Author: Rigs & Barge World
Perenco North Sinai Petroleum, a subsidiary of Egypt Kuwait Holding (EKH), has signed a new agreement with the Ministry of Petroleum and Mineral Resources (MoMPR) to extend its rights over the North Sinai Offshore concession. The 10-year reassignment, effective until 2035, commits the company to drilling three exploratory oil and gas wells in the concession area. The deal was announced during Petroleum Minister Karim Badawi’s visit to the company’s onshore and offshore facilities in North Sinai in September. The reassignment is expected to open new opportunities for exploration and reserve development in line with Egypt’s strategy to boost output and…
TotalEnergies, a multinational integrated energy and petroleum company, has reached an agreement to sell its interests in the West Ekofisk, Albuskjell, and Tommeliten Gamma fields offshore Norway. The deal is to be completed in Q4 2025, the company said. The announcement follows remarks by Chairman and CEO Patrick Pouyanné, who referred to the sale as a “small divestment of a mature asset in Norway”. The transaction supports the company’s goal to generate $3.5 billion from divestments by year-end, which will help balance more than $3 billion in acquisitions that doubled the company’s debt during the first half (H1) of 2025.…
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In a disclosure to the stock exchange, The Egyptian Chemical Industries Company (KIMA), a state-owned listed fertilizer producer, has highlighted the progress achieved in its Kima3-ANNA project to establish a new nitric acid production unit with a capacity of 600 tons per day. It also boasted the developments in its environment-friendly ammonium nitrate unit, which has a capacity of 800 tons per day and “represents a qualitative addition to supporting the national economy and enhancing environmental compliance,” noted the disclosure. During the year, the company rehabilitated the ferrosilicon plant, which had been suspended since March 2019. The development included converting…
Minister of Petroleum and Mineral Resources, Karim Badawi, has met with Iman Hill, Country Manager of Vaalco Energy in Egypt, to discuss the US-based company’s plans to expand its operations in Egypt and to utilize renewable energy sources at its operational sites in the Eastern Desert by connecting its production facilities to these sources, according to press release issued by the Ministry of Petroleum and Mineral Resources (MoPMR). For her part, Hill expressed her appreciation for the significant support provided by the MoPMR. She stressed that the regular payment of arrears encouraged the company to intensify its work in the…
The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Commercial Service (ECS) are forming a joint action plan aimed at increasing the export of petroleum products and attracting new investments in research and exploration. This came during a meeting between Salah Abdel Kerim, Chairman of EGPC, and Abdel Aziz Elsherif, First Under-Secretary of State at the Ministry of Investments and Foreign Trade and Head of ECS. During the meeting, the two officials agreed to form a joint working team to study export and investment opportunities, gain an understanding of foreign markets, and prepare a joint executive program. Abdel Kerim expressed…
Shell Lubricants Egypt (SLE) and the Egyptian Drilling Company (EDC) have renewed their strategic partnership by signing a five-year agreement that places SLE as the exclusive supplier for EDC’s equipment and fleet of 70 active rigs, according to a Shell press release seen by Egypt Oil & Gas. The renewal ceremony brought together leaders from both organisations to celebrate the seven-year partnership. Speaking at the signing ceremony, Haytham Yehia, Chairman and CEO of Shell Lubricants Egypt and the Cluster General Manager for Shell Lubricants in the Middle East and Central Asia said, “In addition to the continuity underpinning our partnership,…
El-Gamil Base in Port Said hosted a technical workshop on September 23rd for field engineers from companies operating in Egypt’s Mediterranean offshore gas and oil sector. The event provided a platform for these field engineers to share experiences on best practices and technological innovations with the aim to enhance operational efficiency and safety in offshore exploration and production. This workshop is the second in a series of three technical sessions organized as part of the Egypt Oil & Gas Group’s 11th Convention, scheduled for November. The workshops are held in collaboration with the Egyptian General Petroleum Corporation (EGPC). They are…
Egypt’s revenues from the Sukari Gold mine during 2024 amounted to $295.2 million. This is divided into $15.42 million in taxes, $28.78 million in royalties, and $251 million in dividends, according to AngloGold Ashanti’s disclosure to the United States Securities and Exchange Commission. AngloGold Ashanti, the operator of the Sukari Gold mine, made another financial boon in 2025. In the second quarter of 2025 (Q2 2025), the company reported a 151% year-on-year (YoY) surge in headline earnings, reaching $639 Mn, driven by a hike in the average gold price and a 21% increase in gold production The company’s robust Q2 2025…
The Egyptian Chemical Industries Company (KIMA) is selling all of its 2.7 % stake in Abu Qir Fertilizers and Chemical Industries Company to the Chemical Industries Holding Company (CIHC), according to a disclosure by KIMA to the local bourse. The move comes to enhance financial liquidity and settle operational expenses, especially the cost of the nitric acid and ammonium nitrate project, according to the disclosure. In October 2023, KIMA signed a turnkey agreement with a consortium comprising Italy’s Tecnimont and Egypt’s Orascom Construction to build a new nitric acid and ammonium nitrate complex in Aswan. To fund part of the…