Author: Rigs & Barge World

US major ExxonMobil (60%, operator) and partner QatarEnergy (40%) have relinquished their North Marakia block in Egypt’s West Mediterranean offshore region, MEES learns. Despite making the Nefertari discovery in January last year with its first offshore Egypt well (MEES, 10 January 2025), the US major has decided against entering the concession’s second exploration phase that would commit the partners to developing the field. Local Egyptian media reported last year that Exxon was looking to sell its stakes at North Marakia, but it evidently found no takers (MEES, 2 May 2025). Instead, the acreage has been returned to state firm EGAS.…

The British energy company, bp, reported a loss for the fourth quarter (Q4) 2025 worth $3.4 billion, a significant decline from the $1.2 billion profit recorded in the third quarter. Following these results, the board has decided to suspend share buybacks and fully allocate excess cash to accelerate the strengthening of the company’s balance sheet, according to a press release by the company. Consequently, bp has retired its previous guidance to distribute approximately 30–40% of its operating cash flow to shareholders. The reported quarterly loss was heavily impacted by a net adverse impact of adjusting items totaling $4.3 billion, which…

The British energy company, bp, stated that its replacement cost (RC) profit dropped to $1.5 billion in the fourth quarter (Q4) 2025, from $2.2 billion in the previous quarter. RC profit is a measure commonly used by oil and gas companies, especially refiners, to show underlying profitability by excluding the impact of inventory price fluctuations. The company said that the result was impacted by weaker upstream price realizations, an unfavorable production mix, and reduced refinery throughput due to increased maintenance activity and temporary capacity constraints following an outage at the Whiting refinery. Seasonally lower customer volumes also weighed on performance.…

UK major Shell has outlined plans to double its Egypt gas output by June 2030. West Delta Deep Marine (WDDM) is currently the company’s only producing Egypt asset, where output is approximately 400mn cfd. The implied target of 800mn cfd mid-2030 appears to be achievable, although Shell will need to contend with the steep underlying decline rates that have caused its Egypt output to drop by 80% since 2008. Twenty years ago, WDDM was Shell and Egypt’s flagship project and production peaked at 2bn cfd in 2008. But Egypt’s offshore gas fields suffer from high rates of natural decline and…

Iraq’s Ministry of Oil stated that newly developed refineries are now operating at 100% capacity, marking a major advance in the country’s refining sector and positioning Iraq among petroleum-product exporters that meet international quality standards. Adnan Mohammed Hammoud, Undersecretary of the Ministry of Oil for Refining Affairs, said the move reflects government efforts to expand domestic refining and reduce reliance on imports. Speaking to the Iraqi News Agency (INA), Hammoud noted that the full operation of the refineries is being carried out in line with directives from Prime Minister Mohammed Shia’a al-Sudani and under the direct supervision of Deputy Prime…

Karim Badawi, Minister of Petroleum and Mineral Resources, has approved the investment plans for the Alexandria Petroleum Company (APC) and the Amreya Petroleum Refining Company (APRC) for the fiscal year (FY) of 2026/2027. This came during the general assembly meetings of the two companies. According to a statement from the Ministry of Petroleum and Mineral Resources (MoPMR), the APC has allocated  EGP 10 billion for investments in the upcoming FY.  Reham Mohamed, Chairperson of APC, highlighted that this sum would be directed to several replacement and renewal projects. Notably, the successful rehabilitation of one of the boilers saved the company…

For much of the last two and a half years, Saudi Arabia has not been a happy hunting ground for drilling companies. The decision to ice plans to add 1mn b/d of crude oil production capacity two years ago, (MEES, 2 February 2024) coupled with the implementation of 1.5mn b/d of voluntary production cuts in 2023, led Aramco to suspend multiple drilling contracts (MEES, 12 April 2024). A refocusing of investments on gas development – in particular the Jafurah Basin unconventional project – helped to soften the blow, but Saudi Arabia has been a relatively muted market of late. Olivier…

Egypt and the European Union (EU) have signed a grant agreement worth €90 million that will be managed by the European Investment Bank (EIB) to enhance investments in the electricity grid in Egypt and develop renewable energy capabilities. In addition, a separate €35 million grant agreement was signed for Norway’s Scatec to support its green ammonia project in Ain Sokhna, according to the Cabinet’s statement. Signed on February 10 during the Egypt Sustainable Energy Outlook 2040 Conference in Cairo, these agreements underscore the deepening partnership between Egypt and the EU. Rooted in a collaboration established at COP27, this framework accelerates…

Morocco has finally secured a buyer for a 75% operator’s stake in its deepwater Gharb Deep Offshore area, four years after Spain’s Repsol relinquished the asset due to disappointing exploration results (MEES, 5 March 2021). On 22 January, Moroccan state firm ONHYM announced the signing of a deal with Murphy Oil, granting the US independent 10 exploration permits for the 16,989km2 acreage, which combines the ‘Gharb Offshore’ and ‘Rabat Deep’ blocks in Morocco’s offshore ‘Atlantic margin’ (see map). (CONTINUED – 607 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the…

The European Union (EU) and the Egyptian Government co-hosted the “Egypt Sustainable Energy Outlook 2040” conference at Cairo’s Manial Palace. Under the theme “Cooperation for Shared Prosperity,” the summit solidified the strategic energy partnership between the two regions, focusing on long-term policy, grid stability, and large-scale green investment. During the opening remarks, Angelina Eichhorst, Head of the EU Delegation to Egypt and the League of Arab States, emphasized that a transition to “homegrown, reliable, and cheaper energy” is the primary defense against global price volatility and supply manipulation. In his speech, Minister of Electricity and Renewable Energy Mahmoud Esmat said…