Author: Rigs & Barge World
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Iraq has signed a $450 million investment agreement with US-based Excelerate Energy to construct the country’s first floating storage and regasification unit (FSRU) at the port of Khor al-Zubair, officials told Reuters. The facility will enable Iraq to import, store, and regasify liquefied natural gas (LNG), which will be integrated into the national power grid to strengthen the country’s energy security. The project’s total investment includes Excelerate’s newest FSRU vessel, currently under construction in South Korea, with a regasification capacity of up to 500 million standard cubic feet per day (mmscf/d). Under the five-year agreement, which includes extension options, Excelerate…
Three commercial agreements for Eni’s 3.1tcf Cronos gas field offshore Cyprus were signed in Limassol at the EMC Conference on 20 October, taking the next step towards a potential final investment decision (FID) ahead of a targeted end-2027 start-up (MEES, 12 September). Located in Block 6, Cronos was only discovered in 2022, but has now firmly overtaken the Chevron operated 3.5tcf Aphrodite field as the most likely Cypriot field to start commercial production first. (CONTINUED – 1047 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data…
Mohamed El-Shimy, Minister of Public Business Sector, met with a delegation from Siemens Energy to discuss potential areas of cooperation as well as explore investment opportunities and partnerships in several areas. These areas include energy systems,fertilizer and aluminum industries, and energy efficiency enhancement, with a particular focus on technology transfer, renewable energy, and carbon emissions reduction. El-Shimy emphasized that cooperating with leading international companies such as Siemens Energy represents a major step toward developing technology transfer, supporting renewable energy projects, and contributing to carbon reduction efforts. He added that such partnerships enhance the development of the Ministry’s affiliated companies, maximize the…
US major Chevron shut down its 1.0bn cfd Tamar gas field on 22 October for scheduled maintenance work that will last for approximately 12 days, the firm said in a statement. “Maintenance and operational improvements are an ongoing process at Chevron globally and our assets are scheduled to undergo such work on a periodic basis,” the US major says. Chevron clarifies that “the current turnaround is scheduled only for the Tamar Production Platform” located 20km from the Israeli coast, with the firm’s other in-country asset, the 1.2bn cfd Leviathan continuing to supply both local and export markets. (CONTINUED – 823…
Alexandria Mineral Oils Company (AMOC) has recorded 27% increase in net sales in its standalone and consolidated financial results for the 3 months ending September 30, 2025, compared to the same period last year. AMOC’s net sales came at EGP 11.1 billion, up from EGP 8.7 billion in September 2024. Despite the higher sales, gross profit declined to EGP 455 million, 21% less than its level a year earlier, as the cost of goods sold increased to EGP 10.6 billion, up from EGP 8.1 billion in the corresponding period of 2024/2025. The company recorded a standalone net profit after tax…
Karim Badawi, Minister of Petroleum and Mineral Resources, met with a delegation from the Africa Finance Corporation (AFC) to explore means to strengthen cooperation opportunities in the mining and petroleum sectors. The discussions focused on collaboration, aligning with the Ministry’s priorities to attract more investments into Egypt’s mining sector, particularly from emerging mining companies, and on developing new financing mechanisms that meet the needs of the sector. Both sides also reviewed potential funding opportunities for projects aimed at increasing local production, especially in oil refining, to reduce imports and bridge the gap between production and consumption of petroleum products, particularly diesel.…
Austrian energy firm OMV highlighted Africa’s enormous, under-developed hydrocarbon reserves as a key component of its upstream growth plans during its Capital Markets Day earlier this month. The company has revised up its 2030 global production target from 350,000 boe/d to around 400,000 boe/d and sees Africa as central to meeting that goal. “Africa is a pillar of our regional focus,” EVP Energy Berislav Gašo tells MEES, adding that plans to increase upstream production in the continent will build on “strong foundations in existing areas and by forging new, dynamic partnerships with African companies and host governments.” (CONTINUED – 1273…
Libya’s NOC on 19 October said that Zueitina Oil Company (OMV 50%, NOC 50%) had “contained” a leak in a crude pipeline in the Sirte basin following emergency maintenance works. The company “contained a limited leak from the 16-inch loading line connecting the Sabah and Zella fields,” NOC said in a statement, without mentioning the cause of the leak. (CONTINUED – 331 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
Minister of Petroleum and Mineral Resources Karim Badawi, Minister of Local Development and Acting Minister of Environment Manal Awad, and Mohab Habashi Khalil, Governor of Port Said, attended the signing ceremony of a cooperation agreement between the Ministry of Environment’s Bioenergy Association for Sustainable Development (BASD) and Italian Eni to collaborate in the field of biogas production. The agreement involves conducting a comprehensive feasibility study to establish units to produce biogas from animal and agricultural waste. This step is within the joint efforts to advance the transition toward clean energy and achieve the Sustainable Development Goals (SDGs). Minister Karim Badawi…