Author: Rigs & Barge World
Rashid Petroleum Company (Rashpetco) exceeded its production plan by 4% during the second half (H2) of 2025, although the specific numerical targets of the original plan were not disclosed in the official statement. Mohamed Degheidy, chairman of Rashpetco, announced that this performance was driven by the early entry of Phase 11 West Delta Deep Marine (WDDM) wells and operational efficiency gains that added 10 million cubic feet per day (mmcf/d) to the company’s output. Moreover, the company recorded an average production of 366 million cubic feet per day (mmcf/d) of natural gas and over 6,100 barrels of condensates, totaling 69,000…
In BP’s first results call since the start of the Iran War on 28 February, newly appointed CEO Meg O’Neill said little about how the conflict might reshape the company’s long-term outlook. Pressed on whether the heightened risk would lead the UK major to target higher returns in the Middle East, she offered a cautious response. Ms O’Neill noted that BP has been in the Middle East for more than 100 years saying the region remains “a core part of the company’s footprint.” As with all its multinational peers, BP is accustomed to operating in high-risk areas. Indeed, it expanded…
The South Valley Egyptian Petroleum Holding Company (Ganope) has announced an extension of the closing date for the Red Sea international bid Round to Monday, June 29, 2026, at 12:00 PM Cairo local time. By extending the deadline, which was initially set for Monday, May 3, Ganope aims to provide additional time for companies to participate in the bid round, reinforcing Egypt’s strategy to attract investment and accelerate exploration in frontier areas. The move follows heightened interest of foreign investors during the Society of Exploration Geophysicists (SEG) Cairo Annual Conference, a high‑level geoscience and energy exploration meeting, which took place…
Mahmoud Esmat, Minister of Electricity and Renewable Energy, met with Alexie Ba, Regional Director of SANY Group, a Chinese company that operates in manufacturing renewable energy equipment, to discuss and follow up on plans to establish a plant in Egypt to manufacture wind turbines, as part of the state’s plan to strengthen local production in the renewable energy sector. This follows previous talks in January with the Chinese company aimed at exploring cooperation opportunities in renewable energy and discussing the establishment of the country’s first wind turbine manufacturing plant. The meeting reviewed progress on establishing the plant and explored how…
Iraq’s Shia parties nominated businessman Ali al-Zaidi as their prime ministerial candidate on 27 April in a surprise move that could end the five-month political impasse since last November’s parliamentary elections. Mr Zaidi has no political or government experience and now has 30 days to form a cabinet and secure broader political consensus to win a vote of confidence in parliament. Mr Zaidi’s nomination was announced by President Nizar Amedi shortly after he was put forward by parliament’s largest bloc, the Shia Coordination Framework (SCF). The SCF had previously nominated former prime minister Nouri al-Maliki, but his nomination was withdrawn…
The UAE has announced its departure from the Organization of Arab Petroleum Exporting Countries (OAPEC), Reuters reported, citing a statement from the intergovernmental alliance released on Sunday. OAPEC, founded in 1968 to strengthen cooperation among Arab oil exporters, does not set production policies for its members. The move follows the UAE’s surprise decision on April 28th, 2026, to withdraw from both OPEC and the OPEC+ producer group to prioritize boosting its own oil output. This marks a significant shift in the UAE’s energy policy, as the country had long been a key participant in OPEC+ production agreements. Its withdrawal underscores…
On 28 April, the US Treasury alerted financial institutions of the risk of secondary sanctions when dealing with Chinese independent refiners known as teapots that have been sanctioned for buying Iranian crude oil. The alert followed last week’s sanctioning of Hengli Petrochemicals, one of China’s largest independent refiners, as well as the designation of dozens of tankers, companies and individuals involved in the clandestine trade. The Treasury warned US and foreign financial institutions that they “should carefully review any transactions involving China-based teapot refineries…given the heightened risk that transactions with these refineries could involve Iranian-origin oil.” It warned that IRGC-affiliated…
Venezuela’s crude oil exports rose by 14% month-on-month to around 1.23 million barrels per day (mmbbl/d) in April, marking the highest level recorded in more than seven years, according to shipping data and documents from state-owned PDVSA reported by Reuters. The increase was supported by stronger crude and refined product shipments to key markets, including the US, India, and Europe. A total of 66 tankers departed Venezuelan ports during the month, compared with 61 vessels in March, which carried about 1.08 mmbbld/d of crude and refined products. The April figure represents the highest monthly export volume since late 2018, before the…
Prime Minister Mostafa Madbouly inspected Egypt’s offshore drilling rig Al‑Qaher‑2, which carried out operations for the Denise West‑1 exploratory well in the Eni‑bp Temsah concession in the Mediterranean. The operation resulted in a promising natural gas discovery, with reserves estimated at around 2 trillion cubic feet of gas, in addition to approximately 130 million barrels of condensate. Karim Badawi, Minister of Petroleum and Mineral Resources, who accompanied Madbouly in the visit, affirmed that the new Denis discovery represents one of the important outcomes of the Ministry’s program to settle dues owed to foreign partners and to implement new incentives aimed…
Gas flows through the 8bcm/y (775mn cfd)-capacity Greenstream pipeline linking Libya and Italy resumed on 27 April following two weeks of scheduled maintenance. Operator Mellitah Oil and Gas, a joint venture between NOC and Italy’s Eni, confirmed the resumption of flows. The pipeline was shut for 13 days for a “complete overhaul” of offshore ‘Area D’ (previously Block NC-41), and work on key infrastructure, including the offshore Sabratha platform and the onshore Mellitah industrial complex. (CONTINUED – 712 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by…