Author: Rigs & Barge World

ADNOC Gas reported net income of $1.34 billion in its financial results for the third quarter (Q3) of 2025, up 8% year-on-year (YoY),  representing the highest for a third quarter in the company’s history. The company recorded net income of $3.99 billion during the nine-month period of 2025, compared to $3.63 billion during the same period in 2024. According to Reuters, average oil prices were $71 per barrel during the nine-month period, compared to $83 per barrel in the same period last year. “Despite a lower oil price environment, we continue to deliver robust returns, underpinned by operational excellence and…

Egypt signed a cooperation agreement to carry out the final studies for the electricity interconnection project between Egypt and Europe through Italy, aiming to strengthen the country’s position as a regional energy hub. The agreement includes the preparation and implementation of the final technical, environmental, and financial studies for the project, as well as the necessary steps to begin implementation and establish a power interconnection between Egypt’s national electricity grid and the unified European grid through the Italian network. The Egypt-Europe interconnection is designed to export surplus renewable energy to the European continent, with a targeted capacity of up to 3,000…

Anticipating huge domestic power demand growth, Saudi Aramco has revised up its sales gas growth target from 60% to 80% by 2030. Citing strong momentum on both demand and supply, CEO Amin Nasser told Aramco’s Q3 earnings call on 4 November that the additional gas production and associated liquids will generate $12-15bn in incremental annual cash flow by 2030. The 80% increase is from a 2021 baseline, when sales gas output averaged 9.2bn cfd, implying that Aramco has revised its 2030 target up from around 14.7bn cfd to as much as 16.8bn cfd (see chart 1). This huge 7.6bn cfd…

The Egyptian General Petroleum Corporation (EGPC) has extended the Gulf of Suez and Nile Delta concession of Italy’s Eni until 2040 represented  This extension allows for the full economic utilization of the available oil and gas potential within the concession area. Under the agreement, Eni will commence a new 3D seismic survey campaign to identify untapped resources in the area, utilising its specialised technologies and deep subsurface geological expertise. Following the signing, Karim Badawi, Minister of Petroleum and Mineral Resources, said that this agreement represents a strategic achievement that builds on more than 70 years of partnership with the Italian…

Israel’s gas output routinely peaks in Q3’s high-demand season, and this year was no exception with output rebounding from Q2’s two-year low to a new record high of 2.88bn cfd (see chart 1). Of Israel’s three producing fields, Leviathan (the largest) and Karish (the smallest) set new record high quarterly figures, preliminary data obtained by MEES indicates. 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 energy demand is expected to grow at its slowest pace in two decades as renewable power expands rapidly and fossil fuel consumption peaks before 2030, the International Energy Agency (IEA) said in its recently released World Energy Outlook 2025. The Paris-based watchdog projected that renewables, led by solar photovoltaics, will meet nearly all new electricity demand growth through 2035, signaling a structural shift in global energy markets despite ongoing geopolitical tensions and record oil use in some regions. The IEA said that investment in clean energy technologies would reach $3 trillion by 2030, up from $2 trillion today, driven…

TAQA Arabia reported a 40% increase in consolidated sales, reaching approximately EGP 18 billion in the third quarter (Q3) of 2025, ending September 30. The surge in sales drove the company’s consolidated net profit after tax to EGP 700 million, marking a 65% increase. In terms of the standalone business, net profits after tax recorded a 33% decline from its level during the first nine months of 2024 to come at  EGP 119.664 million. Concurrently, the company’s Board of Directors approved the appointment of Tarek El Molla, former Minister of Petroleum and Mineral Resources, as an observer on the Board.The company…

The clock is ticking. The partners at Israel’s giant 22.3tcf Leviathan gas field, led by operator US major Chevron (39.66%) have given themselves until 30 November to meet certain conditions, or the much-vaunted, $35bn deal to send 130bcm of gas to Egypt could be off. While missing that deadline may not signal the deal’s official cancelation, it also faces strong political headwinds. The coming weeks will determine whether the deal can be resuscitated though US efforts to pressure Israeli Prime Minister Benjamin Netanyahu and Energy Minister Eli Cohen into approving the partners’ gas permit application have so far fallen on…

Singapore-based Destiny Energy plans to invest $210 million in establishing facilities to produce over 100,000 metric tons per year (mt/y) of green hydrogen and green ammonia at the Suez Canal Economic Zone (SCZONE). Vijay Sirse, Chief Executive Officer (CEO) of Destiny Energy, announced the plans during a meeting with Hossam Heiba, Chief Executive Officer (CEO) of the General Authority for Investment and Free Zones (GAFI). This strategy is expected to help reduce overall production costs for both Egyptian companies and the European Union (EU), as energy can account for up to 70% of the costs associated with green ammonia production.…

The Board of Directors of Qalaa Holding has delegated the company’s chairman and the Managing Director to study the possibility of issuing convertible bonds up to $200 million (or equivalent in Egyptian pounds) to reduce the company’s loans, borrowing costs, and inject capital into its subsidiaries, according to its release to the Egyptian Stock Exchange. The board also approved studying the Initial Public Offering (IPO) of 5  subsidiaries on the Egyptian Stock Exchange over the next two years. The subsidiaries slated for the offerings are the National River Port Management Company (NRPMC), Dina Farms for Agriculture Investments, and ASEC Automation, with two…