Author: Rigs & Barge World

2026 looks to be a seminal year for Cyprus’ gas aspirations. Eni is due to take a final investment decision to develop the 3.1tcf (gas in place) Cronos field in Block 6 by the end of March (MEES, 16 January), while US major Chevron should have more clarity on development plans for the 3.5tcf Aphrodite, having launched a front-end engineering design (FEED) study earlier this month (MEES, 23 January). Momentum is clearly building, and ExxonMobil VP Global Exploration John Ardill was in Nicosia on 23 January to discuss plans for Block 10 (Exxon 60%op, QatarEnergy 40%). Exxon could declare Block…

US oil major Chevron has signed a memorandum of understanding (MoU) with the Syrian Petroleum Company and Qatar’s UCC Holding to explore oil and gas opportunities off the Syrian coast. The agreement marks a significant shift in the region’s energy landscape and represents the first major Western entry into the Syrian offshore sector in over a decade, Reuters reported. The partnership aims to identify and develop untapped offshore reserves, diversifying a sector that has historically been concentrated inland. Currently, the vast majority of Syria’s crude production is tied to onshore fields in the northeast, led by the Al-Omar field. This…

Kuwait Oil Company (KOC) has awarded the global oilfield services firm, SLB, a five-year integrated contract worth about $1.5 billion for the next phase of development at Kuwait’s Mutriba oil field, SLB reported. The contract covers design, development and production management work and builds on SLB’s existing subsurface studies of the Mutriba field. It includes development of high-pressure, high-temperature reservoirs with sour conditions, expanding SLB’s scope as the project moves into more technically complex stages. SLB said the award reflects its long-standing partnership with KOC and gives the company end-to-end responsibility for planning and execution as field development progresses. The…

Libya has fired the starting gun on what will be a pivotal year for a number of Opec’s more fragile members that have struggled to attract IOC investment in recent years. While US President Donald Trump is extolling the opportunities on offer in Venezuela, the real action lies further east; in Libya, Algeria and Iraq. These three countries have, to varying degrees, struggled in recent years, and have therefore implemented regulatory reforms in a bid to once again attract foreign investment and rejuvenate their upstream sectors. (CONTINUED – 1121 WORDS) Read this article for free Gain access to over 60-years…

ADNOC Distribution, the UAE’s largest fuel and convenience retailer, reported a record net profit of $761 million for 2025, marking a 15.4% year-on-year (YoY) increase that exceeded analyst expectations. The performance was driven by disciplined execution of its growth strategy, a significant expansion of its retail network, and sustained earnings momentum across all business verticals. The company delivered earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.166 billion for the full year, representing an 11.1% increase compared to 2024. This growth was supported by record fuel volumes, which rose 4.5% year-on-year to 15.7 billion liters, fueled by increased footfall…

Bringing together female talents and energy industry leaders to bridge experience gaps through mentorship, knowledge sharing, and impactful conversations, Egypt’s Women in Energy Network (EWiEN), launched in 2022 as a working group under the Egypt Oil & Gas Committee, has led several initiatives supporting women throughout their career journeys. Most recently, on January 28, EWiEN hosted a speed-mentoring event, sponsored by ExxonMobil, under the “Career Women Pillar and themed Grow, Advocate, Lead”. The event featured short, focused conversations with experienced mentors and professional coaches, offering practical insights, career guidance, and meaningful support for professional growth. The event was kicked off…

Iraqi Kurdistan’s gas market is to gain a new entrant next year with the startup of the 5.7tcf Chemchemal field. The field is being developed by Dana Gas and Crescent Petroleum on behalf of the Pearl Petroleum consortium. These partners also operate the 750mn cfd Khor Mor gas field, which is the key supplier of gas feedstock to power plants across Kurdistan. The Pearl consortium this week signed offtake agreements with local cement and steel plants for 142mn cfd of gas from Chemchemal. (CONTINUED – 950 WORDS) Read this article for free Gain access to over 60-years of energy analysis…

North Sinai Petroleum Company (NOSPCO) has said it will allocate $89 million in investment for the upcoming fiscal year (FY), targeting the drilling of three new exploration wells. The plan aims to sustain and increase current production levels, which stand at approximately 60 million cubic feet per day (mmcf/d), as part of the company’s five-year production strategy. The announcement was made during the General Assembly meetings held to approve the amended and proposed budgets, chaired by Salah Abdel Kerim, CEO of the Egyptian General Petroleum Corporation (EGPC). Abdel Kerim emphasized the importance of maintaining and boosting production rates, maximizing the use…

Brent crude prices settled above $70/B on 29 January for the first time since September as a US naval armada reached the Middle East and President Donald Trump ratcheted up the pressure on Iran. In a 28 January post on Truth Social, Mr Trump said that “time is running out…as I told Iran once before, MAKE A DEAL…the next attack will be far worse!” Regional diplomacy is in overdrive in a bid to bring down tensions, with Israeli and Saudi delegations in Washington DC this week, and Iran’s Foreign Minister Abbas Araghchi arriving in Istanbul on 30 January for Turkish-mediated…

The Cairo Oil Refining Company (CORC), Egypt’s largest refining entity, plans to invest EGP 679 million in local manufacturing projects during the 2026/27 fiscal year (FY). CORC Chairman Tarek Abdel Latif announced the target during a general assembly meeting held to approve the company’s investment budget. During the meeting, Chaired by  Minister of Petroleum and Mineral Resources Karim Badawi via video conference, Abdel Latif highlighted CORC’s role in deepening the local industry through its specialized manufacturing workshops. These facilities, equipped with modern machinery, serve as a critical pillar for the national refining sector by providing essential equipment and technical services…