Author: Rigs & Barge World

Trading in energy solutions firm Korra Energi began today(June 11) on the Egyptian Stock  Exchange(EGX), following an offering earlier this month of an 11% stake split between a private placement for institutions (60%) and a public tranche for retail investors (40%) at EGP 2.97 per share. The retail tranche was heavily oversubscribed by 31.35 times, while the institutional placement was covered 2.7 times on its first day, with proceeds earmarked for regional expansion in Saudi Arabia, Iraq, and Africa. Egyptian Exchange Chairman Omar Radwan opened today’s trading session, joined by the company’s founder and CEO, Ayman Korra, and other company…

Kuwait will be able to bring back 70% of pre-conflict capacity within six to eight weeks of restarting production, KPC’s Managing Director of International Marketing Sheikh Khaled Al Sabah told the MPGC conference in London on 3 June. External assessments of how long Kuwait will need to bring production back online are overly pessimistic, he said, adding that the final 30% of capacity would need around a month to be brought back online. This three-month timeframe is broadly in line with the three to four months stated by KPC CEO Sheikh Nawaf Al Sabah in March (MEES, 8 May). (CONTINUED…

On the sidelines of his visit to the US, Karim Badawi, Minister of Petroleum and Mineral Resources, met with Sheikh Nawaf Saud Al-Sabah, Deputy Chairman and CEO of Kuwait Petroleum Corporation (KPC), to discuss ways to strengthen strategic cooperation in the oil and natural gas sector and increase Kuwaiti investments in Egypt’s energy sector. KPC is the national oil company of the State of Kuwait. Through an integrated supply chain managed by eight wholly owned subsidiaries, KPC oversees upstream, downstream, petrochemical, midstream, and international operations. The meeting highlighted promising investment opportunities in the Mediterranean Sea, Red Sea, and Western Desert,…

Oman’s crude exports to China collapsed last month to a record low of 63,000 b/d, Kpler data shows. Prices for May loadings were set in March, making last month’s cargoes the first to be affected by the spike in crude prices following the closure of the Strait of Hormuz. Chinese buyers refrained from entering into a bidding contest for Omani crude, most of which is sold freely through the Gulf Mercantile Exchange (GME). The loss of substantial crude imports from Gulf suppliers, including Saudi Arabia, the UAE and Iraq, has not triggered a visible response from China, the world’s largest…

Karim Badawi, Minister of Petroleum and Mineral Resources, met with US Secretary of Energy Chris Wright at the US Department of Energy headquarters to discuss expanding the strategic energy and mining partnership between the two nations. The meeting, which concluded Badawi’s official visit to the United States, was attended by Motaz Zahran, Egypt’s Ambassador to Washington. Discussions focused on accelerating investment opportunities, technology transfer, and technical expertise exchange. Badawi emphasized Egypt’s long-standing energy alliance with the US, describing it as a cornerstone for bilateral cooperation across oil, natural gas, infrastructure, technology, and capacity building. He stressed that regular high-level engagement…

The US is considering releasing part of its strategic energy reserves and increasing exports of liquefied natural gas (LNG) and liquefied petroleum gas (LPG) to the Association of Southeast Asian Nations (ASEAN) as part of efforts to strengthen regional energy security, Reuters reported, citing US Deputy Secretary of State Christopher Landau. ASEAN is a regional intergovernmental organization that promotes economic, political, security, and socio-cultural cooperation among Southeast Asian countries. It includes  Indonesia, Malaysia, Singapore, Thailand, the Philippines, Vietnam, Brunei, Cambodia, and Myanmar. Speaking at the ASEAN Future Forum in Hanoi, Landau said recent disruptions in global energy markets have underscored…

Muscat stepped in to provide the bulk of the Duqm refinery’s feedstock requirements last month, after the closure of the Strait of Hormuz cut it off from its primary suppliers inside the Gulf. Shipments of Omani crude to the 255,000 b/d Duqm refinery ramped up to an all-time high of 165,000 b/d (see chart 1). By contrast, Oman only provided 44,000 b/d to the plant last year. 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…

Abu Dhabi National Oil Company (ADNOC) is exploring potential investments in Canada’s upstream and liquefied natural gas (LNG) sectors through its international investment arm, XRG, a senior executive revealed during the Global Energy Show in Calgary, Reuters reported. Musabbeh Al Kaabi, ADNOC’s Upstream CEO, stated that while no specific projects have been identified yet, the company is encouraged by Canada’s renewed focus on advancing its energy sector. The move aligns with the UAE’s broader strategy to expand its global energy footprint, particularly through XRG, which was recently established to pursue international investment opportunities. Meanwhile, Canada is seeking to diversify its…

Karim Badawi, Minister of Petroleum and Mineral Resources, issued a decision appointing Mervat Abou El‑Maaty as General Manager of the General Department for Mining Marketing and Promotion at the Egyptian Mineral Resources and Mining Industries Authority (MRMIA). This comes as part of maximizing the role of young talents in achieving the objectives of developing Egypt’s mining sector. Abou El‑Maati obtained a Bachelor of Science from Mansoura University in 2003. She began her career in the sector in 2004 as a Planning and Monitoring Specialist at MRMIA and advanced through various positions, ultimately overseeing the monitoring of technical cooperation with foreign…

Capacity at Israel’s second largest gas field, the 13.7tcf Chevron-operated Tamar, has reached a record high of 1.35bn cfd. Junior partner Tamar Petroleum (16.75%) announced the 250mn cfd addition on 29 May. “The increase follows the completion of upgrades to two of the three compressors at the Ashdod receiving terminal, together with additional supporting and complementary works,” Tamar Petroleum said. Once the third Ashdod compressor is completed towards the end of the year, capacity will increase further to 1.6bn cfd (MEES, 8 May). (CONTINUED – 809 WORDS) Read this article for free Gain access to over 60-years of energy analysis…