Author: Rigs & Barge World
Ibrahim Massoud, Chairman of the Western Desert Operating Petroleum Company (WEPCO), operator of El Hamra Petroleum Port, announced that the port is targeting a trading volume of approximately 88 million barrels per year (mmbbl/y) for the fiscal year (FY) 2026/27. This throughput, facilitated by the port’s offshore facilities and pipeline network, will average 240,000 barrels per day (bbl/d), marking a significant increase in trading activity. These targets were unveiled during WEPCO’s general assembly meeting to approve the FY 2026/27 investment plan. The session also reviewed amendments to the FY 2025/26 budget to account for extensive expansion works aimed at boosting…
As Cairo steps up efforts to attract high-quality foreign direct investment (FDI), Mohamed Farid, Egypt’s Minister of Investment and Foreign Trade, met with Terje Pilskog, CEO of Norway’s Scatec, to explore expanding cooperation in renewable energy and green investment, according to a press release by the ministry. Scatec, a renewable energy company, has been active in Egypt’s clean energy sector through a pipeline of solar and wind power investments. The company’s portfolio is anchored by its contribution to the Benban Solar Park, one of the world’s largest photovoltaic (PV) installations, and the recently launched Obelisk project in Nagaa Hammadi. Farid…
Egypt’s hopes of a rebound in gas production rest on the shoulders of industry majors that have stepped up their efforts to add output and reserves through extensive drilling campaigns over the past year. Shell and BP are leading the charge in early 2026, before ExxonMobil kicks off its campaign at the giant Cairo and Masry blocks later in the year. Egyptian Petroleum Minister Karim Badawi has said that 101 exploration wells are to be drilled in 2026 (MEES, 2 January). (CONTINUED – 764 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news…
Italy’s engineering and construction group Saipem reported growing financial results in 2025, with full-year revenue rising 6.5% year-on-year (YoY) to €15.497 billion. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 29.1% YoY to €1.716 billion. The company also secured new contracts worth €12.9 billion during the period. Free cash flow (FCF), after the repayment of lease liabilities, marked a 56.8% YoY increase, according to Saipem’s financial results. Revenue grew 2.2% to €4.515 billion in the fourth quarter of (Q4) of 2025 compared to the previous quarter, while adjusted EBITDA climbed 21.5% to €515 million. New contracts awarded…
Middle East hydrocarbon giants are investing billions in huge gas expansion projects that will yield substantial volumes of liquids byproducts. As NGLs are exempt from Opec+ production quotas, these non-crude liquids are a strategically and economically valuable revenue stream that should lift the region’s oil output floor. Three countries will account for the majority of this growth – Saudi Arabia, the UAE and Qatar, the latter of which quit Opec in 2019. Between them, the three countries plan to add more than 1.5mn b/d of NGLs and condensate by 2030. Although there is a strong likelihood that some project completions…
Karim Badawi, the Minister of Petroleum and Mineral Resources, held talks with senior executives from UK-based Capricorn Energy to review the company’s operations in the Western Desert and its plans to raise oil and gas production. The delegation included Capricorn Energy CEO Randy Neely, Chief Operating Officer, Geoff Probert, and the Managing Director of Capricorn Energy PLC Egypt, Eleanor Rowley. Discussions focused on the company’s concession areas and strategies to increase output, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). Badawi praised the company’s commitment to its operations in Egypt. He added that the ministry…
Petrobel, the joint venture (JV) between Eni and the Egyptian General Petroleum Corporation (EGPC), has started production from the Belayim Offshore 133 well in the Gulf of Suez at an initial rate of 1,500 barrels of crude oil per day (bbl/d), with further potential to optimize output in the near term, according to the Ministry of Petroleum and Mineral Resources (MoPMR). This marked the first drilling activity under the Italian company’s new investment program in the Gulf of Suez, Sinai, and Delta regions, pursuant to the agreement signed with EGPC in mid-November to inject new investments into these areas. The…
Renewed competition between Algeria and Morocco over gas pipeline projects to Europe marks a new phase in their decades-long regional rivalr… Source link
Cooperation Petroleum Company (CPC) investment plan details a total of EGP 1.2 billion investments in fiscal year (FY) 2026/27, CPC’s Chairman, Mostafa El Sayed, noted. This came during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the year’s investment plan. Ship refueling sales volume, commonly referred to in the maritime industry as bunkering (the process of supplying fuel and lubricants to a ship’s own tanks for its journey), surged by 205% during the period from July to December 2025. Consequently, the value of these bunkering sales rose to $19.5 million, marking a…
Assiut Oil Refining Company (ASORC) targets refining 4.2 million tons (mmt) of crude oil during fiscal year (FY) 2026/27, ASORC Chairman Issa Alaq stated during the general assembly meeting attended by Karim Badawi, Minister of Petroleum and Mineral Resources, to approve the FY 2026/27 investment plan. During the first half (H1) of the current FY 2025/26, the refinery successfully covered 100% of Upper Egypt’s gasoline requirements. The upcoming investment plan focuses on capacity expansion, including the construction of a new atmospheric distillation unit and a gas recovery unit for liquefied petroleum gas (LPG) production. To enhance sustainability, the company saved…