Author: Rigs & Barge World

Egypt has signed agreements worth over $1.8 billion with Norway’s Scatec and China’s Sungrow to develop two major renewable energy projects, marking a significant expansion of the nation’s green energy infrastructure, according to a statement by the Cabinet. Prime Minister Mostafa Madbouly attended the signing ceremony alongside senior government officials. The first project, titled “Energy Valley,” will be developed by Scatec in Minya Governorate. The 1.7-gigawatt (GW) solar power plant will be integrated with 4 gigawatt-hours (GWh) of Battery Energy Storage Systems (BESS) distributed across Minya, Qena, and Alexandria. According to a Scatec press release, the hybrid facility is designed…

Cairo has moved to secure its LNG needs for the summer, providing an alternative to Israeli pipeline supplies that were interrupted on multiple occasions last year. Egypt’s Ministry of Petroleum announced on 4 January, that Egypt and Qatar had signed “an MoU in Energy and Natural Gas Domains.” Egypt’s domestic gas production, which averaged 4.20bn cfd last year, has fallen precipitously since peaking at 7.19bn cfd in September 2021, prompting a two-track approach by Cairo to secure imports. Israeli pipeline supplies form the low-cost baseload of the import mix and last year’s 880mn cfd accounted for around 45% of the…

At the start of the decade, Oman was in a dire financial position. In the five years between 2015-2020 it racked up multi-billion-dollar deficits that pushed debt above $50bn to a level of 68% of its GDP. Rating agencies had junked the country’s credit rating and the Covid crisis was set to make things worse (MEES, 8 January 2021). But since then, Oman has managed to pull out of its spiral of ever-rising debt. Both its medium-term fiscal program and its 10th Five-Year Development Plan (2016-2020) focused on cutting back state spending and paying down debt. Muscat shifted spending on…

Kuwait’s power sector set an ununwelcome milestone in November, with electricity imports averaging more than 900MW for the first time. The high-demand summer season had long receded from the rearview mirror, yet the Ministry of Electricity and Water (MEWRE) remained reliant on imports for the ninth consecutive month (see chart 1). 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

Kuwait is preparing for a second phase of offshore drilling after the first six-well drilling campaign resulted in sizeable discoveries. According to Kuna, the next campaign will include drilling 17 new wells as well as a 3D seismic survey. Since starting in August 2022, the campaign has discovered 4.5bn boe (3.02bn barrels oil, 6.7tcf gas) through the first three wells, proving the petroleum systems for the Nokhetha, Julaiah and Jazah fields (MEES, 17 October). Two more wells are currently being drilled, while the campaign’s final well will be spudded later this year. (CONTINUED – 106 WORDS) Read this article for…

 Geopolitical factors are heavily influencing the price of oil once again since the US troops captured President Maduro and his wife in a daring raid last week. Although Venezuela can sell its oil through the United States, its shadow fleet that used to transfer oil to international destinations is facing major hurdles as never before by the US Navy. It, however, may not lead to a disruption of the supply of the commodity in the markets, as the United States is playing a key role in the process.In Iran, meanwhile, unprecedented protests have broken out across the country, yearning for the…

Rashid Petroleum Company (Rashpetco) unveiled a five-year strategic plan (2025–2030), which encompasses Rashpetco and its subsidiaries: Burullus Gas Company and West Mina Gas Company. The plan aims to double its current natural gas production by the end of fiscal year (FY) 2029/30, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The meeting was attended by Ehab Ragaee, First Undersecretary of MoPMR for Production Affairs, and Samir Raslan, Undersecretary for Agreements and Exploration. Sayed Selim, Chairman of Rashpetco, alongside Khalid Gad, General Manager and Managing Director, outlined an ambitious vision to maximize the utilization of existing assets…

BP operates in Kuwait through an enhanced technical services agreement (ETSA) to help the Kuwait Oil Company (KOC) manage development of the giant 1.5mn b/d Burgan oil field. The British major was awarded a ten-year ETSA for the work in 2016, which was due to expire in the middle of this year (MEES, 15 July 2016). The firm now says that this ETSA was “recently extended until mid-2029.” The extension to 2029 is in line with Shell, which last year announced extensions for its three ETSAs in Kuwait that were also due to expire this year (MEES, 2 May 2025).…

Iraq’s cabinet has endorsed the takeover of petroleum operations at the West Qurna 2 oilfield, one of the largest globally, following terms set out in the service contract with Russia’s Lukoil, as reported by Reuters. The government announced Wednesday that it will secure funding for operations through the Majnoon oilfield account, which is replenished by revenues from crude oil exports marketed by state oil seller SOMO. State-owned Basra Oil Company (BOC) will assume responsibility for payroll, operating costs, and subcontractor fees using the Majnoon-linked account, according to an Iraqi oil manager at the field. Output at West Qurna 2 is…

UK Energy giant bp reaffirmed its commitment to boosting investments in Egypt, accelerating drilling programs, and turning discoveries into actual production on an accelerated pace. This came during a meeting of Karim Badawi, Minister of Petroleum and Mineral Resources, with Nader Zaki, Regional President of bp for the Middle East and North Africa and Wail Shaheen bp’s Regional Vice President in Egypt, to review the status of bp’s projects and the company’s investment plans for the next phase. Zaki reaffirmed BP’s commitment to its historic partnership with Egypt’s petroleum sector, noting that the ministry’s efforts to improve the investment climate…