Author: Rigs & Barge World

Saipem, in a consortium with two companies affiliated with the State Oil Company of the Azerbaijan Republic (SOCAR), has been awarded three offshore contracts worth a total of approximately $700 million (Mn) for bp’s Shah Deniz Compression Project in the Caspian Sea, according to a company announcement. Saipem’s share of the contract value is approximately $600 Mn. The scope of work includes the transportation and installation (T&I) of a new 19,000-ton compression platform. Additionally, Saipem will manage the engineering, procurement, construction, and installation (EPCI) of approximately 26 kilometers of subsea pipelines and associated permanent subsea infrastructure. Offshore operations will utilize…

Halliburton, one of the world’s leading providers of energy products and services, has been awarded multiple contracts by Petrobras to provide vessel stimulation, intelligent completions, and safety valves for deepwater fields in Brazil, according to a company announcement. The awards were secured following a competitive bidding process. Under the agreements, Halliburton will deploy its SmartWell® intelligent completion technology in the Búzios field to enable real-time reservoir management. For the Séepia and Atapu fields, the company will supply its EcoStar® electric tubing retrievable safety valves (eTRSV) to improve operational safety and efficiency. The contracts are expected to begin in 2026. These…

Egypt exported its third LNG cargo this year on 10 October – and second in consecutive months – when the New Nature tanker lifted a shipment from the 7.2mn t/y ELNG facility at Idku. The cargo, lifted for the plant’s joint operator Shell, is headed to Ravenna in Italy, according to Kpler. It follows a cargo lifted in September for French major TotalEnergies that was supplied to Spain and an April cargo sent to Taiwan (MEES, 26 September). While LNG exports are not unusual in Egypt during the milder Autumnal months, the two recent cargoes were lifted despite LNG imports…

The Egyptian General Petroleum Corporation (EGPC) held a meeting with senior executives from 32 production companies in implementation of the Ministry of Petroleum’s strategy to upgrade an integrated five-year plan aimed at doubling production rates and reserves. The plan includes expanding exploration and development activities, enhancing operational efficiency, and reducing losses through advanced drilling and production technologies and digital transformation. It also includes ensuring there are measurable performance indicators and a clear timeline to achieve gradual increases in production, the ministry said.  In the meeting, Salah Abdel Kerim, Chairman of EGPC, highlighted the global challenges facing energy markets and their…

Sidi Kerir Petrochemicals Co. (Sidpec) reported revenues of EGP 10.912 billion in its unaudited financial statements for the period ending September 30, 2025. This marked an 8.92% increase compared to EGP 10.018 billion during the same period in 2024.  However, net profit after tax decreased by 20.43% to EGP 1.503 billion. Despite the lower profitability during the period, Sidpec’s overall financial structure improved, driven by accumulated profits and higher reserves. As of September 30, 2025, equity stood at EGP 7.637 billion, reflecting a 7.38% rise, supported by a 14.3% growth in reserves and more than double retained earnings compared to…

Egypt’s economy is finally heading in the right direction or at least that is the impression given by key international lenders, the IMF and World Bank. Both have given Egypt their vote of confidence this month, with growth forecasts revised up in light of steady reform implementation. “The forecast for growth in Egypt in FY 2024/25 [July-June] has risen by 0.7 pps since April, to 4.5 percent—substantially higher than the 2.4 percent growth rate in FY 2023/24,” the World Bank says in its most recent MENAAP (Middle East North Africa, Afghanistan, Pakistan) economic update in October. (CONTINUED – 1639 WORDS)…

Abu Dhabi National Oil Company (ADNOC) is close to securing European Union (EU) approval for its €14.7 billion ($17 billion) (Bn) acquisition of German chemicals producer Covestro, sources familiar with the matter told Reuters. The European Commission, which is reviewing the deal amid concerns over potential state subsidies, is expected to request minor adjustments to the remedies ADNOC proposed earlier this month before formally approving the transaction. The acquisition marks ADNOC’s largest-ever purchase. To address these concerns, ADNOC has proposed several remedies, including amending its articles of association to address an unlimited state guarantee and pledging to keep Covestro’s intellectual…

The Automatic Fuel Pricing Committee has decided to raise prices of all types of Octane gasoline, Diesel, and Compressed Natural Gas (CNG) for cars, effective October 17. According to the decision, fuel prices at the pump will be as follows: 95 Octane Gasoline: EGP 21.00 per liter compared to EGP 19 92 Octane Gasoline: EGP 19.25 per liter compared to EGP 17.25 80 Octane Gasoline: EGP 17.75 per liter compared to EGP 15.25 Diesel: EGP 17.50 per liter   compared to EGP 15.50 Compressed Natural Gas for Cars: EGP10 compared to EGP7 This is the second time the government has hiked…

Karim Badawi, Minister of Petroleum and Mineral Resources, met with Sharif Salim Al-Olama, the UAE Undersecretary for Energy and Petroleum Affairs in the Ministry of Energy and Infrastructure, to discuss enhancing partnership and exchanging expertise between the two sides in areas of mutual interest. During the meeting, both sides agreed to share and exchange energy efficiency and conservation knowledge, under the framework of the Global Energy Efficiency Alliance (GEEA), launched by the UAE and includes around 40 member countries, with Egypt being among them. The alliance supports funding and technological solutions, as well as promotes partnerships among member countries, technology…

Since Statoil (now Equinor) left Iraq in 2012, the narrative around the country’s upstream sector has been less about its vast reserves and more about tight fiscal terms and the departure of Western IOCs. High profile departures since then include Shell, Occidental and ExxonMobil. But in a highly symbolic development, the latter could now be making a return. On 8 October, Iraq signed a Heads of Agreement (HoA) with ExxonMobil to explore the potential development of Basra’s Majnoon oilfield, a move that could pave the way for the US giant’s re-entry into Iraq’s upstream. (CONTINUED – 2115 WORDS) Read this…