Author: Rigs & Barge World

Abu Dhabi state energy giant Adnoc is a regional leader in raising capital through the listing of subsidiaries. The firm made a splash in 2017 when it listed 10% of its retail fuel subsidiary Adnoc Distribution on the Abu Dhabi Securities Exchange (ADX). After the $851mn initial public offering, the energy giant went on to list stakes in five other firms: Adnoc Drilling (2021), Fertiglobe (2021), Borouge (2022), Adnoc Gas (2023), and Adnoc Logistics & Services (2023). Adnoc is transferring its stake in these firms to its international investment arm XRG, and on 8 October it held its ‘Investor Majlis,’…

On the sidelines of the Energy Intelligence Forum in London, Karim Badawi, Minister of Petroleum and Mineral Resources, met with several international mining companies and financial institutions to explore opportunities for cooperation and foster new partnerships that would boost investment in Egypt. Badawi met with a delegation from the European Bank for Reconstruction and Development (EBRD), which included Natalia Lacorzana, Head of Natural Resources, and Gianpiero Nacci, Managing Director of Climate Strategy and Delivery. The discussions focused on expanding the partnership between Egypt’s petroleum sector and EBRD to include cooperation in mining. They also reviewed the ongoing reforms aimed at…

Opec+ is gradually whittling away its remaining production cuts, with ministers from the ‘Group of Eight’ agreeing to another 137,000 b/d taper for November (see table). The decision, made during a swift nine-minute meeting on 5 October, leaves the group with just 1.38mn b/d of cuts left in place. 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 plans to drill  480 new oil and gas exploration wells over the next five years, with total investments exceeding $5.7 billion, announced Karim Badawi, Minister of Petroleum and Mineral Resources, during his keynote speech at the World Energies Summit held in London. He explained that 101 wells are scheduled to be drilled in 2026 alone, distributed across Egypt’s main petroleum regions: 67 wells in the Western Desert, 14 in the Mediterranean, 9 in the Gulf of Suez, and 6 in the Nile Delta. Badawi highlighted that newly introduced incentives during the past year have supported the expansion of exploration…

Kuwait Oil Company (KOC), a subsidiary of the state-owned Kuwait Petroleum Corporation, announced a new natural gas discovery at the offshore Al-Jazah field. The discovery set a historical national production record for a vertical well, exceeding 29 million cubic feet per day (mmcf/d) of gas. KOC estimates the potential gas reserves at the Al-Jazah field to be approximately 1 trillion cubic feet (tcf). The company stated that the reservoir is a technically and environmentally remarkable find, featuring low carbon dioxide levels, and is free from hydrogen sulfide and associated water. This breakthrough follows a series of successful offshore explorations for…

Saudi Arabia ramped up crude oil shipments to West of Suez markets last month to the highest level since the beginning of the Covid-19 pandemic. Kpler data shows shipments to Europe and Egypt’s Ain Sukhna terminal – the Red Sea terminal of the Sumed pipeline network through which crude is re-exported to Europe – averaged 1.32mn b/d in September, by far the highest figure since April 2020’s 1.64mn b/d. That April 2020 figure came when Saudi Arabia was embroiled in a short-lived market share war to bring other producers to the table for historically deep production cuts from May 2020.…

During the Investor Majlis, ADNOC Distribution said that it aims to increase the size of its service station network to 1,150 by 2028, which is 15% more than the previous guidance of 1,000. This target reflects stronger performance across the company’s core business. The Company also announced an updated non-fuel retail target, aiming to double non-fuel retail transactions by 2030 compared to 2023 levels, replacing its previous goal of a 50% increase by 2028. At the event, the Company announced a proposed extension to its existing dividend policy (subject to final shareholder approval in 2026) for an additional two years,…

President Abdel Fattah El-Sisi affirmed the importance of Egypt’s Soda Ash project for supporting self-sufficiency in local industries and reducing imports. Led by Taiwan’s TCC Group, a subsidiary of China National Chemical Engineering Co., Ltd. (CNCEC), in partnership with Egyptian entities, the project will be Egypt’s first integrated soda ash production complex, providing vital raw material for glass, detergents, paper, and fertilizer manufacturing–sectors that are currently almost entirely reliant on imports. El-Sisi made his statement during a meeting with Mo Dingge, Chairman of CNCEC, in the presence of Prime Minister, Mostafa Madbouly: Karim Badawi, the Minister of Petroleum and Mineral…

In something of a ‘two steps forward, one step back’ maneuver, the Syrian government held parliamentary elections this week – the first since the ouster of President Bashar al-Assad last December following 15 years of brutal civil war (MEES, 13 December 2024). But rather than the election results making headlines, it was the process itself that drew comment. The model used for the elections did not rely on a popular vote. Instead, a 6,000-member electoral college selected 119 of the 140 contested seats in Syria’s 210-member parliament. The college was officially drawn from provincial committees, but critics argued that it…

Chevron and its Greek partner, Helleniq Energy, are close to concluding a deal with the Greek government for offshore natural gas exploration off the Peloponnese peninsula and the island of Crete before the end of the year, Greece’s Energy Minister, Theodore Papastavrou, announced. The deal covers four deepwater blocks south of Crete and the Peloponnese, and follows a joint bid submitted by Chevron and Helleniq Energy earlier this year. The endorsement of the Court of Auditors and parliamentary approval are required before seismic surveys can begin in 2026. The consortium will then have up to five years to identify any…