Author: Rigs & Barge World

As Lebanon seeks to re-engage internationally and attract much needed foreign investment, its new government is optimistically turning to its upstream sector as a potential solution. Normalizing its maritime borders is a pre-requisite for potential foreign investors, and on 23 October President Joseph Aoun’s cabinet took two key decisions that could pave the way for some offshore activity in the coming years. The first decision was to award Block 8 to a consortium led by French major TotalEnergies (MEES, 24 October). The second was to belatedly ratify the maritime border with Cyprus, 18 years after Beirut and Nicosia had initially…

The South Valley Egyptian Holding Petroleum Company (Ganope) has completed a geological field expedition in the southern Gulf of Suez and Red Sea region to deepen understanding of the basins, supporting the planned international exploration bid round in the Red Sea. This initiative aligns with the Ministry of Petroleum and Mineral Resources’ (MoPMR) strategy to attract new investments in untapped oil and gas exploration areas. The four-day expedition, organized in cooperation with the Egyptian Petroleum Exploration Society (EPEX) and several university professors, brought together 25 geologists from international and Egyptian petroleum companies. The fieldwork contributes valuable data to enhance Egypt’s…

QatarEnergy has signed an Engineering, Procurement, and Construction (EPC) contract with Samsung C&T Corporation for a landmark carbon capture and sequestration (CCS) project that will serve the company’s liquefied natural gas (LNG) production facilities in Ras Laffan Industrial City. The project will capture and store up to 4.1 million tons of carbon dioxide (CO₂) each year, making it one of the largest CCS initiatives worldwide. This development strengthens Qatar’s position as a global leader in large-scale carbon capture and reinforces its commitment to sustainable and responsible energy production. Qatar’s Minister of State for Energy Affairs and President and CEO of…

Abu Dhabi state offtaker Ewec’s gas-fired generation capacity has increased to 17.82GW following the start of full commercial operations this week of the 2.4GW Fujairah F3 power plant. Although Ewec’s power mix has been transformed over the past five years by the rise in nuclear and renewables capacity, gas will remain a key part of the mix for the foreseeable future and Ewec is therefore continuing to invest in gas plants. The F3 plant started preliminary operations last year, and Ewec announced on 27 October that the plant has now begun full operations. Its 2.4GW capacity makes it Ewec’s largest…

ADNOC Distribution achieved the highest-ever earnings interest, taxes, depreciation, and amortization (EBITDA) of $319 million during Q3 2025, up 15.9% year on year (YoY), compared to $275 million in Q2 2025. The company reported EBITDA of $885 million in the first nine months of 2025, increasing by 12% compared to $790 million in the same period in 2024. ADNOC Distribution achieved net profit of $221 million in Q3 2025, up by 21.5% YoY from $182 million in the same quarter of 2024. Additionally, the net profit of the nine months of 2025 amounted to $579 million compared to $501 million…

Petrochemicals markets are stuck in the doldrums, and even Saudi companies with low-cost feedstock and an advantageous geographical location with access to eastern and western markets are struggling to generate profits. Prices are being weighed down by industry oversupply after China brought substantial new capacity online in recent years. Ibrahim al-Rushoud, CEO of listed Saudi firm Sipchem, told the FII conference in Riyadh this week that “the oversupply is real and cannot be ignored today,” stating that unlike in previous downcycles, Saudi firms have cut back on production in order to ensure profitability where possible. (CONTINUED – 837 WORDS) Read…

Minister of Petroleum and Mineral Resources, Karim Badawi, made a surprise visit early this morning to the headquarters of Rashid Petroleum Company (Rashpetco) and Burullus Gas Company in Cairo, as part of the Minister’s regular inspection tours to petroleum sector companies. The visit aimed to follow up on the company’s progress and work plans. It also ensured direct communication with executive leaders and work teams as the minister sat to listen to their views, suggestions, and challenges. During the visit, the Minister also held a meeting that was attended by Mahmoud Abdel Hamid, Chairman and Managing Director of the Egyptian…

Acwa Power, announced on 29 October that alongside its partners the PIF and Aramco, it has signed financing agreements for 12GW of solar PV projects in the kingdom. The trio was awarded PPAs for the five giant solar projects in July alongside PPAs for two wind farms, with combined capacity of 1.5GW (MEES, 18 July). The five solar plants – Bisha, Humaij, Khulis, Afif 1 and Afif 2 – have total development costs of $6bn and are due to be completed by mid-2028. The pace at which Acwa Power is developing solar projects in Saudi Arabia has accelerated significantly of…

Reliable, low-cost energy underpins Saudi Arabia’s economic growth strategy, and Energy Minister Prince Abdulaziz bin Salman Al Saud is acutely aware of the importance of supplying this. “If we don’t have a sustainable, reliable and dependable energy sector then we are finished as an economy,” he told the FII conference in Riyadh on 28 October. Traditionally the power sector has relied on cheap oil feedstock, but the government is investing heavily in gas and renewables in order to end oil burn by 2030. It targets a 50:50 mix of gas and renewables by then, requiring up to 130GW of renewables…

Saudi Arabia’s oil sector grew by 8.2% in Q3, according to preliminary government statistics, its fastest pace since 3Q 2022’s 14.0%. Oil sector activity is accelerating as voluntary production cuts have been eased since April and Saudi Aramco readies large-scale gas projects for commissioning (MEES, 19 September). This lifted the overall economy, with total GDP growth of 5.0% year-on-year the highest quarterly figure since 1Q 2023. Non-oil growth remained steady at 4.5%, down incrementally from the previous quarter’s 4.7%. The non-oil sector has been the real driver of the economy since 2023 when oil prices began to steadily decline and…