Author: Rigs & Barge World
Reliable, low-cost energy underpins Saudi Arabia’s economic growth strategy, and Energy Minister Prince Abdulaziz bin Salman Al Saud is acutely aware of the importance of supplying this. “If we don’t have a sustainable, reliable and dependable energy sector then we are finished as an economy,” he told the FII conference in Riyadh on 28 October. Traditionally the power sector has relied on cheap oil feedstock, but the government is investing heavily in gas and renewables in order to end oil burn by 2030. It targets a 50:50 mix of gas and renewables by then, requiring up to 130GW of renewables…
Saudi Arabia’s oil sector grew by 8.2% in Q3, according to preliminary government statistics, its fastest pace since 3Q 2022’s 14.0%. Oil sector activity is accelerating as voluntary production cuts have been eased since April and Saudi Aramco readies large-scale gas projects for commissioning (MEES, 19 September). This lifted the overall economy, with total GDP growth of 5.0% year-on-year the highest quarterly figure since 1Q 2023. Non-oil growth remained steady at 4.5%, down incrementally from the previous quarter’s 4.7%. The non-oil sector has been the real driver of the economy since 2023 when oil prices began to steadily decline and…
Saudi oil export revenues managed a third consecutive monthly increase in August, coming in at $18.6bn. Not just was this the highest figure since January’s $18.9bn, but it was the first time in 2025 that oil export revenues have been above year-ago levels (see chart). Indeed, it is the first time since May 2024 that Saudi Arabia has achieved this. 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 core issue driving prices down is the overwhelming supply. On one hand, the United States, the world’s largest crude oil producer, continues its aggressive output under the Trump administration’s strategy to become the top global supplier of oil and gas. On the other hand, the OPEC+ cartel is actively unwinding previous production cuts to regain market share, which had been ceded. This action, combined with soaring US supply, fuels the sentiment of a persistent market surplus among energy stakeholders. The OPEC+ alliance, particularly its de facto leader Saudi Arabia, is focused on regaining market share lost to increased non-OPEC+…
Karim Badawi, the Minister of Petroleum and Mineral Resources, met with a delegation from the Egyptian oil services company, Maridive, to discuss its new investment plan for expanding the scope of its activities in Egypt to include oil production. Maridive seeks to leverage its technical expertise to enhance the efficiency and development of existing and mature oil fields, supporting Egypt’s efforts to boost domestic oil and natural gas production, noted a statement by the Ministry of Petroleum and Mineral Resources (M0PMR). The delegation included Mohamed Nadim, CEO of Maridive Offshore Projects, and Tarek Farid, Managing Director and CEO of the…
Saudi Aramco, one of the world’s leading integrated energy companies, has completed a $11 billion lease and leaseback agreement for its Jafurah gas processing facilities. It also agreed on buying a minority stake in a company owned by the Saudi Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world. The $11 billion leaseback transaction was finalized with a consortium of global investors led by Global Infrastructure Partners (GIP). The consortium includes Hassana Investment Company, The Arab Energy Fund (TAEF), and other institutional investors. The agreement, first announced in August 2025, unlocks value from Aramco’s assets…
Egypt has encounterd a gas-bearing layer at the Zohr-9 well in the Mediterranean Sea, with an estimated output of about 70 million cubic feet per day (mmcf/d), according to Karim Badawi, Minister of Petroleum and Mineral Resources. Badawi announced the completion of drilling operations of Zohr-9 well via the Saipem 10000 drillship with full adherence to safety standards and the planned timetable. This step builds on the achievements of the Zohr-6 well and aligns with the field’s development plan. It shows the potential for future expansion phases of Zohr natural gas field, said the Ministry of Petroleum and Mineral Resources. …
Equinor achieved total equity production of 2.130 million barrels of oil equivalent per day (mmboe/d) in the third quarter (Q3) of 2025, marking a 7% increase from 1.984 mmboe/d in Q3 2024. The company attributed the production growth to strong performance from the Johan Sverdrup and Johan Castberg fields. Despite the operational surge, Equinor’s adjusted operating income for Q3 2025 recorded $6.21 billion, which resulted in $1.51 billion after tax. These financial results were negatively affected by lower liquids prices, though this was partially offset by higher production volumes and increased gas prices in the US. Additionally, the company reported…
Media release: Gas grants a critical step to ensure South Australia’s energy security | Australian Energy Producers Skip to content Source link
Karim Badawi, Minister of Petroleum and Mineral Resources, conducted a field visit to follow up on the commencement of seismic survey operations in the southern Western Desert, west of Assiut. Badawi explained that the seismic survey, launched by Ganoub El Wadi Petroleum Holding Company (Ganope) in cooperation with Saudi Ardiseis, uses modern technology to collect data on oil and gas reservoirs. The survey covers vast areas exceeding 100,000 square kilometers, representing nearly 10% of Egypt’s total area. He added that this survey will help attract investors, reduce investment risks in the new areas of the southern Western Desert, and encourage…