Author: Rigs & Barge World

Opec production increased by 430,000 b/d in September (see table), driven by the steady unwinding of voluntary cuts by the Opec+ ‘Group of Eight.’ The group has now increased its production by 2.5mn b/d year-on-year, and will continue to boost supply in October and November as more cuts are tapered. 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

bp has signed a contract with Valaris, an American offshore drilling contractor, to drill five new natural gas wells in its Mediterranean concession areas at a depth of 300-1500 meters, utilizing the Valaris DS-12 deepwater drilling rig. The agreement marks the next phase of bp’s new drilling program in Egypt. This follows a preliminary Memorandum of Understanding (MoU) signed in September with the Egyptian Natural Gas Holding Company (EGAS) in London to implement the program. Commenting on the move, Karim Badawi, Minister of Petroleum and Mineral Resources, stated that bp’s recent gas  projects in the Mediterranean were pivotal for boosting…

President Abdel Fattah El-Sisi met with John Christmann, CEO of US Apache Corporation, to review its current activities and plans to expand its exploration and production activities in Egypt. Pointing out that Apache is one of Egypt’s most important partners in the oil and gas sector, being the largest American investor in the country, El-Sisi said that Apache’s initiatives in Egypt send a positive message about the strength of Egyptian American cooperation and help attract more US investments in the energy sector. Christmann highlighted the significance of Apache’s investments in  Egypt within its global portfolio. He reaffirmed Apache’s commitment to…

Adnoc’s $13bn purchase of German chemicals firm Covestro is making progress once again. The European Commission confirmed on 2 October that Adnoc had submitted remedies to address concerns under the foreign subsidies regulation (FSR) investigation. The FSR process has dragged on longer than most expected, but talks became more constructive in recent weeks, leading to Adnoc’s international investment arm, XRG, submitting the remedies (MEES, 26 September). Sources are confident that the remedies will be sufficient to secure FSR approval. MEES understands that XRG is not providing the EC with everything that they have requested, but that it is confident it…

The Iraqi Ministry of Oil announced the increase of daily oil production at the Nasiriyah oil field to 80,000 barrels, after putting nine wells online, according to Iraq News Agency. Production at the field remains stable across two active sites, B and E, with a total of 36 wells now in operation. In parallel, the Minister of Oil Hayan Abdul Ghani disclosed that the associated gas investment rate surged to 74%, up from 53%, announcing the commencement of the Basra NGL 1 and NGL 2 projects, each with a planned processing capacity of 400 million cubic feet per day (mmcf/d). Abdul…

President Abdel Fattah El-Sisi met with John Ardill, Vice President of Global Exploration at ExxonMobil, to review the progress of operations at its concession areas, particularly at the Mediterranean Sea. The Meeting, attended by Prime Minister Mostafa Madbouly and Karim Badawi, Minister of Petroleum and Mineral Resources, witnessed discussions on cooperation prospects in Egypt’s rapidly progressing energy sector. Ardill presented a detailed report on the progress of work done in ExxonMobil’s two concession areas in the Mediterranean, Cairo and Masry, during the meeting. He pointed out that the company is utilizing advanced drilling technologies and intensifying upstream efforts following seismic…

Saudi Aramco and Sumitomo Capital have completed a major restructuring of their debt-laden downstream JV Petro Rabigh. In a 9 October announcement, Aramco confirmed that it has now acquired an additional 22.5% stake from Sumitomo for $702mn, lifting its position in the JV to approximately 60%. Sumitomo retains an equity stake of 15%, while 25% is listed on the Tadawul exchange. The purchase had been agreed on in August 2024. Under the terms of the agreement, Sumitomo will inject the proceeds from the sale into Petro Rabigh, with Aramco providing a matching $702mn. This capital injection involves the issuance by…

Minister of Petroleum and Mineral Resources Karim Badawi held a meeting with Naguib Sawiris, Chairman of In2Metals Holding Company and Orascom Investment Holding, to discuss means of boosting cooperation in the mining sector. The meeting looked at boosting mineral exploration, particularly gold. It also touched on monitoring current partnerships and investments in gold exploration in the Western Desert, as well as accelerating their pace. The Sawiris family fully owns In2Metals, which is incorporated in Luxembourg and focuses on gold and copper exploration. The company holds an 80.1 per cent stake in Akh Gold, KH Gold, a gold exploration company focused…

Tunisia’s planned 220km subsea interconnection project with Italy (ELMED) has taken a step closer to the development phase with the awarding of a €460mn ($532mn) contract for the construction of the $1.16bn high voltage direct current (HVDC) submarine cable. Tunisian state firm STEG and Italian operator Terna awarded the contract for the 600MW ELMED power link to Italian cable firm Prysmian in late September. (CONTINUED – 736 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 information from high-level officials Assess future risks and opportunities Source…

Water desalination is a substantial, and routinely overlooked, contributor to rapidly rising electricity consumption across the Middle East. “The growth of electricity demand in the Middle East is third [highest] after just China and India,” IEA Executive Director Fatih Birol said when unveiling the organization’s Renewables 2025 report. In addition to rising demand for air conditioning in the MENA, Mr Birol highlighted the desalination of water as a major driver of demand growth. “It’s a major issue in Middle East and North African countries. Seven out of eight [of the most] water stressed countries in the world are in the…