Author: Rigs & Barge World
US Chevron announced on May 5 its entry into the Maltese energy sector to explore for natural gas and oil, marking a strategic expansion into a territory situated between established Mediterranean producers Libya, Italy, and Tunisia. The move aims to unlock potential in a nation that currently lacks domestic production, according to Reuters. The initial exploration phase will prioritize the analysis of existing geological data rather than the immediate drilling of new exploratory wells. This data-led approach is designed to rationalize costs while identifying high-prospect areas south of the island. The expansion follows a broader plan of increased activity in…
The state-owned Petroleum Projects and Technical Consultations Company (PETROJET), has signed a general contractor agreement to develop Phase Two of Algeria’s Hassi Bir Rkaiz field. The contract, valued at around $1.1 billion, covers works in the El Oued–Ouargla region, located about 130 kilometers east of Hassi Messaoud in southern Algeria. Under the agreement, PETROJET will lead the execution of engineering, procurement, construction, commissioning, and start-up (EPCCS) works for the second phase of the Hassi Bir Rkaiz development. The scope includes building a central processing plant with a daily capacity of 32,000 barrels, along with shared facilities to support current and…
On 28 April, Libya’s NOC signed an MoU with US major Chevron to conduct a joint study to assess shale oil and gas potential in the country’s onshore sedimentary basins, the state firm said in statement. “Technical teams from both sides will review the available data and assess the potential for developing the resources in these areas,” it said. (CONTINUED – 315 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 from high-level officials Assess future risks and opportunities Source link
The Egyptian General Petroleum Corporation (EGPC) and Algeria’s state-owned energy giant, Sonatrach, signed a Memorandum of Understanding (MoU) to establish an institutional framework for Egypt’s purchasing Algerian crude oil, according to a statement by the Ministry of Petroleum and Mineral Resources(MoPMR). According to the statement, the agreement aims to secure the needs of the domestic market and enhance the flexibility and sustainability of the supply chain. The signing ceremony was attended by Karim Badawi, Minister of Petroleum and Mineral Resources, and his Algerian counterpart, Mohamed Arkab, Minister of State, Minister of Hydrocarbons and Mines. Badawi delivered a speech before the…
Minister of Petroleum and Mineral Resources, Karim Badawi, met with Dan Moore, Global Vice President of Lubricants at ExxonMobil, to discuss means of strengthening cooperation with the US oil and gas giant in the production, distribution, and marketing of high-performance synthetic greases. The meeting further reviewed potential collaboration opportunities in petroleum refining, in line with the Ministry’s plans to modernize and improve refinery efficiency, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Both sides also explored opportunities to expand the production and distribution of premium lubricants, building on ExxonMobil’s strong manufacturing base in Egypt. With…
TotalEnergies is the most exposed of the international majors to the Middle East conflict, having invested heavily in the region in recent years. It produced a record 681,000 boe/d net oil and gas from the Gulf states last year (see chart), equal to 28% of its global output. The UAE was its single largest source of production, at a record 393,000 boe/d. 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 Source link
Global oil stocks are shrinking at a pace not seen in nearly eight years, with Goldman Sachs warning on May 4 that stocks could fall from 101 days of demand to 98 days by the end of May. The Days of Demand metric represents the number of days the world could continue to consume oil at current rates using only existing inventories if all production were to stop. Oil prices rose by around 6% on Monday after Iran reportedly targeted several vessels in the Strait of Hormuz and a fire broke out at a UAE oil port, according to Reuters.…
The geopolitical situation in the Persian Gulf has reached a fever pitch following President Trump’s sudden launch of Project Freedom, an initiative intended to break the blockade of the Strait of Hormuz and release hundreds of trapped international vessels. Since the operation began, rhetoric between Washington and Tehran has escalated into direct kinetic engagement. According to Admiral Brad Cooper, the CENTCOM chief, two U.S. destroyers escorting tankers came under fire from cruise missiles, drones, and small arms from speedboats. The Admiral confirmed that U.S. Navy helicopters destroyed seven of these boats, resulting in likely Iranian casualties.In apparent retaliation, the IRGC pivoted…
The radical reshaping of global energy markets gathered pace this week, with the UAE exiting Opec on 1 May. The UAE chose to act now as the … Source link
Eni resumed receiving Venezuelan crude shipments in April as a form of payment for natural gas produced in the country, a move to gradually recover outstanding debts owed by the government, according to Reuters. This comes alongside broader efforts by the Italian energy company to deepen its presence in Venezuela following recent discussions in Caracas between Eni CEO Claudio Descalzi and Acting President Delcy Rodríguez. Eni outlined its current operations and plans, including the signing of a programmatic agreement with PDVSA and the Ministry of Hydrocarbons to restart oil production in the Junin-5 project in the Orinoco Belt. The field,…