Author: Rigs & Barge World
Egypt and Saudi Arabia are preparing to launch the first phase of their long-planned electricity interconnection project, with trial operations on the initial line set to begin in the first week of January, Egypt’s Minister of Electricity and Renewable Energy, Mahmoud Essmat, told Asharq Business on December 15 during the ninth edition of the Al-Ahram Energy Conference. The first phase will have a transmission capacity of 1,500 megawatts (MW). Essmat explained that the project includes converter stations built specifically for the interconnection, in addition to subsea cables laid between the two countries to transmit power across the Red Sea. Furthermore,…
In the presence of senior government officials and international investors, the foundation stone of ATUM Solar, an integrated manufacturing complex for solar cells, panels, and energy storage systems, was laid on December 17 in the Suez Canal Economic Zone (SCZONE). The project, which has a total investment of $220 million, brings together partners from four countries: China’s JA Solar as technical investor, Egypt’s AH for Industrial Management, the UAE’s Global South Utilities (GSU), and Bahrain’s Infinity Capital. The complex spans over 200,000 square meters (m²) within the TEDA Egypt industrial park at Ain Sokhna Integrated Zone and comprises three facilities:…
The Kuwait Petroleum Corporation (KPC) plans to invest $9-10bn into its upstream sector each year for the remainder of the decade as it targets significant upstream capacity growth. “Our mission is to optimize the value of Kuwait’s hydrocarbon resources through a sustainable and globally integrated operation, contributing to Kuwait’s economic development while offering growth opportunities for our people,” CEO Sheikh Nawaf Al Sabah told an event hosted by the Baker Institute in Kuwait on 8 December. Kuwait’s reserve base is huge, with its 101.5bn barrels of crude oil the sixth largest globally, according to the Opec ASB, while its 1.78tcf…
Baker Hughes, a major energy technology company, and Hunt Oil Company, a privately owned upstream explorer, have signed a joint framework agreement to evaluate and redevelop mature oil and gas fields worldwide to extend the productive life of aging assets and unlock new hydrocarbon value, according to the two companies. Under the agreement, Baker Hughes will contribute its advanced energy technologies, subsurface expertise, and mature asset solutions, while Hunt Oil will bring its global experience in upstream exploration, development, and operations. The collaboration will focus on identifying and assessing opportunities across some of the world’s most prolific basins. Baker Hughes…
Opec crude oil production fell by 70,000 b/d to 28.52mn b/d in November, contributing to a broader drop in global supply (MEES, 12 December). The decline brought Opec’s production down to its lowest level in three months and was driven by outages in Iraq and Kuwait (see table). 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
Egypt has succeeded in securing $16.7 billion worth of investment commitments from foreign partners over the next five years, signalling a strong recovery in its upstream industry and renewed confidence from International Oil Companies (IOCs), according to Karim Badawi, Minister of Petroleum and Mineral Resources. This came during the ninth edition of Al-Ahram’s Energy Conference, where he gave the breakdown of the figure, noting that Italy’s energy giant Eni will invest $8 bn, the UK-based bp will inject $5 bn, and the remaining $3.7 billion will be provided by ARCIUS Energy (a joint venture between bp and ADNOC’s subsidiary XRG).…
TotalEnergies and Google have signed a 21-year power purchase agreement (PPA) under which Google will receive one terawatt-hour (TWh) of certified renewable electricity from the Citra Energies solar power plant in northern Malaysia, the companies announced. The agreement covers the supply of around 20 megawatts (MW) of solar power from the project. It will be developed in Kedah province and is scheduled to begin construction in early 2026. The renewable electricity will support Google’s data center operations in Malaysia, contributing to the company’s goal of running its facilities on clean energy. The Malaysian Energy Commission awarded the Citra Energies solar…
Saudi Aramco’s base oils subsidiary Luberef has announced a new feedstock allocation for its 275,000 t/y Jeddah facility that runs until 31 December 2030. The plant had been earmarked for closure in mid-2026, but will now be able to continue operating for at least another five years. The Jeddah plant is Luberef’s oldest facility, producing relatively low value Base I lubricants. Luberef also operates a 1.18mn t/y plant at Yanbu which can produce Group I and Group II products, and is working on an expansion project that will increase Yanbu’s capacity to 1.3mn t/y. More importantly, the Yanbu Growth II…
The European Union (EU) has imposed new sanctions on Russian oil interests, targeting traders and shipping networks accused of helping Moscow bypass Western restrictions on crude exports that fund its war in Ukraine, Reuters reported. The latest measures add nine individuals and entities linked to Russia’s so-called shadow fleet of oil tankers, including businessmen connected to state oil companies Rosneft and Lukoil, as well as firms that own and manage tankers operating outside Western maritime and insurance systems. Consequently, EU citizens are now banned from doing business with those listed, further restricting access to shipping and insurance services. Among those…
bp delivered the Atlantis Drill Center 1 expansion project two months ahead of its original schedule by utilizing existing subsea inventory, drilling and completing wells more efficiently, and streamlining offshore execution planning. This is bp’s fifth major startup that has been delivered ahead of schedule this year. Atlantis Drill Center 1 caps off an excellent year of seven major project start-ups for bp. This project supports bp plans to safely grow its upstream business, which includes increasing US production to around 1 million barrels of oil equivalent per day by 2030. “This latest success demonstrates the dedication of US project…