Author: Rigs & Barge World

The diplomatic manoeuvring is over. As widely anticipated, a new layer of United Nations sanctions has been “snapped back” onto Iran, adding to the already stringent unilateral sanctions imposed by the United States. Though Russia and China attempted an eleventh-hour block at the UN Security Council, they failed to rally the necessary support, allowing the measures to come into force over the weekend.On Monday, the European Council officially confirmed its own sweeping sanctions against the Islamic Republic. These will have significant and far-reaching consequences, hitting an Iranian state already reeling from a recent 12-day confrontation with Israel in June.The “Snapback”…

OPEC+ is expected to approve a production increase of at least 137,000 barrels per day (b/d) for November at its upcoming virtual meeting on October 5, according to three sources familiar with the discussions, Reuters reported. This increase is similar in value to the hike in output decided for October’s production but lower than the September and August’s increases of  555,000 bbl/d. The decision to continue easing cuts comes amid pressure to stabilize global oil prices and allow the group to regain market share. OPEC+ provides about half of the world’s oil and includes the Organization of the Petroleum Exporting…

The Egyptian General Petroleum Corporation (EGPC) agreed to increase crude oil supplies to the Alexandria Petroleum Company (APC) refinery as well as accelerate the procedures needed to expand the production of petroleum solvents, which are used in a wide range of industries. The agreement came during a field visit led by Salah Abdel Kerim, EGPC chairman, who highlighted the importance of preparing a feasibility study for the expansion of solvent production. He also affirmed the full commitment to developing the refining facilities and adding new production units to maximize the economic returns of this activity. During the visit, Abdel Kerim…

TotalEnergies, a major energy company, has entered a new phase of its partnership with industrial artificial intelligence (AI) specialist Cognite, signing a three-year program to deploy Cognite’s data and AI platform across all its operated Exploration and Production (E&P) assets worldwide. The initiative aims to integrate the technology across the value chain, from drilling through to production, with the goal of improving efficiency, reliability, and sustainability. The collaboration builds on years of work between the two companies, focused on making vast volumes of industrial data AI-ready. By streamlining access to this information, TotalEnergies expects to accelerate the adoption of new…

Amreya Petroleum Refining Company (APRC) is implementing over EGP 2 billion worth of projects to increase the production and storage capacity of petroleum products, according to Chairman Mohamed Sobhy. Sobhy gave these statements during a field visit of Karim Badawi, Minister of Petroleum and Mineral Resources to the company’s headquarters in Alexandria, Badawi reviewed APRC’s development and modernisation projects, which aim to boost its production complexes to enhance the output of gasoline, butane, and lubricants, alongside other products used in various industries. He praised the workforce’s efforts and called for highlighting successful cases in the sector as examples for others…

The Alexandria Mineral Oils Company (AMOC) output of oils and waxes reached 172,000 tons in the fiscal year (FY) 2024/25, representing 108% of the target for the year. This was achieved while maintaining a production mix of the most profitable fuels like diesel, naphtha, and butane gas, with an overall production of 442,000 tons, Maged ElKordy, Chairman of the company, stated. This was revealed during the ordinary and extraordinary general assembly meetings attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the company’s performance in FY 2024/25 ElKordy noted that mazut production reached 666,000 tons in 2024/25.…

The Gulf of Suez Petroleum Company (GUPCO), in collaboration with the UAE’s Dragon Oil, organized a workshop on the optimal use of artificial intelligence (AI) applications in developing and enhancing production from brownfields. The workshop aimed to maximize the benefits of AI technologies to increase production efficiency and achieve the highest possible productivity from mature fields. The workshop included a presentation by the American company Rosenxt on a current study being conducted by GUPCO to use AI applications in operational processes, with the aim of improving production efficiency, particularly in the Morgan and El Badri fields. The presentation was based…

Pharaonic Petroleum Company (PHPC), a joint venture between BP and the Egyptian Natural Gas Holding Company (EGAS), briefed Minister of Petroleum and Mineral Resources Karim Badawi on updates to its production drilling plans and the safety protocols currently in place. The presentation was delivered by PHPC Chairman Hossam Zaki, in the presence of the personnel of the Port Said-located Ha’py fields, operated by PHPC The meeting was part of Minister Badawi’s surprise visit to PHPC’s headquarters in Cairo, where he followed up on the company’s operations and production updates from its Mediterranean natural gas concessions, developed in partnership with bp.…

Drones, allegedly from Russia, have once again forced Denmark, a NATO member, to close its airspace. This marks the second such incident in just a few days, raising concerns across Europe. Similar airspace violations have been reported in other NATO countries, including Estonia and Poland, as well as in Finland. While these drone intrusions haven’t resulted in casualties, the psychological impact on Europe is significant. In response, NATO members affected by the violations have threatened to shoot down Russian aircraft. Russia, in turn, has dismissed these threats, claiming such an action would lead to war. The response from the Trump administration has…

Eni has finalized the sale of a 30% stake in Côte d’Ivoire’s Baleine project to Vitol, the company confirmed. Following the transaction, the ownership of the country’s flagship offshore development will be divided between Eni (47.25%), Vitol (30%), and state-owned Petroci (22.75%). The deal supports Eni’s “dual exploration model,” which focuses on accelerating the monetization of discoveries through partial divestments while retaining operatorship. The move also builds on Eni and Vitol’s partnership in Ghana, where they jointly participate in the OCTP and Block 4 projects. Discovered in 2021, Baleine marked Côte d’Ivoire’s first major commercial oil and gas find in…