Author: Rigs & Barge World

The Petroleum Projects and Technical Consultations Company (PETROJET) has secured a $1.08 billion contract to develop the second phase of the Hassi Bir Rekaiz oil field in Algeria. The project is operated by Groupement Hassi Bir Rekaiz (GHBR), a joint venture between Algeria’s Sonatrach and Thailand’s PTT Exploration and Production Plc (PTTEP). The step aligns with the sixth pillar of the Ministry of Petroleum and Mineral Resources (MoPMR) strategy related to strengthening regional cooperation with countries and partners and leveraging the capabilities of Egypt’s oil sector companies in executing large-scale projects abroad, particularly in Arab and African countries, said Karim Badawi,…

Oil prices fell sharply on Monday as markets opened, driven by forecasts suggesting prices could drop below $50 a barrel in 2026 if current trends persist. Both the U.S. Energy Information Administration (EIA) and Goldman Sachs have projected that crude oil could settle in the $50 to $52 range next year. Some analysts even predict a steeper decline, which would likely force high-cost producers, particularly U.S. shale operators, to cut production to stem potential losses.A primary factor driving the bearish outlook is the sheer volume of crude entering the global market. Non-OPEC countries, including the US, Brazil, and Guyana, have…

Just over two years after Hamas’ 7 October 2023 brutal incursion triggered Israel into launching a devastating war against the group in Gaza, US President Donald Trump’s long-trailed “Peace in the Middle East” initiative was formally signed on 13 October in Sharm El Sheikh. The agreement—described as a 20-point plan—marks the most ambitious US-led peace effort in decades, promising a permanent ceasefire and an eventual Israeli withdrawal from Gaza. Egyptian President Abdel Fattah al-Sisi hosted the summit, joined by key regional figures including Turkey’s President Recep Tayyip Erdogan, Qatar’s Emir Sheikh Tamim bin Hamad Al Thani, and Jordan’s King Abdullah…

Halliburton and Aker BP, one of the largest independent upstream producers, successfully completed the first subsea operation on the Norwegian continental shelf using the Enhanced Remote Operated Control System (eROCS) and Optime Tubing Hanger Orientation System (OTHOS). This milestone grows Halliburton’s digital, umbilical‑free capabilities for offshore work. The team installed and correctly aligned a vertical Christmas tree tubing hanger without using an umbilical, traditional orientation tools, or the usual blowout preventer alignment gear. According to Halliburton, the innovative digital hydraulic control system reduced operational complexity, minimized risks and costs, and enhanced rig flexibility for Aker BP. The company called the…

Q: The Barakah Plant is now fully operational. What has the facility’s impact been for the UAE and how does nuclear complement other power sources such as gas and renewables? A: The Barakah Nuclear Energy Plant has been a real game changer for the UAE. In fact, ENEC recently marked one year of full operations at Barakah, with the plant’s four reactors reliably producing around 40TWh of clean electricity every year, contributing to a quarter of the country’s total electricity demand. To put that into perspective, it’s like powering Greater London for a year. This electricity is clean, 24/7 baseload…

SLB, the global technology leader in oilfield services and energy transition, announced a 4% increase in revenues in the third quarter (Q3) of 2025, reaching $8.93 billion (Bn) compared to quarter 2 (Q2) 2025. However, revenues declined by 3% year on year (YoY). The company reported pro forma revenue from the Middle East and Asia at $3.03 Bn, down 1% from the prior quarter. Strong operations in Iraq, Oman, the UAE, Egypt, India, East Asia, Indonesia, China, and Australia offset declines in Saudi Arabia. Nevertheless, pro forma fell 11% YoY, compared to the same quarter last year, due to activity…

The European Commission’s (EC) market testing of remedies provided by Abu Dhabi state firm XRG as part of its planned takeover of German chemicals firm Covestro appears to have gone off without a hitch. XRG, the international investment arm of Adnoc, provided remedies to the EC as part of the foreign subsidies regulation (FSR) investigation into the deal (MEES, 10 October). The remedies were market tested with Covestro’s competitors, which had until the end of 13 October to respond with any concerns; MEES understands that no such concerns were filed. (CONTINUED – 271 WORDS) Read this article for free Gain…

The Modern Drilling Company (MDC), a leading player in the Egyptian petroleum sector, has received the 2025 Safety, Occupational Health, and Environmental Protection (HSE) Partnership Award from Kuwait’s Wafra Joint Operations (WJO) and its partner US Chevron in recognition of its compliance with safety, quality, and environmental standards during its operations in Kuwait.  MDC, which began activity in Kuwait in 2020, currently operates the largest drilling fleet in the country, deploying nine rigs for WJO in Wafra and two rigs for Kuwait Oil Company (KOC). Its Kuwaiti branch employs more than 500 Egyptian workers and engineers, blostering MDC’s regional expansion…

Abu Dhabi state offtaker Ewec has signed a power purchase agreement with its compatriot Masdar and France’s Engie for the 1.5GW Khazna solar PV plant. Khazna is the fourth large scale solar PV project to be developed by Ewec; two are currently operational and the third is due online next year. Once the 1.5GW Al Ajban plant comes online in Q3, Abu Dhabi’s renewables capacity will reach 4.23GW, rising to 5.73GW with Khazna. Financial close is expected to be reached by the end of this year, and Ewec aims to start commercial operations in 4Q 2028. (CONTINUED – 327 WORDS)…

Chinese firms picked up $4.4bn in EPC awards for solar and wind power projects in Saudi Arabia this week. In separate statements, state-owned China Energy Engineering Corporation (CEEC) and PowerChina announced that they have received contracts to develop five large-scale projects with total capacity of 9GW. The five projects are being developed by a consortium of the PIF sovereign wealth fund, Acwa Power and Saudi Aramco. They are part of a broader set of seven projects with combined capacity of 15GW that were awarded to the trio in July (MEES, 18 July). The trio was also awarded PPAs for another…