Author: Rigs & Barge World
Minister of Petroleum and Mineral Resources, Karim Badawi, held a meeting with representatives from international technology providers and service companies operating in Egypt, including SLB, Baker Hughes, Weatherford, National Energy Services Reunited Corporation (NESR), and Expro. The meeting discussed the executive steps for establishing an integrated mechanism to develop drilling technology and field Development. This initiative is part of the Ministry’s five-year plan to increase domestic production of crude oil and natural gas, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). During the meeting, Badawi stated that the Ministry has made significant strides in preparing…
Petroleum Marine Services (PMS) generated total revenues of $261.5 million in 2025. The revenues included $129 million from development projects and $132.6 million from maintenance, inspection, drilling, and other marine services, CEO Amr Badawy said during the general assembly meeting to approve the company’s 2025 financial results. Badawy explained that PMS’s strategy is focused on diversifying and expanding its activities through cable-laying and deepwater installation works, in addition to port dredging. The company is also focused on broadening its client base, increasing business volumes, and strengthening partnerships with existing customers. In 2025, PMS secured 44 new contracts and awards valued…
BxT Trading. the joint-venture between Bahraini state firm BapcoEnergies and TotalEnergies, was officially launched last month (MEES, 16 January) and has wasted little time entering the market. The JV is taking a sizeable clean products’ storage position at Jebel Ali – a prominent regional storage and trading hub. Sources say the firm has taken at least four storage tanks at the Advario (previously Star Energy) terminal in Jebel Ali and has begun moving cargoes down from Bapco’s Sitra refinery in Bahrain. It has apparently converted gasoline tanks to gasoil. Kpler shows multiple middle distillate cargoes discharging at the terminal so…
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Qatar, like its GCC neighbors, has been investing in diversifying its economy, although its goals on this front are relatively modest. The most visible recent wave of investment was ahead of the 2022 FIFA World Cup in Doha, which required massive infrastructure investments to promote tourism and hospitality. More recently, Qatar has been allocating billions to diversify its industrial base to build up alternative revenue streams. These investments are having an impact, with non-hydrocarbon trade revenues rising 15% year-on-year to a record $17.7bn last year driven by all sectors including metals, manufacturing, and chemicals (see chart); oil and gas still…
The North Oil Company (NOC) has successfully restored gas pumping operations at the AB2 compression station in Kirkuk, following a swift emergency response to a technical malfunction early Saturday. In a statement reported by the Iraqi News Agency (INA), the Ministry of Oil confirmed that specialized engineering and technical teams finalized the first stage of restoration by 12:30 p.m. local time. The works included installing a new 20-inch valve, allowing gas flow to resume to the North Gas Company (NGC) facilities. The restoration efforts were overseen directly by the NOC’s Director General, Amer Khalil Ahmed. The Ministry indicated that the site preparation and…
Russia’s state income from oil and gas is projected to fall sharply in February to around 410 billion roubles, nearly half the level recorded in the same month of 2025, according to Reuters estimates. The decline is attributed to the appreciation of the rouble and lower global oil prices. Oil and gas proceeds remain the backbone of the Kremlin’s finances, contributing more than 20% of federal budget revenues. These earnings have been under pressure as government spending on defence and security has surged since Russia launched its military operation in Ukraine in February 2022. Every month, revenues are forecast to…
The Middle East has emerged as a highly dynamic region in the global electrification movement, combining a transition away from oil to gas and renewables with fast-growing demand. The IEA estimates that regional electricity demand increased by 3.8% last year, driven by strong economic growth and air conditioning requirements. Demand for cooling will continue to grow rapidly due to population growth. Despite the focus on artificial intelligence investments by regional governments, many observers note that it is AC not AI that will remain the primary driver of electricity demand growth in the Middle East. (CONTINUED – 1052 WORDS) Read this…
The total production of the Sukari gold mine in 2025 came at 500,000 ounces, compared to 481,000 ounces in 2024, driven by higher ore throughput and improved equipment availability. The total cost of production is $783 per ounce, according to a press release by AngloGold Ashanti. AngloGold Ashanti acquired the Sukari gold mine from Centamin on November 22, 2024. In the fourth quarter (Q4) 2025, Sukari produced 119,000 ounces, down 5% from Q4 2024. This decline was partly caused by the processing of lower-grade materials. Integrating Sukari helped the overall production of the AngloGold Africa region to reach 1.75 million ounces…
Mubadala Energy, the Abu Dhabi-based international energy company, finalized the acquisition of a 15% stake in Egypt’s Nargis Offshore Concession from Eni, reinforcing the company’s position in the East Mediterranean and its long-term commitment to Egypt, Mubadala noted in a statement. “This acquisition further reinforces our long‑term commitment to Egypt, expanding our portfolio with a high‑impact growth opportunity alongside world‑class partners in the strategically important East Med region,” Mansoor Mohammed Al Hamed, Managing Director and CEO of Mubadala Energy, commented. The Nargis concession expands Mubadala Energy’s presence in the prolific East Nile Delta Basin. Located roughly 50 km offshore. The…