Author: Rigs & Barge World

ExxonMobil plans to permanently shut down the older of its two steam crackers on Singapore’s Jurong Island, with closure beginning in March and full shutdown expected by June, Reuters reported, citing four sources. The move comes as petrochemical producers worldwide face losses from sharp overcapacity driven largely by China. The 2002-built plant has been winding down as ExxonMobil gradually reduced term contract volumes in Singapore over the past two years. The company’s second Jurong Island cracker, launched in 2013, has a capacity of 1.1 million tons per year and will continue operations. Local buyers are expected to shift to Singapore’s…

Q: Energean has a strong East Mediterranean footprint with producing assets in Israel and Egypt. The key asset is the Karish field offshore Israel, not forgetting the nearby Katlan development. Can you give us an update on those two projects? A: At the moment, you’re absolutely right. It’s Karish and Karish North. Four wells producing a steady capacity of 730mn cfd, we are meeting the contractual arrangements that we have in Israel. We do see seasonality in Israel. Peak demand is during the summer months when the capacity is not enough. The physical capacity of the [780mn cfd Energean Power]…

Karim Badawi, Minister of Petroleum and Mineral Resources, met the leadership of four international mining companies during his London visit. The Minister outlined the reforms the sector has embarked on to create an attractive investment environment. Mike Silver, Co-Founder and Director of the Canadian mining company Lotus Gold, and Omar Nasser, its General Manager, discussed with Badawi gold exploration activities in the Eastern Desert, where the company already has interests. Both sides agreed to coordinate geological data sharing, knowledge transfer for Egyptian geologists, and regular technical review sessions. Badawi also held talks with Alex Pickard, Vice President Corporate Development at…

Egypt advanced talks with the European Bank for Reconstruction and Development (EBRD) on financing the upcoming airborne geophysical survey and explored new financing avenues for mining projects. This came during Minister of Petroleum and Mineral Resources Karim Badawi’s visit to London, where he led the Egyptian-British business delegation. In a meeting with Anass Joundy, South and Eastern Mediterranean lead banker for Natural Resources at EBRD, Badawi underscoredd Egypt’s progress toward becoming one of the region’s most competitive destinations for mineral exploration and production. The airborne survey will map potential deposits of critical and rare minerals, lower exploration risks, and improve…

2025 has been a challenging year for Greek independent Energean. The London and Tel-Aviv listed firm had hoped to sell its Egypt, Italy and Croatia assets to UK-based equity giant Carlyle for $945mn, but the deal fell through in March after regulatory approvals were not provided in time (MEES, 21 March). That same month it announced that its short-lived entry into Morocco’s offshore alongside London-based Chariot was coming to an end after the Anchois well, spudded in August 2024, returned “unfavorable” results (MEES, 21 March). (CONTINUED – 927 WORDS) Read this article for free Gain access to over 60-years of…

Saudi Aramco’s Jafurah shale gas project has commenced production at 450 million standard cubic feet per day (mmscf/d), marking the completion of the project’s first phase, Saudi Arabia’s Finance Ministry revealed, Reuters reported. The milestone was highlighted in the kingdom’s 2026 budget statement as one of the key achievements of 2025. Jafurah, the largest shale natural gas development outside the US, holds an estimated 229 trillion standard cubic feet of raw natural gas and is valued at $100 billion. The project is expected to reach sustained production of 2 billion cubic feet per day by 2030, enabling Saudi Arabia to…

Egypt is seeking partnerships with investors and financial institutions to unlock its untapped mineral wealth and boost the sector’s contribution to the national economy, said Minister of Petroleum and Mineral Resources Karim Badawi during  the Egyptian-British business mission to London. The visit opened with a session titled “Untapped Mining Opportunities and New Commercial Discoveries,” attended by representatives from about 30 European mining companies, banks, financial institutions, and advisory firms. Badawi reviewed recent mining sector reforms, including legislative changes that transformed the  Egyptian Mineral Resources Authority into an independent economic body. These reforms streamline licensing and approvals while introducing globally competitive…

The US is an increasingly critical pillar of Egypt’s energy security strategy, supplying record volumes of LNG this year. This has been key to avoiding blackouts in Egypt as Israeli pipeline supplies have been enduring a volatile 2025. Egypt has ramped up LNG imports considerably this year, with the year-to-date 7.73mn tons already more than double last year’s full year figure of 2.78mn tons, Kpler data shows. Not just that, but it is also the highest single year figure on record, topping the previous peak of 7.53mn tons in 2016. (CONTINUED – 1134 WORDS) Read this article for free Gain…

Eight leading OPEC+ members, Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, agreed to pause their planned production increases for January to March 2026, citing seasonal demand patterns and a need for continued caution despite a steady global economic outlook and healthy oil market fundamentals. The decision, first announced on November 2, was reaffirmed during a virtual meeting held on November 30, where the group reviewed global market conditions. The eight producers, which had previously implemented additional voluntary adjustments in April and November 2023, noted that low inventory levels continue to signal a well-balanced market. The countries…

Adnoc’s 2024 board meeting this week has shed new light on its medium-term growth plans (MEES, 28 November). “Adnoc continues to responsibly provide energy to meet growing global demand while maximizing value for our shareholders,” says CEO Sultan al-Jaber. “Our success this year in navigating a complex energy landscape and accelerating domestic and international growth is a testament to the dedication of all my colleagues at Adnoc and our focus on leveraging advanced technologies and AI to future-proof our business.” (CONTINUED – 758 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve…