Author: Rigs & Barge World

Next year will be a landmark one for Qatar as it brings online its first new LNG capacity since 2010. It aims to commission the first train of its four-train 32mn t/y North Field East (NFE) project in Q3, and gradually increase domestic liquefaction capacity from 77mn t/y to 142mn t/y by the end of the decade. QatarEnergy had previously planned to bring online the first train from the first phase of its North Field Expansion project in Q1 next year, but amid delays it pushed this back to mid-2026 earlier this year. It also deferred the completion date for…

Saudi Arabia’s Midad Energy has become a key contender to acquire the international assets of Russian oil major Lukoil, three sources familiar with the discussions told Reuters. The portfolio, estimated at approximately $22 billion, comprises oil fields, refineries, and thousands of fuel retail stations across global markets. Midad Energy is preparing an all-cash bid for the assets, with purchase funds to be placed in escrow until sanctions on Lukoil are lifted, the sources said. One source noted that the transaction could involve US companies, reflecting Midad’s close political relationships with both Moscow and Washington. Around a dozen bidders have submitted…

India’s imports of Russian crude oil are set to exceed 1 million barrels per day (mmbbl/d) in December, defying earlier expectations of a sharp decline as refiners resume purchases from non-sanctioned suppliers offering steep discounts, according to trade and refining sources cited by Reuters. Preliminary trade flow data from London Stock Exchange Group (LSEG) indicate that December arrivals could exceed 1.2 mmbbl/d, with one trade source suggesting imports may average as much as 1.5 mmbbl/d by the end of the month. The resilience in imports comes despite earlier projections of a sharp drop. India, the world’s third-largest crude importer, shipped in 1.77…

The Syrian Petroleum Company (SPC) signed contracts with four Saudi firms on 10 December for the development of its oil and gas reserves. Saudi Arabia has been an early supporter of the new government of President Ahmed al-Sharaa, and its pledges of support are now turning into concrete investments (MEES, 1 August). As with Turkey and Qatar, Saudi Arabia is seeking to leverage its expertise in the energy sector to strengthen its political influence in Damascus. This week’s agreements were with ADES Holding, Taqa, Arabian Drilling and the Arabian Geophysical and Surveying Company (ARGAS) and follow the signing of memoranda…

Egypt and Saudi Arabia are preparing to launch the first phase of their long-planned electricity interconnection project, with trial operations on the initial line set to begin in the first week of January, Egypt’s Minister of Electricity and Renewable Energy, Mahmoud Essmat, told Asharq Business on December 15 during the ninth edition of the Al-Ahram Energy Conference. The first phase will have a transmission capacity of 1,500 megawatts (MW). Essmat explained that the project includes converter stations built specifically for the interconnection, in addition to subsea cables laid between the two countries to transmit power across the Red Sea. Furthermore,…

In the presence of senior government officials and international investors, the foundation stone of  ATUM Solar, an integrated manufacturing complex for solar cells, panels, and energy storage systems, was laid on December 17 in the Suez Canal Economic Zone (SCZONE). The project, which has a total investment of $220 million, brings together partners from four countries: China’s JA Solar as technical investor, Egypt’s AH for Industrial Management, the UAE’s Global South Utilities (GSU), and Bahrain’s Infinity Capital. The complex spans over 200,000 square meters (m²) within the TEDA Egypt industrial park at Ain Sokhna Integrated Zone and comprises three facilities:…

The Kuwait Petroleum Corporation (KPC) plans to invest $9-10bn into its upstream sector each year for the remainder of the decade as it targets significant upstream capacity growth. “Our mission is to optimize the value of Kuwait’s hydrocarbon resources through a sustainable and globally integrated operation, contributing to Kuwait’s economic development while offering growth opportunities for our people,” CEO Sheikh Nawaf Al Sabah told an event hosted by the Baker Institute in Kuwait on 8 December. Kuwait’s reserve base is huge, with its 101.5bn barrels of crude oil the sixth largest globally, according to the Opec ASB, while its 1.78tcf…

Baker Hughes, a major energy technology company, and Hunt Oil Company, a privately owned upstream explorer, have signed a joint framework agreement to evaluate and redevelop mature oil and gas fields worldwide to extend the productive life of aging assets and unlock new hydrocarbon value, according to the two companies. Under the agreement, Baker Hughes will contribute its advanced energy technologies, subsurface expertise, and mature asset solutions, while Hunt Oil will bring its global experience in upstream exploration, development, and operations. The collaboration will focus on identifying and assessing opportunities across some of the world’s most prolific basins. Baker Hughes…

Opec crude oil production fell by 70,000 b/d to 28.52mn b/d in November, contributing to a broader drop in global supply (MEES, 12 December). The decline brought Opec’s production down to its lowest level in three months and was driven by outages in Iraq and Kuwait (see table). 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

Egypt has succeeded in securing $16.7 billion worth of investment commitments from foreign partners over the next five years, signalling a strong recovery in its upstream industry and renewed confidence from  International Oil Companies (IOCs), according to Karim Badawi, Minister of Petroleum and Mineral Resources. This came during the ninth edition of Al-Ahram’s Energy Conference, where he gave the breakdown of the figure, noting that Italy’s energy giant Eni will invest $8 bn, the UK-based bp will inject $5 bn, and the remaining $3.7 billion will be provided by ARCIUS Energy (a joint venture between bp and ADNOC’s subsidiary XRG).…