Author: Rigs & Barge World

SLB, the global technology leader, has announced a 9% sequential revenue increase for the fourth quarter (Q4) of 2025, reaching $9.75 billion. The results reflect a 5% growth compared to Q4 2024, signaling a stabilization in global upstream activity, according to a press release by the company. In the Middle East and Asia, the company’s revenue rose by 8% sequentially in Q4, although it recorded a 4% decline when compared to the same period in 2024. For the full fiscal year 2025, SLB’s total revenue reached $35.71 billion, a slight 2% decrease from the $36.29 billion reported in 2024. SLB’s…

Libya has announced the second devaluation of the dinar in less than a year as the internationally recognized government faces a worsening foreign currency crisis and declining oil revenues, which the central bank has blamed on lower global oil prices. Crude and condensate output increased by 22% last year to a 15-year high of 1.374mn b/d for 2025 (MEES, 2 January), but the central bank has pointed to a decrease in oil revenues transferred to its accounts over the past two years as oil prices have fallen. (CONTINUED – 1002 WORDS) Read this article for free Gain access to over…

The Ministry of Petroleum and Mineral Resources (MoPMR)  launched the “Takamol” platform recently for information technology integration. Takamol is a cloud computing solution for the oil, gas, and mineral resources industries, serving  150 companies and more than 250,000 employees, revealed Ahmad Moharram, Takamol Project Manager, during an episode of Petrocast, the Ministry of Petroleum and Mineral Resources’ (MoMPR) podcast. The platform provides an integrated work environment with three main services: enhancing efficiency, collaboration, and sector-wide connectivity. The scope of these services encompasses the full stack—software, platform, and infrastructure. The Manager of the Takamol program noted that the petroleum and mineral…

The displacement of oil from Saudi Arabia’s power generation sector continued apace in November, with the latest Jodi data showing oil burn down a massive 302,000 b/d year-on-year. November oil burn of just 869,000 b/d left Saudi Arabia well placed for a full-year drop in oil burn of 100,000 b/d, with the annual average potentially dropping below 1mn b/d for the first time since 2019 (see chart 1). It averaged 1.012mn b/d over the first eleven months of the year. Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed…

A golden era for the UAE’s oil trading sector has drawn to a close as a tightening of US sanctions on Russian and Iranian barrels, regional geopolitical shifts and broader industry headwinds combined to create a highly challenging year for Dubai-based trading firms in 2025. This year is unlikely to prove any easier for independent firms, with the traditional trading giants and NOC-backed firms consolidating their control. The first half of the decade was transformative for the United Arab Emirates, and Dubai in particular, as an oil trading hub. The Covid-induced price contango that incentivized oil storage caused storage tanks…

Omani state offtaker Nama Power & Water Procurement (Nama PWP) signed power purchase agreements with the developers of the 2.6GW Misfah and Duqm combined-cycle gas turbine (CCGT) power projects on 22 January. The plants were first announced by Nama back in late-2024 and are expected to be fully operational by 2Q 2029 (MEES, 6 December 2024). The two plants are being developed by the same consortium that groups Oman’s Bahwan Infrastructure Services, Qatar’s Nebras Energy, Korea’s Kowepo, and the UAE firm EtihadWE – EtihadWE provides electricity and water to the UAE’s ‘northern emirates’ but hasn’t generated electricity domestically since 2021.…

The Egyptian General Petroleum Corporation (EGPC) has approved amendments to the current fiscal year’s budget as well as the plan for the 2026/27  budget for Alamein Petroleum Company. EGPC’s CEO, Salah Abdel Kerim, attributed the modifications to the fact that the company’s concession areas require continuous innovation and integrated technical solutions, given their complex geological nature. He reaffirmed EGPC’s full support for efforts to increase output and reduce per-barrel production costs, specifically to counter the natural decline of mature fields. Abdel Kerim highlighted that investment in exploration continues to yield immediate results, citing the Z3 well as a recent success.…

The global economy has proven to be much more resilient than expected over the past year. After sharply downgrading growth expectations in April following the US ‘Liberation Day’ tariff launch (MEES, 1 August), the IMF has since unveiled successive upwards revisions, most recently in January. This week’s update to the World Economic Outlook (WEO) saw the IMF revise up its assessment for growth in 2025 by 0.1 percentage points to 3.3%, flat with 2024 growth. “Remarkably, global growth for 2025 and 2026 is expected to be stronger than projected back in October 2024 before the tariff disruption started,” Pierre-Olivier Gourinchas,…

The Egyptian Natural Gas Holding Company (EGAS) is accelerating the development of undeveloped offshore discoveries through new technical partnerships and expanded exploration programs with global majors, including Arcius Energy, ADNOC’s XRG, and ExxonMobil. As part of the Ministry of Petroleum and Mineral Resources’ (MoPMR) strategy to boost upstream activity, EGAS recently held a technical workshop with Arcius Energy—a regional gas platform co-owned by bp (51%) and ADNOC’s XRG (49%). The sessions focused on assessing development options for undeveloped gas discoveries in the Mediterranean to bring them onto the production map. The objective is to tie these proven reserves to existing…

China’s Xingfa Chemicals Group has unveiled plans to invest up to $2 billion in a large-scale, three-phase industrial project in Egypt’s Golden Triangle Economic Zone (GTEZ), focusing on integrated phosphate extraction and high-value chemical manufacturing. During a meeting on January 22, Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), discussed the proposal with a delegation led by Yali Cheng, President at Hubei Xingfa Chemicals Group. Badawi attributed the significance of the project to its alignment with the Ministry’s strategy to revitalize the mining sector by shifting from raw ore exports to value-added industries. He reaffirmed the Ministry’s full support…