Author: Rigs & Barge World
UK-listed Sound Energy is exiting Morocco, selling its 20% stake in the Tendrara concession to operator Mana Energy and also quitting exploration acreage. Sound had earlier sold its 55% operating stake in Tendrara to Mana Energy in 2024 (MEES, 6 February). Following the transaction, Sound Energy will hold 75%, and the remaining 25% is owned by Morocco state firm ONHYM. In a 26 May announcement, Sound Energy said that it will receive aggregate proceeds of $57mn for the Tendrara sale and that it is also relinquishing its 27.5% interest in the Anoual Exploration Permit and waiving any subsisting rights in…
Maridive and Oil Services Company reported a 171% increase in net profit after tax in 2025 compared to 2024, to reach $59.3 million. Revenues during the same period climbed 21% to $254.3 million. Gross profit rose 24% to $130.8 million, supported by “higher utilization rates of the Company’s vessels, adherence to scheduled maintenance timelines for units, and an increase in daily charter rates for certain marine units owned by the Company,” stated the company’s EGX disclosure These results underscore the company’s commitment to strategic plans to boost operational efficiency and financial performance, while maintaining competitiveness and exploring new growth opportunities…
Despite signing a ceasefire on 15 May, Israel significantly stepped up military strikes against targets in Lebanon this week, and carried out its first strike on the capital, Beirut, in nearly three weeks. There was also an uptick in attacks in southern Lebanon – where the Israel Defense Forces (IDF) are embattled against Iran-backed militia Hezbollah –with Israel carrying out bombings in Sidon, Tyre, and Nabatieh. The 15 May ceasefire was a six-week extension to the ceasefire reached in April, which followed more than a month of heavy fighting (MEES, 17 April). However, while the agreement may have curbed the…
The heads of the International Monetary Fund (IMF), World Bank Group (WBG), World Trade Organization (WTO), and International Energy Agency (IEA) have warned that the US-Israeli war on Iran is generating substantial and highly asymmetric impacts on energy supplies, food security, and economic activity across countries and regions. Following the institutions’ meeting on May 28, they released a joint statement stating: “While the global economy continues to show resilience, the effects of the conflict are disproportionately affecting the most vulnerable countries through higher fuel and fertilizer prices, increased uncertainty, and risks to jobs and livelihoods. Higher fertilizer prices are of particular…
Eni Industrial Evolution, a subsidiary of Italian energy major Eni, has signed an agreement with FIB, a subsidiary of battery manufacturer Seri Industrial Group, to jointly develop an integrated industrial supply chain for lithium iron phosphate batteries in Italy. The project involves producing lithium iron phosphate battery cells and modules, as well as assembling systems designed for stationary energy storage and for electric mobility in industrial and commercial sectors, Eni said on May 29. It will build on FIB’s existing operations at the Teverola hub in southern Italy, where the country’s first lithium iron phosphate battery cell production plant is…
Bahrain’s state energy firm Bapco Energies began 2026 gearing up for its second summer of LNG imports to fill a widening supply shortfall. Fast forward a few months, and the Middle East conflict has derailed these plans. The majority of last year’s imports came from the US, and the closure of the Strait of Hormuz since early March closed the door on this option. Bahrain also imported some cargoes from nearby Qatar last year and has the option to do so again, although it seems to have ruled that out. While QatarEnergy has had to declare force majeure and halt…
The Mineral Resources and Mining Industries Authority (MRMIA) has signed a Memorandum of Understanding (MoU) with Türkiye’s OZ Mining to explore the potential for gold ore and associated minerals in the Egyptian Eastern Desert. The MoU came to conclude discussions held in April in Türkiye, as well as a series of meetings between the MRMIA team and officials from OZ Mining, to establish a framework for cooperation and explore the mining opportunities available in Egypt. Following the signing, Karim Badawi, Minister of Petroleum and Mineral Resources, asserted that this collaboration represents a new step in the Ministry’s ongoing efforts to…
Egypt is planning to establish a green ammonia production project in Ras Banas, with initial investments estimated at $5 billion, according to a Cabinet statement. The investments are expected to rise to $10 billion upon reaching full production capacity, as part of Egypt’s strategy to advance sustainable development and expand reliance on renewable energy. The project will be developed by a consortium comprising Egypt’s E-Finance for Investments, Poland’s Hynfra, and Egypt’s Coxswains. It aims to localize green hydrogen derivatives industries and strengthen Egypt’s position as a regional and global hub for clean energy production. The facility is projected to produce…
Saudi Aramco is to exit its Pengerang Refinery & Petrochemical Corporation (PRefChem) joint venture with Malayia’s Petronas, bringing the curtain down on its role in a troubled project. Withdrawing from the venture, which consists of a 300,000 b/d refinery and a 1.2mn t/y steam cracker at Johor, Malaysia, is a setback for Aramco’s plans to expand its liquids-to-chemicals (LTC) capacity to futureproof its operations. In a 25 May announcement, Aramco said it agreed to transfer its 50% stakes in the refining and petrochemicals entities to Petronas, subject to closing conditions. “The transaction was concluded on mutually agreed terms, reflecting the…
The industries that once aggressively encouraged employees to adopt AI agents to boost productivity are now facing a sobering reality: the operational costs of these agents have ballooned far beyond initial projections, proving unsustainable even for the largest tech corporations such as Uber, Microsoft, and NVIDIA.Of course, there is no going back—and no desire to reverse the progress AI has made; these organizations are, however, shifting from an era of unchecked experimentation to one of rigorous fiscal discipline as reality starts reverberating across the corridors of power—at last.Before events spiral out of control, companies are now moving to exert strict…