Author: Rigs & Barge World
Chevron (39.66%) and its partners at Israel’s key 1.2bn cfd Leviathan field, local firms NewMed (45.34%) and Ratio (15%) are increasing gas exports to neighboring Egypt, and in the process preparing the groundwork to increase capacity to more than 2bn cfd. “NewMed Energy and its partners in the Leviathan Reservoir, sign the largest Export Deal in Israel’s history – with a ~130 BCM Natural gas worth 35$ billion,” NewMed announced on 7 August. Volumes will be delivered over a 15-year period. (CONTINUED – 1691 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news…
The government’s regular monthly payment of accumulated arrears for foreign partners would encourage them to return to produce at the previous high output levels, boosting Egypt’s natural gas supply by 2027, said Prime Minister Moustafa Madbouly, during the cabinet’s weekly meeting on Wednesday. The increased production capacity of the Zohr field is another factor Madbouly cited for the expected recovery in production level. Egypt’s production volume had been low, dropping from more than 6.6 billion cubic feet per day (bcf/d) to 4.1 bcf/d over the last two to three years, said the Prime Minister. “Citizens should understand that production fields…
Karim Badawi, Minister of Petroleum and Mineral Resources, held a meeting with leaders of petroleum companies to follow up on the progress of the Red Sea National Petrochemicals Complex project. Set to be built in the Suez Canal Economic Zone, the complex is one of the most important projects supporting the Egyptian economy, given its economic value through increasing local production and realising import substitution, which would greatly reduce the import bill and maximize the added value of crude oil by converting it into products previously imported from abroad, he added. The project is fully financed by Egyptian investments. During…
Israel remains the jewel in Chevron’s East Med crown (see main story), but the US major has also taken the first steps this year towards potentially developing Cyprus’ 3.5tcf Aphrodite, located just 30km away from Leviathan. “We see more growth potential in the region in general,” Chevron VP Mark Nelson says. “Cyprus is part of that equation, our Aphrodite project where… we’ve made good progress with the government there, and we’ve got approved plans to push ourselves towards FID,” he said on his firm’s Q2 earnings call on 1 August. Chevron began a seabed survey in June to map out…
Hayan Abdul-Ghani, the Iraqi Deputy PM for Energy Affairs and Minister of Oil stated that his country is considering resuming exporting oil through the Syrian Baniyas and Lebanese Tripoli pipelines, with the aim to diversify the export routes, Iraq News Agency reported. This came during the minister’s meeting with his Syrian counterpart, Mohammed Bashir, where they discussed the mutual cooperation between the two countries in the fields of oil, gas, and energy. Abdul-Ghani highlighted that the oil export pipeline between Iraq and Syria had been operating for decades, noting the importance of revamping it to be usable again. …
Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), paid a surprise visit to the National Gas Network Control Centre (NATA) at the headquarters of the Egyptian Natural Gas Company (GASCO) on Wednesday to inspect the network’s operational readiness and contingency plans for handling potential surges in consumption during peak power demand months. Badawi listened to a detailed briefing from Yasser Salah El-Din, Chairman of GASCO, on the network’s operational preparedness. The minister stated that the ministry is fully ready to deal with any sudden demand changes. He further reviewed the steady gas supplies from the Floating Storage and Regasification…
Egypt is doing its best to entice companies to step up drilling for gas, but to little avail. In its latest bid to generate momentum the Ministry of Petroleum has signed “a new agreement with incentive terms” with European majors Eni (50%) and BP (50%) for their offshore Temsah concession. “The agreement includes drilling an exploration well in the Temsah concession area in the coming months, as part of efforts to advance natural gas exploration plans and boost the potential for new discoveries,” Egypt’s Ministry of Petroleum stated on 31 July. (CONTINUED – 1025 WORDS) Read this article for free…
Karim Badawi, the Minister of Petroleum and Mineral Resources, met with Mostafa El Gabaly, CEO of Polyserve for Fertilizers and Chemicals to discuss speeding up the launch of a new project developed by the group to extract, process, and utilize phosphate to be used in producing phosphate fertilizers and phosphoric acid. During the meeting, Badawi stated that his ministry is committed to supporting both Egyptian and foreign private sector investors to help them quickly implement their projects. He also emphasized the Ministry’s dedication to supporting the Egyptian private sector’s investment in exploiting and processing phosphate, thereby enhancing its added value.…
Saudi Aramco’s investment in its gas reserves is paying off this year, with output on course for its biggest annual increase since at least 2016. Total gas output – sales gas and ethane – increased by more than 6% year-on-year over the first half of the year, and the second half performance should be stronger still. Associated gas output will rise further through Q3 as Opec+ crude production cuts are eased (MEES, 8 August), and two major gas projects are planned to start operations before the end of the year. Output averaged 11.85bn cfd last quarter, up sharply from 11.09…
The Q2 2025 operation results of Barrick Gold company showed a gold production surge by 5% and copper by 34% compared to Q1 2025. The strong performance was supported by a strong contribution from Lumwana, a large open-pit copper mine in Zambia, owned and operated by the company. The company mentioned that it produced 204 ounces of gold in Q1 2025 with guidance production of 820-910 ounces for 2025. Additionally, the results indicated an increase in the net earnings per share to $0.47 in Q2 2025. It also revealed higher operating cash flow during H1 2025 by 32%, reaching $2.5…