Author: Rigs & Barge World
Kuwaiti Oil Minister Tariq Al-Roumi announced that bid rounds for the long-delayed Durra offshore oil and gas field are expected to launch this year. Speaking to Reuters, Al-Roumi confirmed that the project, to be developed in partnership with Saudi Arabia, is no longer facing obstacles and that tenders of “all kinds” will be issued for the “very large” development. Al-Roumi also commented on oil market conditions, saying he hoped prices would improve but described current levels as “acceptable” given prevailing circumstances, without elaborating further. His remarks came a day after OPEC+ agreed to maintain oil output levels unchanged in March,…
Saudi Aramco, one of the world’s largest integrated energy and chemicals companies, has completed a $4 billion bond issuance across four tranches under its Global Medium Term Note Program, the company said, underscoring its strategy to optimize its capital structure while maintaining financial discipline. A bond issuance is essentially a way for a company to raise large-scale capital by borrowing from global investors rather than a single bank. In this arrangement, Aramco issues notes, effectively corporate I owe you (IOUs), to investors who provide cash upfront. In return, Aramco commits to repaying the full amount by a set date, known…
A US offer to mediate a long-running Nile water dispute between Ethiopia and downstream Egypt and Sudan has received mixed reactions as the … Source link
Sidi Kerir Petrochemicals Company (SIDPEC) announced a 1.84% year-on-year (YoY) increase in total sales for the fiscal year ending December 31, 2025, to EGP 14.413 billion, according to the company’s unaudited results. SIDPEC’s gross profit saw a decline of 43.32%, falling to EGP 1.922 billion. Consequently, the gross profit ratio, ratio between gross profits to revenues, contracted from 23.96% in 2024 to 13.34% in 2025. Net profit after tax landed at EGP 1.133 billion, a 55.38% decrease compared to the previous year. The basic earnings per share followed this trend, dropping to EGP 1.11 from EGP 2.86 in 2024. Regarding…
On 26 January, XRG, the international investment arm of Adnoc, announced that it was taking a 7.6% equity stake in Phase 2 of the Texas-based Rio Grande LNG export facility being developed by NextDecade. XRG already has an 11.7% stake in the 17.5mn t/y, three-train first phase that is due online next year and will reach full capacity in 2029 (MEES, 26 September 2025). All Phase 1 investors had an option to invest in the 12mn t/y two-train second phase that will lift Rio Grande capacity to approximately 30mn t/y by 2031. Adnoc Trading last year entered into a 20-year…
Scatec, a renewable energy company from Norway, said its revenues grew by 25% in the fourth quarter (Q4) of 2025. The figure reflects Scatec’s share of income from the power projects it partly owns. Total revenues for the quarter reached NOK 3,362 million, according to the company’s press release. Scatec has been making headlines with its expansion in Egypt in the last period, a fact that was reflected in its results, with the Development and Construction (D&C) segment emerging as a primary growth driver, recording revenues of NOK 2,266 million on the back of intense construction activity at the Obelisk…
Minister of Petroleum and Mineral Resources Karim Badawi announced an ambitious 2026 roadmap featuring the drilling of 101 exploratory wells to bolster national reserves. Speaking at an American Chamber of Commerce (AmCham) meeting, Badawi confirmed that the Ministry successfully reversed the production decline to reach stability by the end of 2025. Bdwi emphasized that the primary goal for the coming year is to increase oil and gas production while continuing to meet domestic demand, according to a statement by the ministry. He noted that natural gas supplies have been fully secured for all national sectors since last July. Moreover, Badawi…
Jordan has agreed to increase gas exports to Syria, as neighboring states continue to support the Sharaa government’s efforts to rebuild the state. Jordan’s state utility Nepco has been supplying Syria with 30-90mn cfd of gas since 1 January, and signed a deal with the Syrian Petroleum Company (SPC) in Damascus on 26 January to increase volumes to 140mn cfd. Jordan’s Energy Minister Saleh Al-Kharabsheh says the gas “will directly contribute to improving the stability of the electricity system in Syria and supporting the operation of power plants.” The minister emphasized that the trade will be enabled through LNG imports…
Eight OPEC+ member nations agreed to maintain their pause on planned oil production increases during a virtual meeting held on February 1. The group cited seasonal demand factors and ongoing market uncertainty as the primary reasons for extending the output freeze. The participating countries, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, reaffirmed their decision to halt production increments originally scheduled for March 2026. This move follows an earlier agreement in November 2025 to delay the restoration of voluntary output reductions. Under the original plan, the group intended to gradually unwind 1.65 million barrels per day (bbl/d) of voluntary cuts. However,…
Karim Badawi, the Minister of Petroleum and Mineral Resources, has appointed Sayed Ahmed Abdel Fattah Selim as Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), effective February 1, 2026. The minister appointed Mahmoud Abdel Hamid , as an advisor to EGAS as he reached the legal retirement age, in recognition of his extensive practical and technical experience in the field of production. Selim transitions to EGAS with a proven track record in high-level operations. A 1997 graduate of Suez Canal University, Selim previously served as the Chairman of Rashid Petroleum Company (Rashpetco). His career is marked by…