Author: Rigs & Barge World
The Iraqi cabinet approved what it described as an “amicable settlement” with Russia’s Lukoil over the transfer of operations at the giant West Qurna 2 oil field to the state-run Basra Oil Company, Reuters reported, citing an official statement. The move follows Baghdad’s decision last month to nationalize the field after the United States imposed sanctions on Lukoil as part of efforts to pressure Moscow over the war in Ukraine. West Qurna 2 is one of the world’s largest oilfields, contributing roughly 0.5% of global oil supply and nearly 10% of Iraq’s total crude output. The nationalization comes as discussions…
Petrosannan Petroleum Company, a joint venture (JV) between Ukraine’s Naftogaz and the Egyptian General Petroleum Corporation (EGPC), plan to invest around $40.32 million for the upcoming fiscal year, targeting daily production of 4,439 barrels of crude oil and 7.9 million cubic feet (mmcf) of gas, Chairman Ayman Morshedy told the General Assembly that convened to approve the budget for fiscal year (FY) 2026/2027. The approval builds on the strong results achieved during the current fiscal year, which were commended by the assembly, according to an EGPC statement. Salah Abdel Kerim, CEO of EGPC, highlighted Petrosannan’s efforts to make two oil…
One of Oman’s most-anticipated upstream awards in recent years has been finalized, with Malaysian NOC Petronas (70%) partnering with Oman’s OQEP (30%) at the Block 18 offshore asset. Petronas will operate the block, and the company’s VP of International Assets Mohd Redhani Abdul Rahman said at the 12 February signing ceremony that “through our innovative exploration approaches and OQEP’s basin expertise, we aim to jointly unlock the potential of Block 18, contributing to Oman’s long-term energy security.” (CONTINUED – 743 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details…
Türkiye and Ethiopia have signed a memorandum of understanding (MoU) on energy cooperation during President Recep Tayyip Erdogan’s visit to Addis Ababa, marking a step toward deeper collaboration in joint energy projects, Reuters reported. Erdogan traveled to the Ethiopian capital at the invitation of Prime Minister Abiy Ahmed, in his first visit to the country in 11 years. The agreement was signed following talks between the two leaders and is intended to serve as a roadmap for expanding bilateral energy ties. According to Türkiye’s Energy Ministry, the accord covers cooperation in renewable energy and energy efficiency projects, as well as joint…
The Executive Committee of the Egypt Energy Show (EGYPES 2026) convened its second meeting, chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to oversee preparations for the event’s ninth edition. Held under the patronage of President Abdel Fattah El-Sisi, the conference and exhibition are scheduled to run from March 30 to April 1, 2026. Badawi emphasized that the 2026 edition of EGYPES represents a vital opportunity to present an integrated vision that reflects Egypt’s standing as an attractive investment destination, thereby strengthening regional and international partnerships in the energy sector. He noted that EGYPES will bring together senior…
Syria is marketing itself as a returning oil and gas province with proven hydrocarbon systems, and Youssef Qablawi, CEO of the Syrian Petroleum Company (SPC), was in London this week to drum up business. In a sign of how fast the geopolitical chessboard has changed, Mr Qablawi addressed the first day of the International Energy Week (IE Week) conference on 10 February, where he touted the “much improved” security situation. “Syria is a hotspot…open to opportunities…and everyone wants a piece of the cake,” he declared. SPC has made some early progress. Last week, it signed an MoU with Chevron for…
Ganoub El Wadi Petroleum Holding Company (Ganope), in cooperation with the Egyptian Petroleum Exploration Society (EPEX), organized a workshop to promote the 2025 Red Sea International Bid Round, which is scheduled to close on May 3rd, 2026. This comes within the framework of the Ministry of Petroleum and Mineral Resources (MoPMR )’s strategy to create new investment horizons and expand exploration areas. The workshop was inaugurated by Ahmed Abd El Fattah, EPEX’s Chairman. Meanwhile, Mohamed Radwan, Ganope Vice Chairman for Agreements and Exploration and Egypt Upstream Gateway (EUG) Project Manager at the Ministry of Petroleum, emphasized the workshop’s importance in…
TotalEnergies’ strategy of prioritizing investments in low-cost MENA barrels is bearing fruit, with net output from the region continuing to set new records. Net MENA liquids output for 2025 of 681,000 b/d was up 37,000 b/d on the previous year’s record (see chart) both in absolute terms and as a share of its global portfolio (44.4%). 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
Chevron Corporation, the American upstream-focused producer, has signed lease agreements with the Hellenic Republic, paving the way for hydrocarbon exploration in four offshore blocks in Greece, in partnership with HELLENiQ ENERGY, a leading energy group in Southeast Europe. A lease agreement is a legal contract that grants a company the right to use or explore land or offshore areas owned by a government (or another party) for a specific period, under agreed-upon terms and conditions. The blocks are located south of Crete and south of the Peloponnese, as well as in Block A2 in the Peloponnese region. The consortium, comprising…
Modern Gas, an Egyptian joint stock company, has signed an agreement with Talaat Moustafa Group to implement centralized gas networks for the residential city of Banan Riyadh, Saudi Arabia, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Talaat Moustafa is developing the city over a total area of 10 million square meters. The first phase, worth SAR 24 million and covering 4 million square meters, will include the implementation of gas networks by Modern Gas, which will also operate the system. The project is carried out in partnership with Egyptian FAJR Natural Gas Company and…