Author: Rigs & Barge World

North Petroleum International Company (NPIC), a subsidiary of China’s state-owned Zhenhua Oil Company, plans to boost production through the optimization of existing assets and the acquisition of new concessions. During an episode of the Ministry of Petroleum and Mineral Resources’ podcast, PetroCast, NPIC Country Manager and Director Sun Bao confirmed that the company is intensifying its footprint in Egypt to unlock further potential within the nation’s mature and frontier basins. The company has allocated a budget exceeding $100 million to pursue new opportunities, including brownfield assets and exploration blocks offered through Egypt’s recent upstream bid rounds.  NPIC is currently preparing…

Sidi Kerir Petrochemicals Company (Sidpec) approves the allocation of EGP 5.68 billion for new investments and affiliated company partnerships. This financial roadmap was unveiled in a disclosure to the Egyptian Exchange (EGX) on December 29, 2025, following a Board of Directors meeting held the same day to finalize the company’s estimated capital budget for the 2026 fiscal year. The 2026 capital budget, totaling EGP 1.98 billion for direct company projects and renewals, is part of a broader investment strategy that includes EGP 5.68 billion in affiliated company contributions. A significant portion of this investment is dedicated to increasing Sidpec’s stake…

Alexandria Mineral Oils Company (AMOC) has approved a capital expenditure budget of approximately EGP 580.19 million for the fiscal year (FY) 2025/2026, according to the company’s disclosure to the Egyptian Exchange (EGX). The budgets were approved by AMOC’s board of directors at its meeting held in December after being reviewed by the Audit and Governance Committee. The company also expects net profit after tax of about EGP 1.02 billion in FY 2025/26. AMOC, which was established in 1997 and was listed on the Egyptian Exchange (EGX) in 2004, produces a wide range of products, including paraffin wax, automatic transmission oils, base oil,…

The Ministry of Petroleum and Mineral Resources (MoPMR) has signed a Memorandum of Understanding (MoU) with the Lebanese Ministry of Energy and Water to supply natural gas to the Deir Ammar Power Plant in Lebanon for electricity generation. The agreement, signed during a visit by Karim Badawi, Minister of Petroleum and Mineral Resources, aims to deepen bilateral relations and utilize Egypt’s infrastructure to bolster regional energy security, according to a statement by MoPMR. Under the terms of the strategic cooperation, Egypt will leverage its robust production and export infrastructure, including the Idku and Damietta liquefaction plants. This year, Egypt has…

The United Energy Egypt (UEE) has drilled around 30 wells in 2025, which successfully offset natural reservoir decline and increased oil production by more than 20%, according to Kamel Al Sawi, Regional President of UEE, in an interview with PetroCast. The production surge follows a strategic expansion of the company’s footprint and the implementation of aggressive drilling schedules to maximize asset recovery. The company’s recent acquisition of the US-based Apex company has doubled production and lifted total reserves to more than 60 million barrels (mmbl). Al Sawi noted that UEE’s investment activity in Egypt has evolved significantly since 2019, following…

Woodside Energy has signed a long-term liquefied natural gas (LNG) sale and purchase agreement (SPA) with Turkey’s BOTAŞ for the supply of around 5.8 billion cubic meters (bcm) of natural gas equivalent, or approximately 0.5 million tons per year (mmt/y) of LNG, for a period of up to nine years starting in 2030. The deal turns a previously non-binding Heads of Agreement (HOA), signed in September this year, into a binding commitment. Under the agreement, LNG will be supplied primarily from Woodside’s under-construction Louisiana LNG project in the US as well as from Woodside’s broader portfolio. “This supply agreement with…

A new round of leadership transfers and administrative appointments has been launched across several petroleum sector companies to optimize expertise and support organizational growth. Minister of Petroleum and Mineral Resources Karim Badawi issued the decree to fill key positions among assistant chairmen and general managers of administrative affairs. The reshuffle impacts high-level administrative roles at the Egyptian Natural Gas Holding Company (EGAS), GASCO, Petrogas, and several other entities. These changes are designed to maximize the benefit of diverse expertise and streamline human resources development across the nation’s energy value chain. As part of the appointments, Mohamed Sayed Khashaba has been…

Four natural gas wells have been successfully drilled in the Nile Delta as part of an 11-well development program by El Wastani Petroleum Company (WASCO). The news wells are aimed at boosting national output.  The progress was reviewed during an inspection visit by Mahmoud Abdel Hameed, Executive Managing Director of the Egyptian Natural Gas Holding Company (EGAS), to verify the execution status of the ongoing drilling and production projects. According to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR), the new wells have shown positive indicators following technical studies, contributing to a broader strategy that includes the…

Russia’s Gazprom has transported 38.8 billion cubic meters (bcm) of natural gas to China through the Power of Siberia pipeline in 2025, surpassing its planned annual capacity. The achievement marks a significant milestone in the energy partnership between the two nations, with delivery volumes exceeding the previously established contractual targets for the year, according to Reuters. The 2025 export figures represent a substantial increase from the 31 bcm recorded in 2024, with the pipeline currently operating above its intended 38 bcm annual limit. According to Aleksei Miller, Chairman of the Gazprom Management Committee, the company provided approximately 800 million cubic…

A Level 3 simulated fire drill has been successfully carried out at the Middle East Oil Refinery Company (MIDOR) refinery in Alexandria Governorate to strengthen emergency preparedness and response capabilities. The exercise was conducted in line with the health, safety, and environment (HSE) pillar of the national petroleum strategy, providing a practical test of the facility’s crisis management systems. The drill was implemented under the directives of Karim Badawi, Minister of Petroleum and Mineral Resources, and involved various companies operating within the Alexandria Petroleum Geographical Zone alongside the General Directorate of Civil Protection, according to a statement by the Ministry…