Author: Rigs & Barge World
Egypt’s gas output edged up in Q3 with a number of foreign operators stepping up activity as Cairo began to pay down receivables. Although o… Source link
Egypt and Russia’s state-owned Rosatom have signed a nuclear fuel purchase order and a comprehensive cooperation agreement for the El-Dabaa Nuclear Power Plant. The signings occurred during a high-profile ceremony for the installation of the Reactor Pressure Vessel (RPV) for Unit 1 of the plant. President Abdel-Fattah El-Sisi and the Russian President Vladimir Putin attended the ceremony. The event coincided with Egypt’s Fifth Annual Nuclear Energy Day, commemorated yearly on November 19th to mark the 2015 intergovernmental agreement between Egypt and Russia to build and operate the nation’s first nuclear power plant. Prime Minister Mostafa Madbouly, after meeting with Rosatom…
The European Commission (EU) has granted conditional approval for Abu Dhabi National Oil Company (ADNOC)’s landmark €14.7 billion acquisition of German plastics and chemicals manufacturer Covestro, Reuters reported. The Commission announced the decision on November 14, requiring ADNOC to adhere to several commitments to address competition concerns. The conditional greenlight requires ADNOC to fulfill commitments, including amending its articles of association and allowing other industry players access to specific Covestro sustainability-related patents. These required measures aim to ease competition concerns that were raised during the review process. The €14.7 billion takeover is ADNOC’s largest-ever acquisition and is one of the most…
Adnoc Gas, a publicly-listed subsidiary of Abu Dhabi’s state energy giant Adnoc, sees rapid population and economic growth driving domestic gas demand growth of 4-5% annually between 2023 and 2030. Even this strong outlook is just the base case scenario, as it excludes the potentially significant impact of demand from AI data centers. “AI data center demand is not part of that 4-5% growth outlook,” says CFO Peter van Driel. “The reason for that is I do not know exactly how big it’s going to be. The second thing is, I am pretty sure that these data centers are going…
US oil giant Chevron is reviewing potential opportunities to acquire international assets owned by sanctioned Russian producer Lukoil, five sources told Reuters on November 17. This move follows a US Treasury waiver issued last week that allows potential buyers to engage with Lukoil regarding its overseas holdings. If Chevron proceeds, it will join Carlyle and other interested bidders competing for the portfolio. The portfolio is valued at a minimum of $20 billion. The US imposed sanctions on Lukoil and Rosneft, Russia’s top two oil firms, for their role in supporting Moscow’s war financing. These measures have severely disrupted Lukoil’s operations…
Karim Badawi, Minister of Petroleum and Mineral Resources, shed light on a series of major achievements in the sector during a celebration commemorating the Golden Jubilee of National Petroleum Day, which marks the anniversary of the 1975 recovery of Egypt’s Sinai oil fields from Israeli control. A statement by the ministry noted that Badawi honored 196 employees during the ceremony held at the Abu Rudeis production fields in South Sinai. The minister praised the sector’s workers for their dedication to sustaining production levels and securing energy supplies for the domestic market. He noted that since the launch of the ministry’s…
The launch of the IEA’s annual World Energy Outlook (WEO) this week was a much-watch event for the energy sector. The IEA’s reinstatement of its Current Policies Scenario (CPS) attracted the most attention, showing that the world is on course for a 12.8mn b/d increase in oil consumption by 2050 absent a change of direction. But arguably the most important takeaway is that energy security risks are on the rise due to the world’s growing dependence on China for critical minerals. The energy transition has unleashed heated debates over the continued role of oil and gas in the global economy,…
TotalEnergies will appeal a decision by the French Competition Authority that imposes a fine on the company for alleged anti-competitive practices in the supply of petroleum products in Corsica. The Authority’s ruling follows a four-year investigation. However, TotalEnergies maintains that the decision is not supported by evidence of any negative competitive impact on the island.The case’s core is a 2016 contractual clause governing access to Corsica’s fuel depots for shareholder-investors. TotalEnergies argued that the clause did not harm market dynamics, stating that non-shareholder distributors already had access through a separate supply arrangement.According to the company, the Corsican distributor that filed…
Production from the Opec+ Group of Eight (G8) countries increased by just 17,000 b/d last month according to the Secondary Sources aggregate, just 12% of the agreed 137,000 b/d quota increase. A number of G8 members are unable to continue raising production in line with quota increases due to capacity constraints, while others are compensating for previous overproduction. In this instance, the main driver was a 154,000 b/d drop from Kazakhstan due to field maintenance. As a result, combined G8 output of 32.86mn b/d was 160,000 b/d below the cumulative quota, the highest such figure since producers began unwinding the…
National Drilling Company (NDC), an Egyptian oil and natural gas services provider, recorded a net profit of $6.61 million for the nine months ending on September 30, 2025, marking an 11.85 % increase from the level recorded in the same period of 2024, according to figures released to the Egyptian Stock Exchange (EGX). The company also saw its net profit for the first half of the year ending in June 2025 reaching $3.699 million, up from $3.185 million in the previous year. Established in 1981, NDC specializes in land drilling and workover activities, along with associated services and technical support…