Author: Rigs & Barge World
The clock is ticking. The partners at Israel’s giant 22.3tcf Leviathan gas field, led by operator US major Chevron (39.66%) have given themselves until 30 November to meet certain conditions, or the much-vaunted, $35bn deal to send 130bcm of gas to Egypt could be off. While missing that deadline may not signal the deal’s official cancelation, it also faces strong political headwinds. The coming weeks will determine whether the deal can be resuscitated though US efforts to pressure Israeli Prime Minister Benjamin Netanyahu and Energy Minister Eli Cohen into approving the partners’ gas permit application have so far fallen on…
Singapore-based Destiny Energy plans to invest $210 million in establishing facilities to produce over 100,000 metric tons per year (mt/y) of green hydrogen and green ammonia at the Suez Canal Economic Zone (SCZONE). Vijay Sirse, Chief Executive Officer (CEO) of Destiny Energy, announced the plans during a meeting with Hossam Heiba, Chief Executive Officer (CEO) of the General Authority for Investment and Free Zones (GAFI). This strategy is expected to help reduce overall production costs for both Egyptian companies and the European Union (EU), as energy can account for up to 70% of the costs associated with green ammonia production.…
The Board of Directors of Qalaa Holding has delegated the company’s chairman and the Managing Director to study the possibility of issuing convertible bonds up to $200 million (or equivalent in Egyptian pounds) to reduce the company’s loans, borrowing costs, and inject capital into its subsidiaries, according to its release to the Egyptian Stock Exchange. The board also approved studying the Initial Public Offering (IPO) of 5 subsidiaries on the Egyptian Stock Exchange over the next two years. The subsidiaries slated for the offerings are the National River Port Management Company (NRPMC), Dina Farms for Agriculture Investments, and ASEC Automation, with two…
Libya’s oil output and exports are the highest in more than a decade as the country welcomes new output gains and renewed international interest in its upstream sector as it recovers from years of unrest (MEES, 5 September). According to the latest figures from data intelligence firm Kpler, crude and condensate exports averaged 1.21mn b/d for 3Q 2025, a 48% increase year-on-year and the highest quarterly figure since the country’s 2011 revolution. (CONTINUED – 902 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information…
Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC), visited Petrobakr Petroleum Company, a joint venture between EGPC and Vaalco Energy, to follow up on the implementation of work plans and to motivate employees and encourage them to exert efforts to meet the Ministry of Petroleum’s goals to increase Egypt’s oil and natural gas production. The visit, attended by leaders from EGPC, Vaalco Energy, and senior executives at Petrobakr, began with a presentation on occupational safety, environmental protection, exploration, operations, and ongoing projects. Khaled Mounir, Chairman of Petrobakr, gave a presentation that shed light on the company’s performance…
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Swiss commodities trading giant Gunvor has had its planned acquisition of Lukoil’s international assets blocked by the US. Lukoil had announced the deal for its €19.1bn ($22bn) international portfolio on 30 October (MEES, 31 October), but in an incendiary 6 November post on X, the US Treasury Department posted “As long as Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a license to operate and profit.” Although Gunvor’s origins lie in the post-Soviet trading of Russian oil, the firm has sought to distance itself from the Kremlin since Russian co-founder Gennady Timchenko exited in 2014 just ahead…
Egypt’s Ministry of Public Enterprise Sector has announced progress in developing a major green ammonia production facility in Suez, following high-level talks between Minister Mohamed El-Shimy and executives from Envision Energy, a Chinese company specialized in wind turbines manufacturing, and Benchmark Power International, an investment platform focused on integrating renewable energy into green hydrogen. The meeting, held at the ministry’s headquarters in the New Administrative Capital, brought together Envision Energy Vice President Frank Yu and Benchmark Power Chairman Ahmed Bahgat, alongside senior officials from the Chemical Industries Holding Company (CIHC) and El Nasr for Fertilizers and Chemical Industries (SEMADCO). The…
The Egyptian Chemical Industries Company (KIMA), a listed fertilizer producer, recorded a net profit after tax of approximately EGP 482.7 million during the first quarter (Q1) of the fiscal year (FY) 2025/2026, marking a 1,164.59% leap compared to its level in the same period of the previous year. The profit surge was driven primarily by higher revenues from sales and foreign currency differences. The company’s operating profit also climbed substantially to EGP 524 million, compared to EGP 71 million a year earlier. KIMA also increased its urea exports during the quarter to 30,250 tons, up from 22,600 tons in the…
Egypt’s need for more gas has pushed it to offer up frontier and largely unexplored regions in recent years. Cairo was able to attract majors Chevron and Shell into taking blocks in the country’s Red Sea in 2019, but both subsequently relinquished their acreage (MEES, 31 October). This presented Egypt with the opportunity to carve up a portion of its northern Red Sea region into four large blocks that were included in a bid round launched on 4 November (see map). (CONTINUED – 558 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news…