Author: Rigs & Barge World
Investment and Foreign Trade Minister Hassan El Khatib met with Shihab Kuran, Founder and Chief Executive Officer (CEO) of US-based Power Edison, a leading renewable energy and energy storage developer, to explore cooperation in sustainable energy solutions, according to a press release by the ministry. The meeting, attended by Hossam Heiba, Chairman of the General Authority for Investment and Free Zones (GAFI), saw El Khatib stressing Egypt’s state’s focus on localizing energy-related industries and modern technology transfer, pointing to the country’s competitive advantages that qualify it to be a regional energy hub. Furthermore, he highlighted that Egypt has invested $550 billion…
The Israel Electric Corporation (IEC), the country’s state-owned utility, has initiated arbitration proceedings in London against the partners at the 13.7tcf Tamar gas field, led by operator US major Chevron, following the collapse of negotiations to update their long-term gas supply contract. The dispute centers on the price IEC pays for Tamar gas, which in turn has major implications for Israel’s electricity costs. The original gas supply agreement between IEC and Tamar was signed in 2012, a year before the field started-up, and included a price-update mechanism. Under this mechanism, once the contract reached its update stage in January 2025,…
The Minister of Petroleum and Mineral Resources, Karim Badawi, has outlined a new five-year plan for oil and gas exploration and production during a high-level meeting with leaders and representatives of international oil companies (IOCs) operating in Egypt on December 20. The plan prioritizes achieving self-sufficiency in crude oil while continuing to boost natural gas output, highlighting the government’s focus on strengthening energy security, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). The strategy also aims to limit Egypt’s import bill by channeling local production surplus to value-added industries and exports. Badawi noted that strategic…
A consortium of France’s EDF, Omani firm Al Khadra Partners and state renewables firm OQ Alternative Energy (OQAE) has signed a power purchase agreement (PPA) to develop a 120MW wind project in Jaalan Bani Bu Ali (JBB Ali) in eastern Oman. The project is to start up in 3Q 2027 and is part of 1GW of wind projects the sultanate is planning to develop (MEES, 20 September 2024). The scope has been expanded from initial plans for a 91-105MW plant. A similar deal was signed to develop the 125MW Dohfar II wind project by OQAE and Singapore’s Sembcorp in November…
Adnoc this week announced two separate deals in which it secured a total of $13bn for its operations. The deals came shortly after Adnoc’s board approved a $150bn investment plan out to 2030. The first, and largest deal, was an $11bn structured financing transaction announced on 18 December unlocking capital from its 1.8bn cfd Hail and Ghasha sour gas development (Adnoc 80%, Eni 10%, PTTEP 10%). Adnoc last month took over Lukoil’s 10% stake, with the Russian firm subject to stringent US sanctions (MEES, 31 October). The partners aim to bring the first phase online imminently, reaching full 1.8bn cfd…
A delegation from Chevron visited Iraq’s 480,000 b/d-capacity West Qurna-2 (WQ-2) field this week, multiple sources confirm. The development comes as Chevron’s chances of taking on Lukoil’s stake in the field improve. Iraq initially preferred Exxon as a replacement for the sanctioned Russian firm (MEES, 5 December), but Chevron’s chances appear to have improved after meetings with oil ministry officials and Prime Minister Mohammed al-Sudani earlier this month. An oil ministry source says that a key element of Chevron’s pitch is Lukoil’s other Iraq asset, the Eridu discovery in Dhi Qar province’s Block 10. With Chevron in separate discussions over…
Oman and India signed a Comprehensive Economic Partnership Agreement (CEPA) on 18 December during an official two-day visit to Oman by Indian Prime Minister Narendra Modi. The deal offers zero-duty access on 98% of Oman’s export products, and India offered the same on 78% of its products. Bilateral trade between the two countries stands at more than $10bn. India’s ministry of commerce says Indian sectors that will benefit include textiles, clothing, jewellery, plastics, furniture, agricultural products, pharmaceuticals and automobiles. No mention is made of hydrocarbons, where there is little trade outside of around 2.1mn tons of Oman LNG exports this…
Media release: Australian Energy Producers thanks outgoing Chair Meg O’Neill | Australian Energy Producers Skip to content Source link
The Cabinet approved a petroleum concession agreement for the exploration, development, and exploitation in the Integrated Badr El-Din area in the Western Desert. The agreement involves the Egyptian General Petroleum Corporation (EGPC), Cheiron Petroleum, and Capricorn, as part of the state’s plans to enhance development operations and increase production rates and recoverable reserves. According to a statement by the Cabinet, the agreement includes a minimum investment of $208 million and the drilling of around 44 wells. It targets monthly production of 105,000 barrels of oil and 1.2 billion cubic feet of natural gas. The production is expected to save around…
Egypt’s Zohr gas field, where Russia’s Rosneft holds a 30% stake, and bp owns 10%, was added to a list of projects that the UK has exempted from its sanctions on entities with Russian holdings, according to Reuters. Rosneft and Lukoil, Russia’s top oil producers, were sanctioned by Britain and the United States in October over their role in financing Moscow’s invasion of Ukraine. Now, no payments or business operations of Zohr would be sanctioned according to the amendments the UK introduced on December 18 to its general licence for Russia sanctions. A general licence is an official government authorization that permits certain activities…