Author: Rigs & Barge World
North Bahariya Petroleum Company (NORPETCO) has commenced crude oil production from the Ferdous-23 well, drilled 13 new other wells exceeding its annual target, and added 1.5 million barrels of proven reserves. The statement was made during the company’s General Assembly, headed by Salah Abdel Kerim, Chairman of the Egyptian General Petroleum Corporation (EGPC), to approve its work results for the fiscal year (FY) 2024/2025. Alongside its upstream performance, NORPETCO also expanded its renewable energy footprint, increasing its solar capacity to 124 kilowatt (KW) and launching a tender for an additional 800 KW station. On the infrastructure development front, the Egyptian…
Adnoc Gas, the Abu Dhabi firm responsible for managing most of the emirate’s gas processing and export facilities, has been having a stellar year. CFO Peter van Driel opened a 6 August media round table in a confident tone: “I think it’s obvious that with a $1.39bn net income for the quarter we’ve done pretty well.” This is the firm’s highest ever quarterly profit since it was established in 2022 (MEES, 2 December 2022), and was up 16% year on year (see chart). Domestic demand was the primary driver of these gains, with net income from domestic gas sales rising…
Mohamed Radwan, Ganoub El Wadi Petroleum Holding Company’s (Ganope) Vice Chairman for Agreements and Exploration and Egypt Upstream Gateway’s (EUG) Project Manager at the Ministry of Petroleum, revealed that the gateway, now comprising 47 member companies, has attracted investments worth over $1.2 billion for the purpose of drilling 127 wells in 51 areas since its launch in February 2021. The figures were mentioned in his review of the gateway’s achievements, in partnership with the international company Schlumberger, in a meeting with MoMPR Minister Karim Badawi. He also reviewed the team’s efforts in supporting investors’ decisions The progress of EUG was…
Saudi Aramco’s net income fell by 22% year-on-year to $22.67bn in Q2 as average realized prices for its crude oil production fell below $70/B for the first time since 2021. The slump in oil prices following US President Donald Trump’s ‘Liberation Day’ tariff announcements in April has unsurprisingly had a significant impact on Aramco’s bottom line, although the subsequent price recovery coupled with production increases (MEES, 8 August) point to a possible improved performance in Q3. Saudi Arabia’s Opec+ quota is increasing by 1mn b/d between March and September, and Mr Nasser told the firm’s Q2 earnings call on 5…
The Egyptian Soda Ash Company (ESAC) and several national and regional financing institutions signed an Agreement in Principle (AIP) for financing a Soda Ash production project for an estimated $490m. The ESAC project’s goal is to produce 600,000 tons of soda ash and its derivatives annually within the industrial zone of New Alamein City. The signing took place in presence of Minister of Petroleum and Mineral resources, Karim Badawi, and financial advisors from the National Bank of Egypt (NBE) and the African Export-Import Bank (Afreximbank). On behalf of Soda Ash Company, Shaher Reda Chairman and CEO, signed the agreement with…
Egypt has been selected as one of only seven countries worldwide to benefit from the Climate Investment Funds (CIF) program—a recognition of the nation’s tangible efforts and serious steps toward transitioning to a green economy. The Egyptian Cabinet highlighted this achievement through a series of infographics on its social media platforms, showing the country’s strategic direction toward promoting sustainable development, expanding clean energy use, and implementing environmentally friendly projects. Among the highlighted achievements is Egypt’s climbing six places in the prestigious Climate Change Performance Index by Germanwatch to reach 20th position in 2025, up from 26th in 2014. Additionally, Egypt…
US President Donald Trump’s Senior Advisor for Africa Massad Boulos kicked off a six-day diplomatic tour of North Africa on 22 July, visiting Tunisia, Libya, and Algeria over the course of the week. The senior envoy unexpectedly left Morocco out of his tour, angering Rabat and sparking rampant speculation over the significance of the move. (CONTINUED – 1516 WORDS) 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
Dana Gas, one of the major natural gas companies in the Middle East, reported a 1% increase in net profits during the H1 2025, compared to the same period of last year to reach AED 270 million ($73 million) thanks to new investment momentum in Egypt and strong operation in Kurdistan Region of Iraq (KRI). In a company press release on the results, Dana Gas highlighted the successful drilling of the first well in Egypt under its new investment program, with a successful outcome. In July, the company announced the successful drilling and completion of Begonia-2, the first of 11…
Egypt’s Prime Minister Mostafa Madbouly held a meeting with the Governor of the Central Bank of Egypt (CBE), Hassan Abdalla, and Minister of Petroleum and Mineral Resources Karim Badawi, to review the ongoing efforts to ensure the availability of petroleum products and the status of the arrears owed to foreign partners in the petroleum sector. At the start of the meeting, Madbouly commended the close coordination between the government and CBE in securing the necessary financial allocations to maintain a strategic stockpile of petroleum products. He emphasized the government’s proactive measures to meet the needs of the electricity and industrial…
The Opec+ Group of Eight has agreed to unwind the final tranche of its 2.2mn b/d voluntary cuts in September, but will continue to meet each… Source link