Author: Rigs & Barge World

The first quarterly gas output in three years is a welcome development for Cairo, but it is still waiting for signs of a sustained rebound that will lift production back to levels achieved early last year, let alone in 2021. Recent months have seen fluctuations but little evidence that any gains will be long-lived. Preliminary data for September obtained by MEES show output rebounding to a six-month high of 4.24bn cfd after hovering at just below 4.20bn cfd in July and August. This resulted in a modest 1% quarter-on-quarter increase to average 4.20bn cfd for Q3, the first quarterly rise…

ExxonMobil is looking at the Mena region as a potential growth area, with a number of countries in the region sitting on under-utilized resources. Whether it be Egypt, Libya, Algeria or Iraq, Exxon is looking at whether it can use its scale and technological knowhow to unlock new value. Some of these opportunities may ultimately not pan out, but the region is back in focus for the US giant. Despite their vast resource bases, a number of Mena producers have struggled to attract foreign investment in recent years, with some even suffering an exodus of IOCs amid concerns over the…

bp confirmed a significant gas condensate discovery at the Volans-1X exploration well in Namibia’s Orange Basin, marking the company’s eleventh exploration success this year. The well, drilled in Petroleum Exploration License 85 (PEL85), strengthens bp’s growing exploration record for 2025. The Volans-1X well was drilled by the Deepsea Mira semi-submersible rig to a total depth of 4,497.5 meters, penetrating the Upper Cretaceous target. PEL85 is operated by Rhino Resources (42.5%), with partners Azule Energy (42.5%), the National Petroleum Corporation of Namibia (NAMCOR) (10%), and Korres Investments (5%). bp holds a 50% interest in Azule Energy, its joint venture (JV) with…

Sidi Kerir Petrochemicals Company (SIDPEC) raised its issued and paid-in capital from EGP 1.814 billion to EGP 2.268 billion, almost a 25 per cent hike, according to the decision taken by its extraordinary general assembly meeting on October 20. The capital increase will be carried out through the issuance of 226.8 million new shares, each with a nominal value of EGP 2. As part of the capital restructuring, the board also approved the distribution of one bonus share for every four shares held.  The capital increase follows a period of strong performance for the company. SIDPEC reported profits of EGP…

Industry officials were in alignment during the Energy Intelligence Forum in London this week. Oil markets are softening amid seasonal oversupply and prices will likely fall further in the coming weeks and months, but the seeds of a new bull market have already been sown and balances will tighten from the second half of next year onwards. It could be argued that representatives from major IOCs and trading firms are ‘talking their book,’ in putting forward such a position, but it is a position supported by market fundamentals. Oil prices have slid further this week, but Brent remains above $60/B…

Egypt and Cyprus signed two commercial agreements for transporting natural gas from the Cypriot Cronos field to Egypt on the sidelines of the Eastern Mediterranean Energy Conference and Exhibition (EMC 2025) held in Limassol, Cyprus on 20-21 October. The first is a tariff agreement between Egypt’s Ministry of Petroleum and Mineral Resources and Italian Eni and French TotalEnergies. The second is a handling, processing, and transportation agreement between the Egyptian Natural Gas Holding Company (EGAS) and IEOC (subsidiary of Eni in Egypt), Eni in Cyprus, and TotalEnergies. The two deals set out the operational and commercial frameworks governing the transportation,…

As Algeria seeks to strengthen its role as an energy supplier to international markets while meeting domestic demand, the country’s investment drive has caught the attention of Gulf investors. Algerian state firms have signed new deals with Saudi and Omani partners in the past two weeks. Algeria has substantial oil and gas resources, but an unattractive business environment has for many years deterred players. The government has sought to address that and passed a new oil law in 2019 that has been welcomed by foreign firms (MEES, 15 November 2019). Now Algeria is ready to put the reforms to the…

U.S. President Donald Trump reaffirmed that Indian Prime Minister Narendra Modi told him India will stop buying Russian oil, while warning that New Delhi would continue paying “massive” tariffs if it did not, Reuters reported. When asked about India’s denial that such a conversation took place, the President responded that if India insisted on that position, it would “continue to pay massive tariffs.” Trump’s stance comes amid rising tensions over trade and energy policy. Russian oil has been a major sticking point in US-India trade talks, with roughly half of Trump’s 50% tariffs on Indian goods reportedly being in retaliation…

The Ministry of Petroleum and Mineral Resources (MoPMR) held a workshop to explain the provisions of the new Labor Law No. (14) of 2025 at its headquarters in the New Administrative Capital. Led by Minister of Labor Mohamed Gobran, the workshop discussed the scope of application of the law among companies in the oil and gas sector. Gobran stated that the new law enhances work environments, protects workers’ rights, and encourages investment. “Through these workshops, we aim to ensure proper implementation of the law,” he said.  Furthermore, the workshop reviewed the articles concerned with leaves of all kinds. It also…

Less than a week after finalizing a shareholder restructuring program that deleveraged its balance sheet, Saudi Arabia’s Petro Rabigh refining and petrochemicals JV has approved a major upgrading project. In a 15 October statement to the Tadawul, Petro Rabigh (Aramco 60%, Sumitomo 15%, free float 25%) said that its Board of Directors has given the green light for executing the front-end engineering and design (FEED) work for the “Low-Value Fuel Oil Upgrade Project.” (CONTINUED – 618 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…