Author: Rigs & Barge World
Karim Badawi, Minister of Petroleum and Mineral Resources, discussed with Robert Schlotterer, World Bank (WB) Group Metals and Minerals Practice Manager, possible cooperation with the bank’s entities -like the International Finance Corporation (IFC) and Multilateral Investment Guarantee Agency (MIGA)- in financing exploration activities, risk management, and private sector expansion. The talks, taking place during the Future Minerals Forum in Riyadh, included means to help Egypt achieve its goal of lifting the mining sector’s contribution to gross domestic product (GDP) from 1% to 5-6%, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Badawi and Schlotterer agreed…
Iraq is taking over management of Lukoil’s 480,000 b/d-capacity West Qurna-2 (WQ-2) oilfield in Basra. The pre-emptive move is aimed at minimizing disruption at the key field. In a 7 January decision, the council of ministers approved the move, tasking state firm Basrah Oil Company (BOC) with handling field management “to the extent allowed by the provisions of the service and development contract” signed with the Russian private firm. (CONTINUED – 1011 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…
Exxon Mobil is making preparations to resume processing Venezuelan crude oil at its large Baton Rouge, Louisiana refinery, industry sources said to Reuters. The facility, which has a capacity of about 522,500 barrels per day (b/d), previously handled heavy, sour crude from Venezuela but stopped doing so after US sanctions were imposed on the South American nation. The move marks a potential shift in operations amid evolving oil market dynamics, though the company has not publicly commented on the plans. Recently, Exxon Mobil showed its interest in returning to Venezuela, and it is preparing to send a technical evaluation team…
Karim Badawi, Minister of Petroleum and Mineral Resources, met with senior executives from Canada’s Barrick Gold and Lotus Gold, as well as Australia’s BHP, on the sidelines of the Future Minerals Forum, to discuss upcoming gold and mineral exploration programs, joint investment opportunities, and ways to leverage Egypt’s mining reforms to attract long-term international investment. Badawi reviewed with Mark Hill, Chief Executive Officer (CEO) of Barrick Gold, the company’s near-term operational roadmap, including the launch of new gold exploration campaigns in additional Eastern Desert blocks once the regulatory procedures are finalized. The company conducted geological survey across several Egyptian prospects…
Despite the public declaration by Israeli Prime Minister Benjamin Netanyahu and Energy Minister Eli Cohen’s that they had approved Israel’s $35bn gas export deal with Egypt last month, a number of hurdles are holding up implementation. The partners at Israel’s Chevron-operated 22.3tcf Leviathan gas field aim to double contracted export volumes to around 1.2bn cfd by 2029 as part of the deal signed in August last year. Finalizing the sales deal is a prerequisite for the Leviathan partners to take a final investment decision (FID) on expanding the field’s capacity to 2.1bn cfd. Capacity is currently 1.2bn cfd, and is…
Karim Badawi, Minister of Petroleum and Mineral Resources, called for transforming Africa’s raw mineral riches into value-added exports to drive employment and development. This came during a roundtable titled Africa: Unlocking Infrastructure Funding for Copper Belt Production at the Future Minerals Forum(FMF) in Riyadh. The discussion focused on public-private partnerships and risk-mitigating financing models, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Badawi detailed Egypt’s recent transformations, including converting the Mineral Resources Authority into an independent economic body to streamline operations, launching a new investor incentives package, initiating a nationwide aerial survey for geological data…
Egypt has signed two separate MoUs to supply Lebanon and Syria with gas in recent weeks, despite its own gas shortages. Lebanon has no gas production at all, while Syria is trying to increase output from a paltry 7mn m³/d (247mn cfd) by bringing in foreign firms (MEES, 19 December 2025). Despite its own gas problems – output was a nine-year low 4.20bn cfd last year necessitating record LNG imports on top of imports of Israeli pipeline gas – Egypt has not abandoned its ambition of becoming a regional gas hub by using its LNG export facilities to re-export gas…
On the sidelines of his participation in the Future Minerals Forum (FMF) in Riyadh, Karim Badawi, Minister of Petroleum and Mineral Resources, held a series of meetings with senior executives of leading mining companies to explore opportunities for partnership and investment in Egypt. In his talks with Jin, Group Vice President of China’s CMOC Group, Badawi highlighted Egypt’s significant and diversified mineral potential, particularly in phosphate, copper, gold, and cobalt, as well as niobium and titanium. He emphasized that Egypt’s new mining strategy is focused on maximizing value addition and expanding local downstream processing, rather than limiting activities to raw…
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On the sidelines of the Future Minerals Forum (FMF) in Saudi Arabia, Minister of Petroleum and Mineral Resources, Karim Badawi, met with Mohsin Al-Hadhrami, Undersecretary of Oman’s Ministry of Energy and Minerals and Chairman of Petroleum Development Oman (PDO), to expand bilateral cooperation in the petroleum, natural gas, and mining sectors. The ministers reviewed potential collaborations under last year’s Memorandum of Understanding (MoU), leveraging Oman’s advanced mining survey to optimize mineral exploitation, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Furthermore, Minister Badawi highlighted the ongoing transformation of the mining sector into a primary pillar…