Author: Rigs & Barge World
Algeria doubled its solar power capacity with this week’s commissioning of two new solar photovoltaic (PV) power plants with combined capacity of 400MW. Another 1GW is due online by year-end, meaning installed renewable capacity could triple this year. With total installed power generation of around 27.3GW at the end of last year, solar still makes up a fraction of the mix. Even after the latest additions, solar PV accounts for around 3% of total capacity, rising to 3.6% when hydropower and some wind capacity are included (see chart 1). Nevertheless, a pipeline of projects at various stages of development points…
Karim Badawi, Minister of Petroleum and Mineral Resources, witnessed the launch of drilling operations for a new well at the Mediterranean Nargis natural gas field, to fast-track production from the field, which US energy field major Chevron Corporation operates in partnership with Italy’s Eni, the UAE’s Mubadala Energy, and Egypt’s Tharwa Petroleum Company, noted a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Badawi inspected the onset of operations from aboard the Stena Forth drillship, which arrived in Egyptian waters earlier this week to commence the offshore campaign. He affirmed that the new well forms a core part…
With the crisis in the Strait of Hormuz showing no signs of a resolution, Asian currencies have fallen sharply against the US dollar in recent days. Analysts attribute this decline to the soaring oil import bills of nations that have relied heavily on Middle Eastern crude for decades. Meanwhile, regional leaders are urging the public to cut energy consumption to preserve foreign exchange reserves and prevent economic drainage. Indian Prime Minister Narendra Modi, for instance, appealed to citizens in the world’s most populous nation to curtail holiday travel, reduce fuel consumption, and limit spending on gold. While these currencies are not…
Omani state offtaker Nama Power and Water Procurement (Nama PWP) on 17 May signed a Power Purchase Agreement (PPA) with state renewables energy firm O-Green for the sultanate’s first round-the-clock (RTC) renewable energy project. Signed on the eve of the Oman Petroleum and Energy Show (MEES, 22 May), the project signaled Muscat’s intention to ramp up renewable energy generation to 30% of the national total by the end of the decade (see chart 1 & MEES, 27 February). Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data…
Sidi Kerir Petrochemicals Company (SIDPEC) reported a 4.87% increase in revenues in the first quarter (Q1) of 2026 to EGP 3.788 billion. Meanwhile, the company posted a 68.65% year-on-year (YoY) decrease in net profit after tax in the same period to EGP 184 million, according to the company’s unaudited financial statement submitted to the Egyptian Stock Exchange (EGX). The Q1 results show a sharp divergence between SIDPEC’s core operations and financing flows. Operating cash surged 88 %year‑on‑year in the first quarter of 2026, underscoring stronger business fundamentals. At the same time, investment cash flows fell 63 %, and financing cash…
AngloGold Ashanti’s Sukari mine in Egypt delivered gross profit of $292 million in the first quarter (Q1) of 2026, marking an 80.25 % increase from its level in Q1 2025. Moreover, the total cash cost per ounce of gold produced from the mine during the period came at $826/oz, the lowest among all of Anglo Gold’s mines in Africa and Australia. Yet, the mine saw a dip in output in Q1 2026, with production down 4,000 ounces year-on-year (YoY) as gold production was 113,000oz. The decline was mainly due to a 27% YoY drop in the concentration of the target…
The US’ ‘Project Freedom’ to bring tankers trapped in the Gulf out through the Strait of Hormuz lasted barely 24 hours. The initiative promp… Source link
Saudi Arabia’s crude oil exports to China are set to decline further in June, as Chinese refiners reduce demand in response to higher prices linked to US –Iran tensions, industry sources said to Reuters. Saudi Aramco shipped around 10 million barrels (mmbbl) to Chinese customers in May, equivalent to 333,000 barrels per day (bbl/d), according to data from intelligence trade Kpler and Reuters. This marks the lowest level on record, compared with an average of 1.39 million barrels per day (mmbbl/d) exported to China in 2025. Sources noted that major Chinese refiners, including Sinopec, Sinochem, and Rongsheng Petrochemical, have cut…
Karim Badawi, Minister of Petroleum and Mineral Resources, has proposed hosting a high-level ministerial meeting for members of the African Petroleum Producers Organization (APPO) in Alamein this June. The meeting, to be held in conjunction with the African Union’s Mid-Year Coordination Summit, aims to establish a unified platform for coordinating infrastructure financing and energy security across the continent. This came during a meeting with the APPO Secretary General Farid Ghazali, through which Badawi stressed that Egypt possesses a strong base of national companies specialized in executing oil and gas infrastructure projects, notably the Engineering for the Petroleum and Process Industries…
Oil markets are entering uncharted territory, with the closure of the Strait of Hormuz now well into its third month. Even with an extremely fragile ceasefire still largely in place, the economic impact of the conflict shows no sign of letting up. Oil export losses from the Middle East now top 800mn barrels, and the IEA Executive Director Fatih Birol raised the prospect this week of another release from strategic inventories. Mr Birol’s comments come as the impact of the supply losses on global inventory levels has become increasingly visible. Morgan Stanley this week noted that global oil inventories were…