Author: Rigs & Barge World

Saudi Arabia’s Acwa Power has completed the first part of its $693mn purchase of Engie’s power generation assets in Bahrain and Kuwait. The transaction, first announced in February (MEES, 21 February) will give the Saudi firm new gas-fired power generation capacity of 4.6GW, as well as 1.1mn m³ of water desalination capacity. In a 15 December announcement, Acwa says that it has now completed the acquisition of power generation and water desalination assets in Bahrain, while for the Kuwait portion “a few customary technical conditions are remaining, following which the transaction will be finalized.” (CONTINUED – 880 WORDS) Read this…

Malaysian energy company PETRONAS has signed a long-term liquefied natural gas (LNG) Sale and Purchase Agreement with CNOOC Gas and Power Singapore Trading & Marketing, a subsidiary of China National Offshore Oil Company (CNOOC), to supply 1.0 million tons per annum (mtp/a) of LNG. The agreement builds on the long-standing partnership between the two companies and aims to strengthen LNG supply cooperation while supporting China’s economic growth and clean energy transition. The deal aligns with China’s “Dual Carbon” goals, which aim to peak carbon emissions before 2030 and achieve carbon neutrality by 2060. Shamsairi M Ibrahim, Vice President of PETRONAS…

The Prime Minister Mostafa Madbouly reviewed ongoing efforts to attract new investments to the Golden Triangle Economic Zone during a meeting at the government headquarters in the New  Capital, focusing on unlocking the area’s mineral and energy potential. The Golden Triangle hosts around 95 mineral deposits, accounting for approximately 7.6% of Egypt’s total mineral resources, according to Chairman of the General Authority for Mineral Resources and Mining Industries (MRMIA) Yasser Ramadan. The meeting included Minister of Petroleum and Mineral Resources Karim Badawi and Chairman of the GTEZ, Mohamed Abady. Madbouly stressed the importance of continued coordination among state entities to…

For oil markets, 2025 has been a year unlike any other. The US has been involved in direct action against two Opec founding members – Iran and Venezuela – and yet oil prices are ending the year $15/B down from its beginning. This marks the continuation of a dynamic whereby oil markets are increasingly tolerant to the risk of conflict involving major producers, confident that for all involved parties the oil must flow. (CONTINUED – 996 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…

While the Egyptian General Petroleum Corporation’s (EGPC) financial position has improved due to recent measures, including reaching cost recovery on products covered by its retail fuel indexation mechanism, its finances “remain a source of fiscal risk,” noted an International Monetary Fund (IMF) press release dated December 23, 2025. The IMF reached a staff-level agreement with Egyptian authorities on the fifth and sixth reviews of the $8 billion Extended Fund Facility (EFF) and the first review under the Resilience and Sustainability Facility (RSF), according to the press release. The cost recovery achievement refers to lifting the fuel subsidies so that the…

Abu Qir Fertilizers and Chemical Industries obtained a 15-year license from the Egyptian Electric Utility and Consumer Protection Regulatory Agency to operate a 2.6 megawatt (MW) solar power station, according to a disclosure to the Egyptian Exchange (EGX). Under the self-consumption system, the license means the power generated by the station will be wholly consumed by the company’s production plants. The project is expected to reduce the company’s electricity consumption from the national grid or internal power generators, thereby enhancing operational efficiency. The initiative supports Abu Qir Fertilizers’ sustainability efforts by mitigating environmental impact and reducing its carbon footprint. The…

In his recent interview with Dubai-based Erem Business, Youssef Qablawi, CEO of the Syrian Petroleum Company (SPC), was optimistic about plans to award offshore exploration blocks. Syria plans to offer up five blocks in total (MEES, 21 November) and Mr Qablawi says talks with Chevron, TotalEnergies and QatarEnergy are progressing well. The SPC CEO says he intends to meet representatives from QatarEnergy and TotalEnergies to finalize memoranda of understanding (MoU) during Q1. He is hopeful this will lead to full contracts for gas exploration. Officials from Chevron were in Damascus earlier this month for discussions on upstream opportunities. (CONTINUED -…

Iraq’s Nasiriyah and Gharraf natural gas field investment project has entered an advanced implementation stage, with specialized equipment now fully delivered and on-site installation set to begin, according to a statement by the Ministry of Oil. The project is being developed in cooperation with US US-based energy services company, Baker Hughes, in line with directives from Deputy Prime Minister for Energy Affairs and Minister of Oil Hayan Abdul-Ghani Al-Sawad. The facility is designed to process around 200 million standard cubic feet per day (mmscf/d) of natural gas, with initial operations expected to begin in the first quarter (Q1) of 2027.…

Syria is achieving real successes in rebuilding its energy sector after more than a decade of civil war. Foreign partners are in discussions over investing in restoring output at gas fields, and Saudi Arabia’s ADES last week signed an HoA that could result in a sizeable production boost as early as next year (MEES, 12 December). Momentum is building in the gas sector. Gas and electricity imports have increased (MEES, 1 August), and Damascus is now looking to revamp its dilapidated oil refining sector. As well as repairing existing facilities, the Syrian government hopes to attract investment into its first…

Farid Ghazali has taken over as the new Secretary General of the African Petroleum Producers Organization (APPO) for a two-year term starting January 4, 2026, during handover ceremonies in Brazzaville, Congo, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The appointment was made by APPO’s Ministerial Council during its 48th ordinary session on November 4, 2025, succeeding Dr. Omar Farouk Ibrahim, whose term ended after leading the organization from 2020 to 2025. Ghazali expressed gratitude to the council for his appointment, congratulated Ibrahim on his achievements, and pledged to continue the organization’s work tirelessly while…