Author: Rigs & Barge World

Karim Badawi, the Minister of Petroleum and Mineral Resources, said that the Egyptian government prioritizes creating a stable, attractive investment climate in the oil and gas sector. He mentioned this during his chairmanship of the roundtable session titled ‘Maximizing Egypt’s Natural Gas as a Value-Added Resource’,  which took place as part of the Gastech 2025 Exhibition and Conference in Milan. Also joined the roundtable was George Papanastasiou, Cypriot Minister of Energy, Commerce and Industry; Osama Mobarez, Secretary General of the East Mediterranean Gas Forum (EMGF), and heads of major international companies. A comprehensive package of measures, including investment incentives and…

The price of WTI and Brent crude oil saw a slight increase on Wednesday, a movement that could be attributed to heightened geopolitical tensions in the Middle East. This followed reports of a significant Israeli airstrike in Doha, Qatar on Tuesday, which was reportedly targeting Hamas leaders. While initial reports claimed the leaders survived, Hamas stated that several bodyguards were killed in the attack. The Israeli government has not publicly confirmed the outcome of the operation. This incident drew widespread international condemnation on Tuesday, but tensions appeared to be easing on Wednesday. As a result, any upward pressure on oil and…

On the sidelines of the Gastech 2025 conference, Egypt’s Minister of Petroleum and Mineral Resources Karim Badawi held a meeting with a World Bank delegation led by Zubin Bamji, Director of the Bank’s Global Gas Flaring Reduction Partnership (GFMR). The talks reinforced the strategic partnership between Egypt and the World Bank (WB) in advancing the oil and gas sector and promoting sustainable energy solutions. Minister Badawi expressed Egypt’s appreciation for the WB’s pivotal role as a key partner in the sector’s development and modernization. He underlined that while renewable energy is expanding, oil and gas will remain essential components of…

The Egyptian Natural Gas Holding Company (EGAS) has signed a memorandum of understanding (MoU) with bp for assessing opportunities to implement a drilling program of five exploratory wells at depths ranging from 300 to 1,500 meters in the Mediterranean Sea. The agreement aims to accelerate natural gas production from the West Nile Delta by leveraging existing infrastructure. Drilling operations are scheduled to begin next year, with potential new discoveries to be tied to current facilities after evaluation. Following the signing, Karim Badawi, the Minister of Petroleum and Mineral Resources, noted that the agreement with bp reflects the strength of a…

Egypt plans to carry out an ocean bottom node (OBN) seismic survey project in the Eastern Mediterranean, covering an area of 95,000 square kilometers using the latest global technologies in seismic surveying and exploration, according to Karim Badawi, the Minister of Petroleum and Mineral Resources. The project aims to utilize gas resources in the Eastern Mediterranean, while boosting investment opportunities in gas exploration and production in Egypt, said Badawi during the GASTECH Exhibition and Conference in Milan, Italy. The Minister pointed out that accurate data provided via the project will reduce risks, enabling investment opportunities for international companies to expand…

The Supreme Council of Energy held a meeting chaired by Mostafa Madbouly, the Prime Minister to discuss securing energy supplies from diverse sources to support the state’s objectives across key productive and developmental sectors. The meeting also emphasized aligning with Egypt’s sustainable development vision and attracting more domestic and foreign investments. It was attended by Karim Badawi, Minister of Petroleum and Mineral Resources; and Mahmoud Esmat, Minister of Electricity and Renewable Energy, among other ministers. During the meeting, attendees highlighted the state’s efforts, in cooperation with numerous global companies and private sector institutions, to implement more energy projects, particularly in…

Mideast Communication Systems (MCS), a leading regional IT solutions provider, and The East Mediterranean Gas Forum (EMGF), a regional platform for structured dialogue on natural gas policies, have signed a Memorandum of Understanding (MOU) to launch a Cybersecurity Capacity Building Program specifically designed for the EmpowerMed Women Network, an initiative founded by EMGF to support women’s empowerment and leadership. Through this MoU, MCS will deliver specialized cybersecurity awareness and training that provides members of the EmpowerMed Women Network with the practical skills and knowledge they need to navigate today’s digital challenges confidently. By building cybersecurity capacity, the initiative empowers women…

Crude oil prices saw a slight uptick at the start of the week, even as a host of factors suggested a potential downturn. While the OPEC+ group increased its output by 137,000 barrels per day (bpd)—slightly less than anticipated—the possibility of new sanctions against Russia took centre stage, temporarily overshadowing the expected market impact of the production increase.With the latest output hike, many analysts believe the market is now well-supplied, with some even forecasting an oil glut. This is compounded by the United States, the world’s largest oil producer, which continues to ramp up production, a trend reflected in the…

The Egyptian Exchange’s (EGX) Listing Committee, at its meeting on September 3, decided to impose a financial penalty of EGP 5,000 on Maridive and Oil Services Company (MOIL), to be paid within 15 days from the date the company is notified of the decision. Articles 46 and 47 of the EGX listing and delisting rules require companies to prepare and submit to EGX their standalone and consolidated quarterly financial statements for the period ending June 30, 2025. The company’s status will be re-evaluated by the Listing Committee if it fails to comply by the end of the granted period for…

The eight OPEC+ countries have decided to continue to increase oil production in October by 137,000 barrels per day (bbl/d), which is lower than the increases of  September and August of by about 555,000 bbl/d, according to a statement released by OPEC. Led by Saudi Arabia, the group is seeking to reclaim market share but is raising output more gradually than in prior months, anticipating a slowdown in global demand, according to Reuters.  This decision was the result of the steady global economic outlook and current healthy market fundamentals. The eight countries said they retain full flexibility to suspend or…