Author: Rigs & Barge World

The Iraqi government is intensifying efforts to lure US supermajors ExxonMobil and Chevron. After years of seeing Western IOCs leave, including Exxon, and be replaced by Chinese firms, Iraq wants to turn the tide. It has already signed high-profile agreements with TotalEnergies and BP since 2023. Bringing in either of the US giants would be a significant coup. This comes amid mounting US pressure on Iraq’s energy sector. Washington is pushing Baghdad hard to restart crude oil exports from the Kurdistan region, in part because US firms operate in the region, but also because of concern that with the export…

Karim Badawi, Minister of Petroleum and Mineral Resources, met with Vineet Mehra, CEO of International Resources Holding Company (IRH) Global Trading to discuss collaboration in financing and mining. During the meeting, an agreement was reached to set a timeline for implementing the stages of cooperation in the fields of financing and mining. Moreover, Mehra reviewed proposals and models for cooperation with Egypt in the fields of financing, technical, and technological support in the mining sector. He emphasized that the company’s cooperation with Egypt is part of a long-term strategy, stating that the company believes in Egypt’s significant potential within the…

For oil markets, all roads have led to Alaska this week. Specifically, to the Elmendorf-Richardson military base in Alaska where US President Donald Trump and his Russian counterpart Vladimir Putin are to hold talks on 15 August in one of the most anticipated political events in recent years. The outcome of the discussions could have a profound impact on global oil markets, determining whether the Trump administration will commit to a tougher political stance on Russia over the war in Ukraine and push ahead with tightening sanctions on the export of Russian oil, or if it will adopt the more…

Thirty-eight projects were launched by the Egyptian General Petroleum Corporation (EGPC)  during the fiscal year (FY) 2024/25; of these, 18 are now fully operational, while 20 are in advanced stages of execution, according to an EGPC statement on the status of energy transition projects in its affiliated companies.  These projects led to an annual financial saving of approximately EGP 5.2 billion. The projects added 30 megawatts of solar power capacity and reduced diesel consumption by around 68 million liters annually. Additionally, 4.5 billion cubic feet of flare gases were utilized and converted into value-added petroleum products, contributing to a reduction…

Aramco, a global leader in integrated energy and chemicals, has signed a  $11 billion lease and leaseback agreement for its Jafurah gas processing facilities with a consortium of international investors, led by Global Infrastructure Partners (GIP), which is part of the global investment management company, BlackRock. Under the agreement, a newly established entity named Jafurah Midstream Gas Company (JMGC) will assume the development and operating rights for the Jafurah Field Gas Plant and the Riyas NGL Fractionation Facility, which it will then lease back to Aramco for 20 years. In return, Aramco will pay JMGC a tariff, securing exclusive access…

Power demand in the Gulf States is growing at an extraordinarily rapid pace, and the UAE’s emirate of Dubai is no exception. Dubai Electricity and Water Authority (Dewa) announced on 8 August that it generated 16.9TWh in the second quarter of this year, a 10.88% jump from the same time last year and the highest Q2 figure ever (see chart). Meanwhile peak demand in Dubai increased 2.95% to 10.55GW for the quarter. Dewa forecasts peak power demand of 10.9GW this year, with this figure rising to 12.6GW by the end of the decade. “The rise in energy demand highlights the…

Egypt Kuwait Holding Company(EKH), the leading investment company in the Middle East and North Africa (MENA) region, reported a 32 % increase in its revenues to reach $397 million in the first half of 2025, compared to the corresponding period of 2024, driven by growth across its various investments in Egypt.Net profit increased by 1% year-over-year to $101 million in the first half of 2025. The year-over-year comparison was impacted by a one-off foreign currency gain of $49 million recorded in the first half of 2024. Excluding this gain, the company’s earnings would have more than doubled year-over-year. “We are…

Before Adnoc commissioned its Crude Flexibility Project (CFP) in late 2023 (MEES, 17 November 2023), the Ruwais refining complex ran almost entirely on the UAE’s flagship light crude Murban. But once complete, the project allowed Adnoc to process heavier crudes including Adnoc’s medium-sour Upper Zakum at the 417,000 b/d Ruwais West plant. The project’s key rationale was to provide Adnoc the flexibility to switch out its flagship Murban crude in favor of heavier, cheaper grades such as Upper Zakum, freeing volumes up to be exported more profitably. But Adnoc’s timing was unfortunate, as the switch coincided with a surge in…

Russia’s President Vladimir Putin has signed a decree that enables foreign investors, including US. ExxonMobil, to reclaim its stake in the Sakhalin-1 oil and gas project, Reuters reported. Sakhalin-1 is a major oil and gas development located off the coast of Sakhalin Island in Russia’s Far East. Operated under a production sharing agreement since the early 2000s, it involves international partners including ExxonMobil (formerly the project operator), Russia’s Rosneft, India’s ONGC Videsh, and Japan’s SODECO. The decree was signed on the same day Putin met with the US President Donald Trump in Alaska for a summit focused on investment and…

Karim Badawi, Minister of Petroleum and Mineral Resources, conducted a field visit to the Suez governorate’s refineries of Suez Oil Processing Company (SOPC) and Nasr Petroleum Company (NPC) to follow up on the implementation rates of new projects that aim to increase the production of high-value petroleum products. At SOPC, Hesham Fathy,  the company’s chairman, briefed Badawi on the current status of the Coking and Diesel Production Complex, designed to process 1.75 million tons per year (mmt/y) of diesel into high-value petroleum products that contribute to reducing imports and bridging the gap in local consumption. The project is executed by…