Author: Rigs & Barge World
Russian President Vladimir Putin has extended the deadline for the sale of ExxonMobil’s stake in the Sakhalin‑1 oil and gas project by one year, giving the US major until January 1, 2027, to complete an exit deal, Reuters reported. The move potentially opens more room for negotiations over compensation after Exxon booked a multi‑billion‑dollar hit on its Russian assets in 2022. Exxon took a $4.6 billion impairment charge on its 30% operating stake in Sakhalin‑1 in April 2022, after deciding to withdraw from Russia following the start of Moscow’s conflict with Ukraine, according to Reuters. The project, located off Russia’s…
Israeli media in recent weeks has been rife with speculation that Prime Minister Benjamin Netanyahu and his energy minister Eli Cohen were close to approving the mega $35bn Israel-Egypt gas deal. The pair did not disappoint and during a joint television address on 17 December announced that they have “approved the largest gas deal in Israel’s history.” The deal, initially reached in August, will result in an extra 130.9bcm of gas being supplied from Israel’s 22.3tcf Leviathan field to Egypt. In order to be approved, two conditions had to be met (MEES, 8 August). The first was for an agreement…
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected drilling operations at the Belayim offshore 133 well in the Gulf of Suez, marking the first drilling activity under Italian energy company Eni’s new investment plan in Egypt. The well is part of an agreement signed between Eni and the Egyptian General Petroleum Corporation (EGPC) in mid-November to inject fresh investments in the company’s concessions across the Gulf of Suez and Nile Delta until 2040. During the visit, Badawi reviewed drilling progress aboard the offshore rig Trident 16, operated by Shelf Drilling, which is currently working in the Gulf of Suez.…
Italian energy company Eni has been confirmed as a Premium Partner of the Milano Cortina 2026 Olympic and Paralympic Winter Games, supporting the event through sustainability-driven initiatives aimed at reducing greenhouse gas (GHG) emissions. As part of its long-term strategy to achieve carbon neutrality by 2050, Eni is leveraging its expertise in decarbonization, technologies, and products to support the Games’ energy needs. Through its subsidiary Enilive, the company will supply renewable energy-based carriers, with more than 90% of fuels used to power the Games derived from renewable feedstocks. Eni will supply Hydrotreated Vegetable Oil (HVO) diesel biofuel for mobility and…
Israel’s energy ministry will launch a bid round for six multi block zones in its gas-prolific offshore around the turn of the year following a recommendation from the country’s Petroleum Council. “Natural gas is a strategic asset that strengthens our economic and political position in the world in general and in the Middle East in particular,” Energy Minister Eli Cohen said in a 9 December statement. (CONTINUED – 968 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…
The Mineral Resources and Mining Industries Authority (MRMIA) and Canada’s Aton Mining Inc. have initialled an amended draft for the Abu Marawat concession agreement. This update to the Eastern Desert gold project is a key step toward finalizing legislative requirements and boosting investment. With a commercial discovery already confirmed, the project is now moving closer to the development and exploitation phase. Under the agreement, the company was awarded an exploitation contract covering more than 57 square kilometers (km²) in the Hamama West and Rodruin areas within the Abu Marawat region. Additionally, an area of 255.04 km² was designated as a retention area…
Saudi Arabia’s Acwa Power has completed the first part of its $693mn purchase of Engie’s power generation assets in Bahrain and Kuwait. The transaction, first announced in February (MEES, 21 February) will give the Saudi firm new gas-fired power generation capacity of 4.6GW, as well as 1.1mn m³ of water desalination capacity. In a 15 December announcement, Acwa says that it has now completed the acquisition of power generation and water desalination assets in Bahrain, while for the Kuwait portion “a few customary technical conditions are remaining, following which the transaction will be finalized.” (CONTINUED – 880 WORDS) Read this…
Malaysian energy company PETRONAS has signed a long-term liquefied natural gas (LNG) Sale and Purchase Agreement with CNOOC Gas and Power Singapore Trading & Marketing, a subsidiary of China National Offshore Oil Company (CNOOC), to supply 1.0 million tons per annum (mtp/a) of LNG. The agreement builds on the long-standing partnership between the two companies and aims to strengthen LNG supply cooperation while supporting China’s economic growth and clean energy transition. The deal aligns with China’s “Dual Carbon” goals, which aim to peak carbon emissions before 2030 and achieve carbon neutrality by 2060. Shamsairi M Ibrahim, Vice President of PETRONAS…
The Prime Minister Mostafa Madbouly reviewed ongoing efforts to attract new investments to the Golden Triangle Economic Zone during a meeting at the government headquarters in the New Capital, focusing on unlocking the area’s mineral and energy potential. The Golden Triangle hosts around 95 mineral deposits, accounting for approximately 7.6% of Egypt’s total mineral resources, according to Chairman of the General Authority for Mineral Resources and Mining Industries (MRMIA) Yasser Ramadan. The meeting included Minister of Petroleum and Mineral Resources Karim Badawi and Chairman of the GTEZ, Mohamed Abady. Madbouly stressed the importance of continued coordination among state entities to…
For oil markets, 2025 has been a year unlike any other. The US has been involved in direct action against two Opec founding members – Iran and Venezuela – and yet oil prices are ending the year $15/B down from its beginning. This marks the continuation of a dynamic whereby oil markets are increasingly tolerant to the risk of conflict involving major producers, confident that for all involved parties the oil must flow. (CONTINUED – 996 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…