Author: Rigs & Barge World
Russian oil giant Lukoil plans to sell its international assets following the imposition of new restrictive measures against the company and its subsidiaries. The move signals a major shift for one of Russia’s largest private oil producers, as Western sanctions continue to pressure the country’s energy sector. Lukoil has begun reviewing bids from potential buyers for its assets, with the sale process being conducted under a US Office of Foreign Assets Control (OFAC) wind-down license, according to a company statement. The company added that it may seek an extension for the license, if necessary, to ensure uninterrupted operations of its…
Seaborne Kurdish crude exports from Ceyhan are planned to increase by around 40,000 b/d in November, after averaging around 200,000 b/d so far this month. Exports are now overseen by federal oil marketer Somo following last month’s landmark agreement that enabled their restart for the first time since April 2023 (MEES, 26 September). According to a Somo loading program for November seen by MEES, 7.5mn barrels are to be sold in twelve nominations to five buyers, entailing an average of 250,000 b/d for the month. This exceeds the agreement’s minimum agreed figure of 230,000 b/d. Of this figure, 237,000 b/d…
QatarEnergy has acquired 40% participating interest in the North Rafah exploration block offshore the Mediterranean Sea through a farm-in-transaction with Italian Eni, the Operator of the block, which would retain the remaining 60% interest. QatarEnergy has been expanding its presence in Egypt. In October, the company signed a deal with British Shell to acquire a 27% participating interest in the North Cleopatra block offshore Egypt. “We are pleased with our new position in the North Rafah offshore block, which further strengthens our presence in Egypt and marks another important step in advancing our ambitious international exploration strategy,” said Saad Al-Kaabi, the…
Minister of Petroleum and Mineral Resources Karim Badawi chaired the first meeting of the Higher Committee for the Egypt Energy Show (EGYPES 2026) Conference and Exhibition, which will take place from March 30 to April 1, 2026, under the theme “Transforming Energy Through Collaboration, Action, and Realism.” The meeting, held in Cairo, was attended by Manal Awad, Minister of Local Development and Acting Minister of Environment, via video conference, alongside senior officials from the petroleum sector, representatives of international oil and energy companies operating in Egypt, and delegates from global energy organizations. During the session, Minister Badawi expressed appreciation to…
Exploration activity in Libya is picking up steam with more and more companies resuming drilling after years of instability forced a hiatus (MEES, 1 December 2023). Algerian state firm Sonatrach and Libyan NOC subsidiary AGOCO became the latest entities to kick off drilling operations in the country this week. On 23 October, NOC announced that Sonatrach has resumed exploration drilling in Libya for the first time in over a decade, having announced a “strong comeback” to the country after lifting force majeure on its two large Libya blocks back in 2023 (MEES, 10 November 2023). (CONTINUED – 880 WORDS) Read…
Alexandria Mineral Oils Company (AMOC) inked a joint agreement with Middle East Oil Refinery (MIDOR) to upgrade the quality of AMOC’s production to meet international standards, increasing the supply of high-quality diesel to the domestic market by approximately 350,000 tons The agreement is part of a plan to enhance integration among petroleum sector companies. It aligns with the directives of the Minister of Petroleum and Mineral Resources, Karim Badawi, to accelerate high-value integrated projects, according to a Ministry statement. AMOC, which was established in 1997 and listed on the Egyptian Exchange (EGX) in 2004, produces various products, including paraffin wax, automatic transmission…
The US government took its most concrete action against Russian oil exports under the Trump administration this week. Days after proposed US-Russia talks in Hungary were unceremoniously cancelled, the US unveiled a raft of sanctions on 22 October targeting Lukoil and Rosneft, Russia’s two largest oil companies. “These are tremendous sanctions and I hope they don’t last long,” President Donald Trump said shortly afterwards, “we hope that the war will be settled.” Oil markets had grown accustomed to Mr Trump speaking of potential future sanctions on Russia without following through and prices therefore jumped on the announcement. Having settled at…
KarmSolar, Egypt’s pioneering solar energy utility, announced its official expansion into the Cypriot energy market through KarmCyprus, the company’s first international venture. As part of this expansion, KarmCyprus has secured a license to build and operate a 7.6 Megawatt (MW) solar PV plant in Monagroulli, located in southern Cyprus, and expects it to be operational by September 2026. In September 2025, KarmCyprus finalized €5 million in project financing from EuroBank (formerly Hellenic Bank) to support the PV plant construction. This milestone marks Karm’s entry into the Mediterranean energy market, replicating its integrated model across power, storage, and mobility, while highlighting…
Misr Fertilizers Production Company (MOPCO) reported a net profit of EGP 134.93 million for the three-month period ending in September(Q1 2025/26), surpassing its targeted profit of EGP 123.39 million. However, the company’s profit declined by 13 per cent when compared to the same period last year due to a drop in gross profit, resulting from lower operating revenues and higher costs, according to MOPCO’s statement to the Egyptian Exchange (EGX), The company’s quarterly results follow a year of record performance in 2024, when MOPCO achieved EGP 19.65 billion in revenues and EGP 15.12 billion in net profits, marking a 153%…
Qatar and the US are leading a concerted industry pushback against an EU Directive that would penalize energy firms over their lack of net-z… Source link