these areas. The…

Renewed competition between Algeria and Morocco over gas pipeline projects to Europe marks a new phase in their decades-long regional rivalr… Source link

Cooperation Petroleum Company (CPC) investment plan details a total of EGP 1.2 billion investments in fiscal year (FY) 2026/27, CPC’s Chairman, Mostafa El Sayed, noted. This came during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the year’s investment plan. Ship refueling sales volume, commonly referred to in the maritime industry as bunkering (the process of supplying fuel and lubricants to a ship’s own tanks for its journey), surged by 205% during the period from July to December 2025. Consequently, the value of these bunkering sales rose to $19.5 million, marking a…

Assiut Oil Refining Company (ASORC) targets refining 4.2 million tons (mmt) of crude oil during fiscal year (FY) 2026/27, ASORC Chairman Issa Alaq stated during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the FY 2026/27 investment plan. During the first half (H1) of the current FY 2025/26, the refinery successfully covered 100% of Upper Egypt’s gasoline requirements. The upcoming investment plan focuses on capacity expansion, including the construction of a new atmospheric distillation unit and a gas recovery unit for liquefied petroleum gas (LPG) production. To enhance sustainability, the company saved…

Bunkering activity at the UAE’s Fujairah’s and Khor Fakkan hubs has become increasingly subdued in recent months as the US tightened enforcement measures against firms allegedly breaching sanctions on Iran. In December, the Office of Foreign Assets Control (Ofac) sanctioned two vessels operating in Khor Fakkan – Khadiga and Skylight – citing their transporting of Iranian product and links to Red Sea Ship Management. (CONTINUED – 507 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…

Chevron has begun exclusive negotiations with Iraq over the massive West Qurna 2 oilfield, bringing it closer to taking over the asset from Russian producer Lukoil, which is under sanctions, according to Reuters. Chevron said the discussions will involve sharing confidential information and could significantly expand its presence in Iraq, following Baghdad’s decision to nationalise the West Qurna 2 field. The office of Iraqi Prime Minister Mohammed Shia al-Sudani confirmed that an agreement had been signed between Chevron and the Basra Oil Company (BOC). Under the arrangement involving BOC, Lukoil, and Chevron, the West Qurna 2 contract will be temporarily…

Preparations are well underway for Iraq to receive its first LNG cargo this summer. After several meetings with Iraqi oil, electricity and port officials, US LNG infrastructure firm Excelerate Energy has chosen three jetties – 2,3 and 4 – at Khor al-Zubair (see map) to berth its Hull 3407 floating storage and regasification unit (FSRU). MEES understands that imports are on schedule to begin in mid-June. 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

State energy giant Saudi Aramco is preparing to launch its first exports from the $100 billion Jafurah gas project later this month, following the sale of several ultra-light crude (condensate) cargoes to global majors. Trade sources confirmed that Chevron has booked two shipments for late February and March. Additional cargoes for next month were secured by ExxonMobil and Indian Oil Corporation (IOC). The deals were reportedly struck at premiums of $2 to $3 per barrel over the Dubai benchmark, reflecting strong international interest in the new supply stream. Aramco expects to ship between four and six cargoes monthly from the…

The Arabian Gulf Oil Company (AGOCO) has restarted operations at the Sinoun oil field in the Nalut area, as part of the broader strategy of the National Oil Corporation (NOC) to raise production and improve operational efficiency. Production had been suspended for more than three and a half years due to financial constraints and technical difficulties related to transporting crude through the pipeline to the Mellitah Industrial Complex in Zwara city. The restart follows directives from the NOC Chairman to prioritize output growth, a move aimed at bolstering state revenues and the national economy. AGOCO’s technical and engineering teams completed…

Saudi Arabia and other oil producers faced a unique set of challenges last year. The kingdom’s energy sector leadership had to navigate the Israel-Iran conflict in June, US tariffs and policy uncertainty from the White House, all while steadily unwinding Opec+ production cuts. The release of December Jodi statistics (see table for full data) provides a clearer picture of how Saudi Arabia managed its oil and gas reserves amid the tumult, and highlights the extent to which 2025 was a landmark year for the kingdom. There has been considerable focus on last year’s unwinding of Opec+ cuts, which enabled Saudi…