Author: Rigs & Barge World
On the sidelines of the ADIPEC 2025 Exhibition and Conference in Abu Dhabi, Karim Badawi, Minister of Petroleum and Mineral Resources met with Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) to deepen cooperation between Egypt and the organization. Badawi praised OPEC’s role in stabilizing the market and addressing its fluctuations, emphasizing the need to deepen coordination between Egypt and the organization to achieve shared goals. He also commended the organization for its studies, reports, and forecasts in the energy sector, which are consistent with reality. The meeting explored work in the fields of…
bp, the leading energy giant, announced that its underlying replacement cost profit (RC profit) recorded $2.2 billion in the third quarter (Q3) of 2025, compared to $2.4 billion in Q2 2025 and $2.26 in Q3 2024. RC profit refers to bp’s underlying replacement cost profit, a financial metric that measures profitability before adjusting certain items like inventory gains/losses and fair value accounting effects. However, operating cash flow surged to $7.786 billion in Q3 2025, compared to $6.27 billion in Q2 2025 and $6.76 in Q3 2024. The company added that the reported profit for Q3 was $1.2 billion, compared with…
Algeria’s oil minister, Mohamed Arkab, has sacked Rachid Hachichi as head of state firm Sonatrach only two years after he was appointed CEO (MEES, 6 October 2023). Mr Hachichi was replaced by Nour Eddine Daoudi, an industry veteran and the former head of state upstream regulator Alnaft (MEES, 6 January 2023). (CONTINUED – 925 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 Assess future risks and opportunities Source link
Karim Badawi, Minister of Petroleum and Mineral Resources, met with senior officials and CEOs of leading international energy companies (IOCs) on the sidelines of the ADIPEC Exhibition and Conference 2025 in Abu Dhabi, UAE, to discuss expanding cooperation and accelerating energy projects in Egypt. During his meeting with Olivier Le Peuch, Chairman and Chief Executive Officer (CEO) of SLB, the two sides discussed preparatory steps for implementing the advanced Ocean Bottom Node (OBN) seismic survey project in the East Mediterranean, covering 95,000 square kilometers. This project, carried out by SLB in cooperation with Viridien, aims to open new horizons for…
Eni and PETRONAS have signed a binding agreement to create a new joint venture (JV) company, NewCo, which will combine their upstream operations in Indonesia and Malaysia. The agreement was signed on the sidelines of the ADIPEC energy conference by Eni CEO Claudio Descalzi and PETRONAS President and Group CEO Tengku Muhammad Taufik. The newly formed, financially independent entity plans to invest over $15 billion within the next five years. This investment will fund the development of at least eight new projects and the drilling of 15 exploration wells, targeting around 3 billion barrels of oil equivalent (boe) in discovered…
A fire at Kuwait’s 615,000 b/d Al Zour refinery has forced state petroleum firm KPC to offer prompt crude cargoes as refinery throughputs have dropped sharply. The fire broke out earlier this week at two of the refinery’s atmospheric residue desulfurization units (ARDS), forcing a partial shutdown of operations. The extent of the unit closures remains unclear, as does the timeframe for repair work. The impact of the Al Zour outage on Kuwait’s refining sector has been amplified as it coincided with scheduled maintenance at the 490,000 b/d Mina Abdullah refinery. Palash Jain, Middle East Oil Analyst at FGE Nexant,…
bp has reached an agreement with Sixth Street-managed funds for the sale of non-controlling interests in its Permian and Eagle Ford midstream assets. The transaction is valued at $1.5 billion and will be executed in two phases. Approximately $1 billion will be paid at signing, with the remaining amount expected by the end of the year, pending regulatory approvals. The transaction supports bp’s ongoing efforts to optimize its US portfolio and unlock capital for reinvestment in high-return growth and low-carbon opportunities. The midstream assets are operated by bpx energy, bp’s US onshore oil and gas subsidiary, which will retain operatorship…
Despite the intensification of US sanctions and regional tensions spilling over into a brief (but intense) conflict with Israel earlier this year, Iran has succeeded in sustaining oil exports at high levels. Crude and condensate exports came close to 2mn b/d in September, the highest figure in years, although they have dropped back again in October (see chart 1). 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
Karim Badawi, Minister of Petroleum and Mineral Resources, stated that Egypt is working on strengthening its status as a regional energy hub, maximizing the use of its robust infrastructure, and expanding cooperation to provide energy supplies for the entire region. The Minister made his remarks during a ministerial session at the ADIPEC Exhibition and Conference 2025. Badawi highlighted the cooperation with Cyprus to enable the export of Cypriot gas through Egypt’s facilities. In October, Egypt and Cyprus sealed a set of landmark commercial agreements that pave the way for the development of the Cronos gas field in Cyprus’s Block 6,…
TotalEnergies announced adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $10.3 billion in the third quarter (Q3) of 2025, an increase from $9.7 billion recorded in the second quarter (Q2) of 2025. The company’s net income surged by approximately 37% quarterly, rising to $3.7 billion in Q3 2025, up from $2.7 billion in Q2 2025. This strong financial performance was underscored by cash flow from operations excluding working capital (CFFO), which reached $7.1 billion in Q3, compared to $6.6 billion in Q2 2025. Patrick Pouyanne, TotalEnergies CEO, attributed the results to a “profitable growth strategy and integrated model,”…