Author: Rigs & Barge World

The Abu Dhabi National Oil Company (ADNOC), through its international investment company XRG P.J.S.C., announced on November 21 the receipt of the final outstanding regulatory approval needed for its €14.7 billion acquisition of German chemicals producer Covestro. The final clearance, granted by the German Federal Ministry for Economic Affairs and Energy, means all closing conditions are now satisfied, and the transaction is expected to be finalized within days. This milestone paves the way for Covestro and XRG to move forward in their strategic partnership, which aims to redefine the chemical industry by advancing innovation, circularity, digitalization, and strengthening leadership in…

Petroleum Marine Services (PMS) has launched a unified offshore rig movement service covering the Red Sea and Gulf of Suez. PMS launched the service in collaboration with the UK-based ABL Group. This strategic expansion aims to reduce operating costs and support production efficiency in the region. The announcement was made at a workshop hosted by PMS and attended by the company’s CEO, Amr Badawy, senior executives from petroleum production and drilling firms, Egyptian General Petroleum Corporation (EGPC) drilling officials, and ABL Group representatives. Badawy said the unified system directly addresses the needs of production companies seeking a more efficient and flexible…

Deadly drone attacks targeting oil facilities in Sudan’s south have caused significant disruptions to crude flows this week as the battle for territorial control continues between the Sudanese Armed Forces (SAF) and the rival paramilitary Rapid Support Forces (RSF). The attacks targeted central processing facilities (CPFs) in southern Sudan that handle the two crude grades exported from oilfields in Sudan and neighbouring South Sudan via Port Sudan’s Bashayer terminal (see map). Heglig houses the main facility for processing Nile Blend crude, while al-Jabalain processes South Sudan’s Dar Blend. (CONTINUED – 775 WORDS) Read this article for free Gain access to…

The Ministry of Petroleum and Mineral Resources (MoPMR) signed a Memorandum of Understanding (MoU) with the Suez Canal Authority (SCA) to establish the infrastructure needed to build an LNG liquefaction and bunkering station in Raswa, Port Said. The agreement aims to secure gas supplies for the natural-gas liquefaction and storage terminal and to facilitate cooperation between petroleum-sector companies and the SCA in completing the necessary technical and administrative procedures to commence construction of the new terminal. The MoPMR, represented by the Egyptian Natural Gas Holding Company (EGAS), gas companies, and the SCA, have held consultative meetings recently on the project.…

US firm HKN has finalized technical terms for the development of Iraq’s Hamrin field in the northern Saladin province. In a 20 November statement, the Texas-based firm said the agreement “provides a comprehensive framework for developing the field and increasing oil production to maximize efficiency and local benefit.” HKN had signed an HoA for the field in July (MEES, 18 July). The firm says that once a contract is signed, it plans to “bring US expertise, investment, and equipment to quickly increase production at Hamrin.” Srood Mukhtar, HKN Energy’s vice president said “we look forward to quickly concluding contract negotiations…

Mahmoud Essmat, Minister of Electricity and Renewable Energy, reviewed the latest advancements in ore processing, purification, and technology at the Nuclear Materials Authority complex in Anshas. Essmat praised the Authority’s active role in localizing industry and relying on entirely Egyptian techniques, particularly for extracting rare elements and materials, supporting the country’s vision to maximize returns from natural resources and mineral ores, as noted in a Statement by the Presidency of the Council of Ministers. He also affirmed that the ministry aims to improve performance rates, advance affiliated sectors, and invest in the accumulated competencies and expertise within its research and scientific…

Kuwait is increasingly reliant on electricity imports through the GCC Interconnection Authority (GCCIA)’s common interconnector as its failure to add meaningful generation capacity over the past decade begins to have a sizeable impact. This failure has been exacerbated by huge electricity subsidies that mean demand continues to grow unchecked (MEES, 14 February), even as blackouts have become increasingly common. The latest figures from the Ministry of Electricity and Water (MEWRE) show that 666GWh (895MW) was imported in October (see chart 1). This was the second highest figure on record behind July’s 669GWh (899MW), even though peak load has fallen from…

On 14 November, media reports began to circulate that the vessel Talara, a 500,000 barrel capacity oil products tanker, had been seized by the Iranian military. According to sources in the market, the vessel had loaded 30,000 metric tons of high sulfur gasoil from Universal Terminal in the UAE’s Hamriyah port and was sailing for Singapore before the arrest. Initial reactions suggested a geopolitical incident: Iran has seized vessels in the strategically important Strait in the past – often during periods of tension with Israel, the US, or its rivals in the Gulf. Current tensions are at a lull (by…

Across the Middle East, governments are revising up their renewable energy targets as solar prices have fallen dramatically. Dubai is the latest to follow, with state offtaker Dubai Electricity and Water Authority (Dewa) this month revising up its clean energy target from 7.5GW to 8.3GW by 2030. The announcement was made in its Q3 results on 12 November. The previous 7.5GW target was itself an upgrade made earlier this year from the longstanding 5GW target (MEES, 13 June). Renewable energy’s share of the planned 2030 power mix has also been revised up from 34% of 22GW to 36.1% of 23GW.…

Cooperation in the oil, natural gas, and mineral resources between Egypt and Algeria was the focus of the meeting between Karim Badawi, Minister of Petroleum and Mineral Resources, and Mohamed Sofiane Berrah, Algeria’s ambassador to Egypt. The meeting precedes the Egyptian-Algerian Joint Higher Committee meeting, set to convene in Egypt at the end of this month, which is expected to boost bilateral energy and trade relations significantly, according to a statement by the Ministry of Petroleum and Mineral Resources. During the meeting, Badawi asserted the strong Egyptian-Algerian relations and the growing cooperation in the oil and natural gas sector between…