Author: Rigs & Barge World

The UK government on 17 December placed Egypt’s flagship Zohr gas field on a list of projects exempt from sanctions on Russia. Russian state firm Rosneft holds a 30% stake in the project, that is operated by Italy’s Eni (50%) alongside UK major BP (10%) and Abu Dhabi state firm Mubadala Energy (10%). Zohr is producing around 1.4bn cfd currently, a far cry from its peak of 2.96bn cfd in 1Q 2021, after it was able to stabilize output through two successful sidetrack wells last year (see p4). (CONTINUED – 171 WORDS) Read this article for free Gain access to…

Minister of Petroleum and Mineral Resources, Karim Badawi, and Minister of Public Business Sector, Mohamed Sheimy, held a high-level meeting at the petroleum ministry’s headquarters in the New Administrative Capital to finalize a framework for integrated industrial development. The meeting focused on maximizing the economic returns of Egypt’s mineral wealth and accelerating energy infrastructure for the national textile modernization project, according to a statement by the Ministry of Public Business Sector. A primary pillar of the cooperation involves two strategic phosphate fertilizer initiatives led by El Nasr Mining Company, a subsidiary of the Metallurgical Industries Holding Company. The first project,…

The Ministry of Petroleum and Mineral Resources (MoPMR) has completed 90% of the planned works to connect natural gas to households under the presidential Decent Life initiative. During a meeting with Prime Minister Mostafa Madbouly, Minister of Petroleum and Mineral Resources Karim Badawi confirmed that efforts are being accelerated to finalize the rural infrastructure projects in alignment with the national development timetable. From July 2024 to December 2025, the ministry connected natural gas to 940,000 homes, a milestone that saved an estimated 17 million butane cylinders and their associated subsidies. To date, over 650 villages have benefited from the initiative, according…

Alamein for Silicon Products Company (ASP) has signed a long-term joint financing agreement worth $140 million to launch the first phase of the Silicon Metal Production and Derivatives Complex. Established under the Egyptian Petrochemicals Holding Company (ECHEM), the project is a centerpiece of Egypt’s strategy to localize high-value industries. The financing institutions include Qatar National Bank (QNB), Commercial International Bank (CIB), and Banque du Caire, with the National Bank of Egypt (NBE) serving as the project’s financial advisor, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The industrial complex, which was recently granted the Golden…

A high-level field inspection was conducted at the EDC-11 drilling rig within the North Bahariya Petroleum Company (Norpetco) concession to evaluate operational efficiency and safety performance. The visit follows directives from Karim Badawi, Minister of Petroleum and Mineral Resources, regarding the necessity of direct leadership engagement at production sites to ensure sustainable output. The inspection focused on the technical readiness of equipment, routine maintenance activities, and the rigorous application of occupational health, safety, and environment (HSE) standards. Officials assessed the rig’s adherence to operating plans and examined safety systems designed to protect personnel while meeting production targets. The Egyptian Drilling…

Egypt Gas has unveiled its estimated budget for the 2026 fiscal year, targeting a net profit after tax of EGP 420 million. The company’s financial roadmap, disclosed to the Egyptian Exchange (EGX), focuses on expanding natural gas delivery networks to residential and industrial sectors while optimizing operational efficiency to support the national economy. The 2026 budget projects total activity revenues of EGP 9.50 billion, up from EGP 8.40 billion in 2025. To support this growth, the company has allocated a capital expenditure (Capex) budget of EGP 595 million for asset additions, a significant increase from the EGP 327 million allocated…

North Petroleum International Company (NPIC), a subsidiary of China’s state-owned Zhenhua Oil Company, plans to boost production through the optimization of existing assets and the acquisition of new concessions. During an episode of the Ministry of Petroleum and Mineral Resources’ podcast, PetroCast, NPIC Country Manager and Director Sun Bao confirmed that the company is intensifying its footprint in Egypt to unlock further potential within the nation’s mature and frontier basins. The company has allocated a budget exceeding $100 million to pursue new opportunities, including brownfield assets and exploration blocks offered through Egypt’s recent upstream bid rounds.  NPIC is currently preparing…

Sidi Kerir Petrochemicals Company (Sidpec) approves the allocation of EGP 5.68 billion for new investments and affiliated company partnerships. This financial roadmap was unveiled in a disclosure to the Egyptian Exchange (EGX) on December 29, 2025, following a Board of Directors meeting held the same day to finalize the company’s estimated capital budget for the 2026 fiscal year. The 2026 capital budget, totaling EGP 1.98 billion for direct company projects and renewals, is part of a broader investment strategy that includes EGP 5.68 billion in affiliated company contributions. A significant portion of this investment is dedicated to increasing Sidpec’s stake…

Alexandria Mineral Oils Company (AMOC) has approved a capital expenditure budget of approximately EGP 580.19 million for the fiscal year (FY) 2025/2026, according to the company’s disclosure to the Egyptian Exchange (EGX). The budgets were approved by AMOC’s board of directors at its meeting held in December after being reviewed by the Audit and Governance Committee. The company also expects net profit after tax of about EGP 1.02 billion in FY 2025/26. AMOC, which was established in 1997 and was listed on the Egyptian Exchange (EGX) in 2004, produces a wide range of products, including paraffin wax, automatic transmission oils, base oil,…

The Ministry of Petroleum and Mineral Resources (MoPMR) has signed a Memorandum of Understanding (MoU) with the Lebanese Ministry of Energy and Water to supply natural gas to the Deir Ammar Power Plant in Lebanon for electricity generation. The agreement, signed during a visit by Karim Badawi, Minister of Petroleum and Mineral Resources, aims to deepen bilateral relations and utilize Egypt’s infrastructure to bolster regional energy security, according to a statement by MoPMR. Under the terms of the strategic cooperation, Egypt will leverage its robust production and export infrastructure, including the Idku and Damietta liquefaction plants. This year, Egypt has…