Author: Rigs & Barge World

The global average decline rate of oil and gas fields’ production has accelerated sharply, driven by increased dependence on shale and deepwater resources, according to a report released by the International Energy Agency (IEA). This decline has forced companies to put in far greater effort to sustain current production levels. The report showed that onshore supergiant oil fields in the Middle East see decline rates of under 2% annually, whereas smaller offshore fields in Europe lose over 15% of gas each year. Declines are even sharper for tight oil and shale gas, where production would drop by more than 35%…

Khalda Petroleum Company, a joint venture (JV) between Apache and the Egyptian General Petroleum Corporation (EGPC), made 23 oil discoveries, including West Faiops-1X and NUT S-1X, during fiscal year (FY) 2024/25. Moreover, the company exceeded its targets, with natural gas production reaching 514 million cubic feet per day (mmcf/d), according to Moataz Atef, Khalda’s Chairman and Managing Director. The company’s performance was announced during its general assembly meeting, which was chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the company’s FY 2024/25 results. Atef highlighted progress in occupational safety and health, describing these achievements as the…

Egypt has reaffirmed its role as a regional anchor in the clean energy transition with the opening of the 2025 Cairo Regional Forum on Financing Renewables, Green Hydrogen and Green Ammonia, held at Nile University on September 17–18. The two-day event will convene government officials, financiers, developers, and industry leaders to address one of the region’s most pressing challenges: how to turn green hydrogen and ammonia plans into bankable projects. The forum includes sessions on project finance and bankability that will examine how economic zones, blended finance, and risk-sharing models can accelerate final investment decisions (FIDs). In addition, a dedicated…

The Egyptian General Petroleum Corporation (EGPC) signed 11 new agreements for oil and gas exploration and production, and 12 contracts for development and production projects during fiscal year (FY) 2024/25, said Salah Abdel Kerim, EGPC chairman. EGPC has also reported 49 new oil and gas discoveries, alongside implementing the drilling plans for 71 exploratory wells. This was announced during the general assembly chaired by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the company’s 2024/25 results. EGPC contributed to covering local consumption needs by supplying 83.6 million tons of petroleum products and natural gas, while local production exceeded…

The Pharaonic Petroleum Company (PhPC) recorded an average output of 76,100 barrels of oil equivalent per day (boe/d), exceeding its approved production plan by 119% for fiscal year (FY) 2024/2025, said chairman Hossam Zaki in the company’s general assembly meeting to review its key performance results. Zaki stated that the company increased production from the Atoll gas field offshore East Nile Delta region through maintenance and cleaning operations, which raised the operational efficiency of its production facilities to 99%. He added that the overall production cost per barrel of oil equivalent dropped by 25% below the planned level, and condensates…

A delegation, including big names in Egypt’s oil and gas industry, attended the first Baghdad International Energy Forum, held from September 6-7 under the theme “Towards Optimal Investment in Oil and Gas in Parallel with the Energy Transition.”The delegation, authorized by Karim Badawi, Minister of Petroleum and Mineral Resources, included Ehab Ragaee, First Undersecretary of the Ministry for Production; Salah Abdel Kerim, Chairman of the Egyptian General Petroleum Corporation (EGPC); and several other sector leaders. During the opening session, Ragaee participated in a panel discussion on national interests in the global energy system. He presented key features of Egypt’s national energy…

There are around 3 trillion cubic feet (tcf) of estimated additional gas beneath Energean’s current Egyptian platforms, Reuters reported, citing Mathios Rigas, Energean’s CEO. Energean, through Energean Egypt, maintains and operates a full-cycle production, development, and exploration portfolio. It operates and owns 100% of each of  Abu Qir concession, North East Almreya and North Idku concessions, in addition to 50 % of East Bir El Nus on-shore concession and a 30% interest in  North East Hap’y off-shore concession. Regarding its revenues, Energean achieved $804 million in H1 2025, compared to $867 million in H1 2024, with adjusted Earnings Before Interest,…

The Egyptian General Petroleum Corporation (EGPC) has signed three new agreements with international companies to explore for oil and gas in the Western Desert, Gulf of Suez, and North Sinai regions. The first agreement was signed with Berenco Egypt to drill three wells in the North Sinai offshore area with investments of  $46 million and a $1 million signature bonus. The second agreement was signed with UAE Dragon Oil to drill three wells at  East El-Hamd area in the Gulf of Suez, with $40.5 million investments  and a $4.5 million signature bonus. While the third one was signed with US…

UAE Dragon Oil has signed a new agreement with the Egyptian General Petroleum Corporation (EGPC) to drill at least two new oil and gas wells within East El-Hamd area in the Gulf of Suez region with investments of around $30 million, according to a company press release. Abdulkarim Ahmed Al Mazmi, Acting CEO of Dragon Oil noted that this step comes as part of Dragon Oil’s broader strategy to expand in regional markets and to strengthen its position as a leading player in the oil and gas sector particularly Egypt. Dragon Oil was established in 1971 and is headquartered in…

Iraq is stepping up its regional energy strategy through new agreements and projects aimed at bolstering oil and gas exports and expanding domestic power generation. The State Oil Marketing Organization (SOMO) unveiled talks to build a pipeline linking Basra to Oman, aiming to broaden export channels, boost capacity, and reinforce Iraq’s output growth. SOMO highlighted Muscat’s strategic role in marketing Iraq’s crude through signing memoranda of understanding (MoUs). Ali Nizar Al-Shatri, SOMO’s general manager, added that a commercial integration MoU has been signed between SOMO and Oman’s OQ Trading, formally known as Oman Oil Company. Meanwhile, Iraq’s Ministry of Electricity…