Author: Rigs & Barge World

At the conclusion of his participation in the ADIPEC 2025 Exhibition and Conference in Abu Dhabi, Karim Badawi, Minister of Petroleum and Mineral Resources, met with executives and leaders of U.S Bechtel Corporation, China’s United Energy Group (UEG), Norwegian Subsea7, and U.S S&P Global. The meetings discussed strengthening existing partnerships and exploring new opportunities in oil, gas, and energy transition projects. Badawi met with Paul Marsden, President of Bechtel Corporation to review the progress of joint cooperation in several new refining projects, as well as the successful launch of Egypt’s first specialized school for safety and risk management in Ain…

Karim Badawi, Minister of Petroleum and Mineral Resources, witnessed the signing of two key agreements on the sidelines of the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) 2025. The agreements are major steps to attract new investments and enhance gas exploration and production (E&P) activities in the Eastern Mediterranean. The agreements, signed in the presence of Olivier Le Peuch, CEO of SLB, and Peter Whiting, Vice President of Viridien, aim to implement cutting-edge seismic survey technologies for gas exploration in the East Mediterranean and to develop the Egypt Upstream Gateway (EUG) — Egypt’s digital investment platform for exploration and production,…

QatarEnergy has signed an agreement to farm in to Italian major Eni’s North Rafah block, on the maritime border with Gaza. The move comes less than a month after the Qatari state giant agreed to join UK major Shell at the North Cleopatra block in Egypt’s frontier West Mediterranean region. “QatarEnergy has completed a farm-in transaction with Eni, acquiring a 40% participating interest in the North Rafah exploration block offshore the Arab Republic of Egypt,” the firms said in a joint statement on 27 October. Eni, the dominant player in Egypt’s offshore, will retain 60%. (CONTINUED – 804 WORDS) Read…

ExxonMobil has signed a memorandum of understanding (MoU) with the Egyptian Natural Gas Holding Company (EGAS) to expand its natural gas exploration activities in the Mediterranean Sea, marking a new chapter in the company’s partnership with Egypt. The agreement was signed on the sidelines of the ADIPEC 2025 conference in Abu Dhabi, in the presence of Minister of Petroleum and Mineral Resources Karim Badawi and John Ardill, ExxonMobil’s Vice President of Global Exploration. Under the MoU, ExxonMobil will invest in a new concession area located west of the Zohr field, adjacent to Cypriot waters. The move will increase the company’s…

Adnoc Drilling has revised up its expected net profits for the year to $1.40-1.45bn on the back of strong Q3 results. This puts it on course to easily overtake last year’s record $1.3bn, and the company expects profits to remain at these record levels in 2026 (see chart 1). 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 from high-level officials Assess future risks and opportunities Source link

The US is holding ‘off-year’ elections that occur between the Presidential and mid-term elections. On the eve of these contests, President Trump issued a bleak assessment of potential outcomes via his Truth Social platform. This move appears to pre-empt any damage to his image should the results favour the Democrats.While some of his actions, like securing the southern border to curb uncontrolled migration, may be popular, economic issues such as high inflation are likely to be the decisive factor in today’s vote.Just two days prior, on November 2nd, President Trump’s own Treasury Secretary, Scott Bessent, contradicted his boss with a…

On the sidelines of the ADIPEC 2025 Exhibition and Conference in Abu Dhabi, Karim Badawi, Minister of Petroleum and Mineral Resources met with Haitham Al Ghais, Secretary General of the Organization of the Petroleum Exporting Countries (OPEC) to deepen cooperation between Egypt and the organization. Badawi praised OPEC’s role in stabilizing the market and addressing its fluctuations, emphasizing the need to deepen coordination between Egypt and the organization to achieve shared goals.  He also commended the organization for its studies, reports, and forecasts in the energy sector, which are consistent with reality. The meeting explored work in the fields of…

bp, the leading energy giant, announced that its underlying replacement cost profit (RC profit) recorded $2.2 billion in the third quarter (Q3) of 2025, compared to $2.4 billion in Q2 2025 and $2.26 in Q3 2024. RC profit refers to bp’s underlying replacement cost profit, a financial metric that measures profitability before adjusting certain items like inventory gains/losses and fair value accounting effects. However, operating cash flow surged to $7.786 billion in Q3 2025, compared to $6.27 billion in Q2 2025 and $6.76 in Q3 2024. The company added that the reported profit for Q3 was $1.2 billion, compared with…

Algeria’s oil minister, Mohamed Arkab, has sacked Rachid Hachichi as head of state firm Sonatrach only two years after he was appointed CEO (MEES, 6 October 2023). Mr Hachichi was replaced by Nour Eddine Daoudi, an industry veteran and the former head of state upstream regulator Alnaft (MEES, 6 January 2023). (CONTINUED – 925 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 from high-level officials Assess future risks and opportunities Source link

Karim Badawi, Minister of Petroleum and Mineral Resources, met with senior officials and CEOs of leading international energy companies (IOCs) on the sidelines of the ADIPEC Exhibition and Conference 2025 in Abu Dhabi, UAE, to discuss expanding cooperation and accelerating energy projects in Egypt. During his meeting with Olivier Le Peuch, Chairman and Chief Executive Officer (CEO) of SLB, the two sides discussed preparatory steps for implementing the advanced Ocean Bottom Node (OBN) seismic survey project in the East Mediterranean, covering 95,000 square kilometers. This project, carried out by SLB in cooperation with Viridien, aims to open new horizons for…