Author: Rigs & Barge World
Tharwa Petroleum Company, a state-owned company, recorded strong operational and production results in 2025, achieving a 15% increase in output compared to the previous year following the successful drilling of four new wells in the Western Desert, Chairman and Managing Director Saeed Abdel Moneim reported. The wells were initially drilled to offset natural production decline, but results exceeded expectations and bolstered overall growth. Average daily production surpassed 5,000 barrels, yielding total annual crude oil output of approximately 1.9 million barrels (mmbbl). The company also added new petroleum reserves, with crude oil sales exceeding 500,000 barrels during the year. As part…
The UN Security Council (UNSC) voted unanimously in favor of a UK-drafted resolution to counter illicit oil exports and smuggling from Libya on 14 April. The vote, taken during a special session on Libya, comes after a UN report found that private Libyan company Arkenu has been diverting oil revenues away from the CBL to offshore bank accounts benefiting armed groups (MEES, 17 April). The UNSC says that Resolution 2819 of 2026 authorizes member states “to inspect on the high seas vessels designated by the 1970 Libya Sanctions Committee as being involved in the illicit export of petroleum from the…
TotalEnergies, the integrated multi-energy company, anticipated a sharp rise in first‑quarter (Q1) of 2026 earnings, driven by strong trading results, higher upstream output, and increased oil sales amid elevated prices linked to the war in Iran, even as the conflict forced the shutdown of 15% of the French company’s overall production, Reuters reported. The group reported that European refining margins averaged $11.40 per barrel in the quarter, up 192% a year earlier and unchanged from the Q4 2025 margin. TotalEnergies is scheduled to report Q1 earnings on April 29. Benchmark Brent crude futures surged to multi‑year highs near $120 a…
The US came close to becoming a net crude exporter for the first time since World War II, as exports surged to 5.2 million barrels per day (mmbbl/d), the highest level in seven months, driven by strong demand from Europe and Asia seeking alternatives to disrupted Middle East supplies. Escalating tensions involving Iran led to significant constraints on shipments through the Strait of Hormuz, impacting nearly 20% of global oil and gas supplies and pushing importers to secure alternative sources, particularly US crude. US government data showed that net crude imports fell to 66,000 barrels per day (bbl/d), the lowest…
President Abdel Fattah El-Sisi has ratified two laws authorizing new petroleum exploration and production agreements in North Sinai offshore and the Gulf of Suez, as published by the Official Gazette and reported by Al-Ahram. The first agreement, under Law No. 81 of 2025, authorizes the Minister of Petroleum and Mineral Resources, Karim Badawi, to contract with the Egyptian General Petroleum Corporation (EGPC), Perenco North Sinai Petroleum Inc., Perenco North Sinai Oil Limited, Perenco North Sinai Gas Limited, and Perenco Resources Egypt Limited to explore, develop, and produce oil in the North Sinai offshore development area. Separately, Law No. 163 of…
Egypt received a timely boost at its offshore Mediterranean basin this week. Italian major Eni discovered 2tcf of gas, and BP and UAE state … Source link
The Egyptian International Gas Technology Company (Gastec) recorded natural gas sales of approximately 664 million cubic meters (mmcm) during fiscal year (FY) 2025, achieving the highest market share in Egypt at 45%. Mohamed Elniel, the company’s Chairman, reported the figures during the General Assembly convened to approve the company’s results for the fiscal year. Gastec achieved the highest daily sales rate in the market, exceeding 2.2 mmcm, which brought cumulative natural gas sales since the company’s inception to 6.6 billion cubic meters (bcm). Additionally, liquid fuel sales reached 172.6 million liters, representing an 8% increase compared to the previous year.…
Saipem has won two new offshore contracts in the Saudi Arabia under its Long-Term Agreement with Aramco, in the form of Contract Release Purchase Orders (CRPOs), further reinforcing its footprint in the Saudi market. Under the first award (CRPO 154), Saipem will carry out engineering, procurement, construction, and installation (EPCI) works for a water injection tie-in platform, in addition to two water injection wellhead platforms at the Safaniya offshore field. The scope also includes the installation of around 5 km of 24-inch pipelines and approximately 15 km of 15kV subsea cables. Safaniya is recognized as one of the largest offshore…
Iran’s 5 April announcement that it would allow Iraqi oil to transit the Strait of Hormuz has been met with little enthusiasm from buyers, forcing Iraq to continue its quest for alternative routes to market. A senior oil ministry official tells MEES that despite the Iranian announcement, no buyers were willing to send tankers through the Strait given the high risk of attack. “We have negotiations with Chinese and Indian buyers, but they are reluctant. They say that the Iranian announcement is not enough and they wanted security guarantees, but we can’t offer that,” the source says. (CONTINUED – 1009…
Tag Oil, a Canadian-based international oil and gas exploration company, is preparing to drill a T-200 vertical well in the Badr Oil Field (BED-1) concession located in the Western Desert in 2026, according to its first quarter (Q1) of 2026 operational update release. During Q1 of 2026, the company maintained production from the BED-1 concession to an average of about 65 barrels of oil per day (bbl/d). The concession houses multiple oil and gas fields and has recently become a focal point for massive production recovery. In January, the Western Desert Operating Petroleum Company (WEPCO), the Egyptian joint partner…