Author: Rigs & Barge World
Russian oil company Rosneft reported a 70.1% decline in net income during the first nine months of 2025, falling to RUB 277 billion, according to the company’s financial results. During the same period in 2024, the company’s net income was RUB 926 billion. The company’s revenues from sales declined 17.8% to RUB 6.28 trillion during the period from January through September 2025, compared to RUB 7.64 trillion in the first nine months of 2024. Rosneft noted that its performance for the first nine months of 2025 came under additional pressure due to factors such as tariff indexation outpacing inflation for…
The Minister of Petroleum and Mineral Resources, Karim Badawi, honored Mohannad Atef, a member of the Egypt Upstream Gateway (EUG) team, for receiving the Best AI Agent Award at the International Geomechanics Conference held in Saudi Arabia. The recognition is due to his achievement among 425 participants from around the world. Atef explained that the EUG team to which he belongs developed an innovative model that relies on artificial intelligence techniques to extract and analyze geotechnical data with high precision, by designing an “intelligent agent” specialized in drilling data. This, according to Atef, is based on an advanced integration of…
Morocco is pressing ahead with renewable energy plans in Western Sahara as it builds on renewed momentum in support of its decades-old sovereignty claims to the disputed territory. Just two weeks after Rabat celebrated a ‘historic’ UN Security council vote favoring its ‘Autonomy Plan’ for Western Sahara (MEES, 7 November), Morocco’s energy minister Leila Benali announced plans to add 1.5GW of renewable energy projects in the “southern provinces” – Rabat’s preferred term for the disputed territory – by 2030, with investments totalling 15bn dirhams ($1.62bn). (CONTINUED – 685 WORDS) Read this article for free Gain access to over 60-years of…
Prime Minister Mostafa Madbouly reviewed operational developments at the Sukari gold mine in a meeting with AngloGold Ashanti, the mine operator. The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, Hoda Mansour, Managing Director and Vice Chairman of Sukari Gold Mines, and Terry Strong, Senior Vice President of AngloGold Ashanti Africa. Madbouly expressed appreciation for the partnership between the Egyptian government and AngloGold Ashanti, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). He confirmed that the two parties have ambitious plans to increase gold production from the mine, a fact that…
Emirates Global Aluminium (EGA) has finalized a complex set of transactions with Abu Dhabi counterparts that will enable it to significantly reduce the carbon intensity of its operations. Under the terms of the agreements, it is selling the captive power generation facilities at its Abu Dhabi complex and will instead purchase electricity from the grid. This electricity will increasingly come from low-carbon sources, enabling EGA to produce more low-carbon aluminum. EGA signed the agreements on 27 November with Abu Dhabi state offtaker Ewec, Abu Dhabi utilities giant Taqa and Dubai’s Dubal Holding. (CONTINUED – 1019 WORDS) Read this article for…
Egypt unveiled a new investment incentives package designed to attract small and mid‑sized mining companies to undertake mineral exploration activities. The announcement was made at the “Explore in Egypt” event, where Karim Badawi, Minister of Petroleum and Mineral Resources, met with more than 30 Australian companies and institutions expressing interest in investing in Egypt’s mining sector as part of his visit to Australia. The package includes reduced annual fees during early exploration stages, tax and customs exemptions for exploration equipment and supplies. It also includes the issuance of a single license for searching multiple minerals instead of several licenses. The…
It’s decision time for Nicosia and its contentious LNG import project. The ‘Etyfa Prometheus’ floating storage and regasification unit (FSRU), will be ready to set sail from Malaysia in the coming weeks, but with the onshore receiving terminal and jetty at Vasilikos only 50% complete and work frozen, there’s nowhere to receive the vessel. France’s Technip Energies is undertaking a review to see if work can be resumed on the onshore facilities after the project’s Chinese-Greek contractor CMC walked away last year over payment and project scope disputes (MEES, 18 July). Energy Minister George Papanastasiou has hinted that the onshore…
UAE-listed Dana Gas announced on 27 November that it had shut down the 750mn cfd Khor Mor gas field in Iraqi Kurdistan after a rocket struck a liquid storage tank. As the main supplier of gas to power plants in the Kurdistan Region, the closure has had a significant impact on electricity supplies, both in Kurdistan and Federal Iraq. Electricity ministry spokesperson Ahmed Musa said the federal grid lost 1.2GW as a result. The suspension has reduced electricity provision from 24 hours to just five across Kurdistan according to Rudaw, as well as federal Iraqi provinces Kirkuk Nineva and Saladin.…
Saudi Arabia’s Ades Holding Company has completed its $379mn purchase of Norwegian listed firm Shelf Drilling through a cash merger. In a 26 November announcement, Ades says the transaction establishes Ades “as the global leader in offshore drilling, with a combined fleet of 83 offshore units (46 premium units) and 40 onshore rigs, now operating across 19 countries.” The transaction was first announced in August (MEES, 8 August). Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future risks and opportunities…
Cyprus and Lebanon finally ratified their maritime border on 26 November during Cypriot President Nikos Christodoulides’ visit to Beirut. Lebanon’s cabinet approved the demarcation in October after nearly two decades of delays (MEES, 31 October). “I am honored to be here today for a moment of great importance and historical significance: the signing of the Agreement on the Delimitation of the Exclusive Economic Zone (EEZ) of Cyprus and Lebanon,” Mr Christodoulides said. (CONTINUED – 199 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information…