Author: Rigs & Barge World
Eni and PETRONAS have signed a binding agreement to create a new joint venture (JV) company, NewCo, which will combine their upstream operations in Indonesia and Malaysia. The agreement was signed on the sidelines of the ADIPEC energy conference by Eni CEO Claudio Descalzi and PETRONAS President and Group CEO Tengku Muhammad Taufik. The newly formed, financially independent entity plans to invest over $15 billion within the next five years. This investment will fund the development of at least eight new projects and the drilling of 15 exploration wells, targeting around 3 billion barrels of oil equivalent (boe) in discovered…
A fire at Kuwait’s 615,000 b/d Al Zour refinery has forced state petroleum firm KPC to offer prompt crude cargoes as refinery throughputs have dropped sharply. The fire broke out earlier this week at two of the refinery’s atmospheric residue desulfurization units (ARDS), forcing a partial shutdown of operations. The extent of the unit closures remains unclear, as does the timeframe for repair work. The impact of the Al Zour outage on Kuwait’s refining sector has been amplified as it coincided with scheduled maintenance at the 490,000 b/d Mina Abdullah refinery. Palash Jain, Middle East Oil Analyst at FGE Nexant,…
bp has reached an agreement with Sixth Street-managed funds for the sale of non-controlling interests in its Permian and Eagle Ford midstream assets. The transaction is valued at $1.5 billion and will be executed in two phases. Approximately $1 billion will be paid at signing, with the remaining amount expected by the end of the year, pending regulatory approvals. The transaction supports bp’s ongoing efforts to optimize its US portfolio and unlock capital for reinvestment in high-return growth and low-carbon opportunities. The midstream assets are operated by bpx energy, bp’s US onshore oil and gas subsidiary, which will retain operatorship…
Despite the intensification of US sanctions and regional tensions spilling over into a brief (but intense) conflict with Israel earlier this year, Iran has succeeded in sustaining oil exports at high levels. Crude and condensate exports came close to 2mn b/d in September, the highest figure in years, although they have dropped back again in October (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
Karim Badawi, Minister of Petroleum and Mineral Resources, stated that Egypt is working on strengthening its status as a regional energy hub, maximizing the use of its robust infrastructure, and expanding cooperation to provide energy supplies for the entire region. The Minister made his remarks during a ministerial session at the ADIPEC Exhibition and Conference 2025. Badawi highlighted the cooperation with Cyprus to enable the export of Cypriot gas through Egypt’s facilities. In October, Egypt and Cyprus sealed a set of landmark commercial agreements that pave the way for the development of the Cronos gas field in Cyprus’s Block 6,…
TotalEnergies announced adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $10.3 billion in the third quarter (Q3) of 2025, an increase from $9.7 billion recorded in the second quarter (Q2) of 2025. The company’s net income surged by approximately 37% quarterly, rising to $3.7 billion in Q3 2025, up from $2.7 billion in Q2 2025. This strong financial performance was underscored by cash flow from operations excluding working capital (CFFO), which reached $7.1 billion in Q3, compared to $6.6 billion in Q2 2025. Patrick Pouyanne, TotalEnergies CEO, attributed the results to a “profitable growth strategy and integrated model,”…
As Lebanon seeks to re-engage internationally and attract much needed foreign investment, its new government is optimistically turning to its upstream sector as a potential solution. Normalizing its maritime borders is a pre-requisite for potential foreign investors, and on 23 October President Joseph Aoun’s cabinet took two key decisions that could pave the way for some offshore activity in the coming years. The first decision was to award Block 8 to a consortium led by French major TotalEnergies (MEES, 24 October). The second was to belatedly ratify the maritime border with Cyprus, 18 years after Beirut and Nicosia had initially…
The South Valley Egyptian Holding Petroleum Company (Ganope) has completed a geological field expedition in the southern Gulf of Suez and Red Sea region to deepen understanding of the basins, supporting the planned international exploration bid round in the Red Sea. This initiative aligns with the Ministry of Petroleum and Mineral Resources’ (MoPMR) strategy to attract new investments in untapped oil and gas exploration areas. The four-day expedition, organized in cooperation with the Egyptian Petroleum Exploration Society (EPEX) and several university professors, brought together 25 geologists from international and Egyptian petroleum companies. The fieldwork contributes valuable data to enhance Egypt’s…
QatarEnergy has signed an Engineering, Procurement, and Construction (EPC) contract with Samsung C&T Corporation for a landmark carbon capture and sequestration (CCS) project that will serve the company’s liquefied natural gas (LNG) production facilities in Ras Laffan Industrial City. The project will capture and store up to 4.1 million tons of carbon dioxide (CO₂) each year, making it one of the largest CCS initiatives worldwide. This development strengthens Qatar’s position as a global leader in large-scale carbon capture and reinforces its commitment to sustainable and responsible energy production. Qatar’s Minister of State for Energy Affairs and President and CEO of…
Abu Dhabi state offtaker Ewec’s gas-fired generation capacity has increased to 17.82GW following the start of full commercial operations this week of the 2.4GW Fujairah F3 power plant. Although Ewec’s power mix has been transformed over the past five years by the rise in nuclear and renewables capacity, gas will remain a key part of the mix for the foreseeable future and Ewec is therefore continuing to invest in gas plants. The F3 plant started preliminary operations last year, and Ewec announced on 27 October that the plant has now begun full operations. Its 2.4GW capacity makes it Ewec’s largest…