Author: Rigs & Barge World
Egypt’s latest moves to secure long-term LNG import deals provide further evidence that Cairo sees domestic gas output remaining at low levels for the foreseeable future. Desperate for gas to stave off blackouts amid an expected temporary drop in volumes from Israel, Egypt this week reduced gas supplies to industry as part of a precarious balancing act (MEES, 23 May). Egypt’s decision to secure four Floating Storage and Regasification Units (FSRUs) for use this summer took many observers by surprise (MEES, 16 May). This followed a flurry of reports that Egypt is in talks with Arab states to supply its…
Sinopec, China’s state-owned oil and gas giant, has launched a hydrogen energy-focused venture capital fund with an initial investment of $690 million, the company said in a statement quoted by Reuters. As the largest fund in China devoted to hydrogen investment, it will focus on early-stage ventures and the development of critical materials, essential equipment, and high-potential proprietary technologies across the hydrogen value chain. The fund is a subsidiary of Sinopec Capital Co., with external partners such as Shandong New Growth Drivers Fund Management Co. and Yantai Guofeng Investment Holding Group Co., according to Reuters. Sinopec has acquired equity stakes…
During my opening remarks I noted that despite some sobering messages from our Wood Mackenzie study on Australia’s investment competitiveness, there is cause for optimism. This week has demonstrated why. We’ve had the welcome announcement from the Queensland Government that it’s releasing nine new areas for future gas exploration to boost future supply. The Minister said: Queensland is open for business. Yesterday, Minister Murray Watt announced the conditional approval of Woodside Energy’s North West Shelf extension – a critical project for Western Australia’s long-term energy security and economic growth. I commend the Minister for backing this vital project, and being…
Kuwait is targeting 2bn cfd of non-associated natural gas production by 2040 as it seeks to prevent its LNG import bill from rising ever higher. Non-associated gas output currently stands just shy of 700mn cfd, accounting for slightly more than a third of total gas capacity of approximately 2bn cfd (see chart). 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
Four solar and wind energy projects were awarded qualification certificates to start selling the energy they generate to industrial projects according to the Peer-to-Peer (P2P) Mechanism for electricity generation and consumption. The four projects together have a total capacity of 400 megawatts and investments totalling $388 million. Under this system, companies will build power plants and sell the generated electricity directly to industrial consumers. They will pay fees to the Egyptian Electricity Transmission Company in return for its transmission of this energy. The government has no role in the process as it wont bear any costs and will not provide…
Media release: Pioneering marine turtle conservation project takes out top prize at energy industry awards | Australian Energy Producers Skip to content Source link
ExxonMobil announced that it has entered exclusive negotiations with the French unit of Canadian energy group North Atlantic to sell the 82.89 % stake Exxon owns in the French subsidiary Esso, according to Reuters. The sale is planned to be implemented in Q4 2025, at a price of EUR149.19 ($168.82) per share before distributions, or EUR32.83 after distributions. An Esso note stated that once the transaction is completed, North Atlantic would make a mandatory offer to buy for the remaining shares of Esso on the same financial terms as the initial offer, noting that this bid would be launched in…
Q: How would you describe OQEP’s current strategy? A: What distinguishes OQEP from other companies is our ability to attract partners, especially IOCs and independents. This didn’t come from nowhere, it comes from the culture we have built within our team to ensure that we are seen as a trusted, reliable partner with strong, local knowledge; both technical knowledge and understanding the way things are run and governed in Oman. Those relationships, our technical, commercial, and operational abilities have positioned us to be where we are today. With these strengths, we want to continue building new types of relationships which…
The recently discovered cases of gasoline contamination originated from a shipment with sulphur levels exceeding the permitted limit, said Prime Minister Mostafa Madbouly during his weekly press conference. He further explained that the inspection of imported refined gasoline and diesel is carried out by private laboratories that are not affiliated with the state. Madbouly added that President Abdel Fattah El-Sisi has directed taking legal actions, including financial penalties, against those responsible for this problem. The Minister of Petroleum, Karim Badawi, presented the President with a plan to implement a new system to avoid the recurrence of this problem in the…
OQEP, the listed upstream subsidiary of state Omani energy firm OQ, has undergone phenomenal growth over the past 15 years, with net production rising from 18,000 b/d in 2009 to around 230,000 b/d. But OQEP is not about to rest on its laurels and has ambitions to boost output further with a focus on gas to achieve a balanced portfolio. OQEP CEO Ahmed al-Azkawi sat down with MEES on the sidelines of the Oman Petroleum and Energy Show (MEES, 21 May). “We intend to go beyond our current 230,000 boe/d,” al-Azkawi says. Not only is the company taking a lead…