Author: Rigs & Barge World

US LNG specialist Excelerate Energy has been chosen to build Iraq’s first floating LNG import terminal. Baghdad had earlier preferred awarding the contract to an unknown Iraqi-Emirati firm known as Breeze Investments which caused significant delays (MEES, 6 June). In a statement earlier this month, the Texas-based firm said that it has received “an official Award Letter from the Government of Iraq to develop an integrated floating liquefied natural gas (LNG) import terminal.” Iraq’s cabinet on 23 September had earlier issued a vague approval of the oil ministry’s recommendations based on bids received (MEES, 11 July), but stopped short of…

Italian major Eni’s storied presence in Egypt’s upstream spans more than seven decades, but it has not all been smooth sailing. After a recent rocky patch, the relationship appears to be on solid footing again, with Eni recently pledging an $8bn gross spend over the next five years, as it looks to reverse output declines (MEES, 3 October). A longstanding bone of contention has been the level of arrears Cairo owes Eni for the purchase of the firm’s share of oil and gas. The Italian major had been reporting receivables figures until the end of 2016 but stopped providing numbers…

Everyone is a winner,” said Iraq’s Prime Minister Mohammed al-Sudani of last week’s landmark oil agreement between the central government, the Kurdistan Regional Government (KRG) and oil companies operating in the Region (MEES, 26 September). Despite his positive tone and the euphoria of Iraqi and Kurdish officials now that an agreement has finally been reached and exports have restarted, the question is: can the agreement survive Iraq’s upcoming parliamentary elections on 11 November? Addressing this year’s Chatham House Iraq Initiative Conference in London in a pre-recorded message on 1 October, the PM said that the deal has achieved multiple goals:…

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Iraq’s Ministry of Oil activated its contract with BP for the development of the Kirkuk oilfield on 2 October. The contract had been finalized in March (MEES, 28 March), and activation came less than a week after an agreement was signed for the restart of oil exports via the Iraq-Turkey Pipeline (MEES, 3 October). Oil minister Hayan Abdulghani says that the initial production rate has been set at 328,000 b/d. The UK major will be paid for output above this level. An initial target was previously set at 400,000 b/d. For now, Kirkuk’s crude appears to be earmarked for domestic…

While global attention is focused on Qatar’s plans to expand its North Field gas production and LNG output (MEES, 3 October), state firm QatarEnergy is also pursuing expansion work at its domestic oilfields. The firm has increased its role at domestic oilfields over the past decade, taking over operations at some fields and tightening contractual terms at others. Now after years of capacity steadily dwindling, crude output has stabilized at around 600,000 b/d, notwithstanding a slight dip to 598,000 b/d, last year QatarEnergy’s recently released annual report shows (see chart). (CONTINUED – 848 WORDS) Read this article for free Gain…

The first phase of Qatar’s huge LNG expansion project should be complete by mid-2028, says TotalEnergies’ President of Exploration & Production Nicolas Terraz. Speaking at the firm’s 2025 Strategy & Outlook presentation on 29 September, Mr Terraz said: “NFE in Qatar is well on track to deliver first LNG mid-2026 for the first train, which will be the first of four trains that will all be producing before mid-2028.” The NFE – North Field East – expansion project is the first of three phases which will increase Qatar’s liquefaction capacity from 77mn t/y to 142mn t/y by the end of…

Peru’s Energy and Mines Minister, Jorge Luis Montero, expects to sign a memorandum of understanding (MoU) with Saudi Arabia in November to collaborate on lithium and other critical mineral projects. The minister plans to travel to Saudi Arabia next month alongside Peru’s foreign minister to finalize broader economic agreements with Gulf nations as part of the country’s major energy sector overhaul. On the same line, Montero said Peru aims to attract investments from the US major Chevron for offshore drilling operations. The company is expected to begin drilling early next year in three offshore blocks. If estimated reserves in these areas are…

Egypt’s bureaucracy is struggling to handle the surge in LNG imports in recent weeks, with a backlog of tankers waiting to offload cargoes building up outside the Red Sea terminal of Ain Sukhna. The delay has been attributed to a delay in payments clearing from the Central Bank of Egypt (CBE), according to a well-placed source, rather than to any infrastructure issues. The delay was due to “financial issues with traders regarding the letters of credit opening by the CBE,” the source says. This is not unusual for Egypt, with the CBE only sending a letter of credit to the…

ExxonMobil, an American energy giant, is exploring the possibility of returning to operations in Iraq after nearly two years’ hiatus by signing preliminary agreements to begin work on the Majnoon oil field in southern Iraq. The oil field, located about 60 kilometers north of Basra, is recognised as one of the world’s most resource-rich fields, containing an estimated 38 billion barrels of oil. ExxonMobil is expected to finalise a Heads of  Agreement (HoA) with Basra Oil and Iraq’s State Organisation for Marketing of Oil (SOMO) within the next few days. An ExxonMobil spokesperson confirmed to Reuters that the company entered…