Author: Rigs & Barge World

  Karim Badawi, Minister of Petroleum and Mineral Resources (MoPMR), has paid a field visit at El Hamra Petroleum Port in the New Alamein City to inspect the ongoing development and expansion works. Following the model of the Fujairah Port in UAE, Egypt aims to transform El Hamra Port as a pivotal hub and a logistics center for storing and handling crude oil and petroleum products on the Mediterranean coast, based on the cooperation agreement signed between MoPMR and the government of the Emirate of Fujairah. During the visit, the Minister met with Salah Abdel Karim, CEO of the Egyptian…

Fertiglobe’s profits fell sharply to $38.3mn during the second quarter of the year. This is the lowest ever Q2 figure for the Adnoc subsidiary (Adnoc 86.2%, listed 13.8%) (see chart 1). The company says disruption to its facilities in Egypt was a major reason for its drop in profits. 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

A team from El Wastani Petroleum Company (WASCO) restored production from the Balsam-3 well, which had been slated for permanent abandonment. The well yielded approximately 5 million standard cubic feet of gas per day (mmscf/d), adding 4 billion cubic feet (bcf) of natural gas to the company’s reserves. After the depletion of its original producing layer ‘Qawasim’, and despite challenges such as limited data about its prospects and the absence of wireline logs for the Kafr El Sheikh formation, the team conducted an in-depth study of this layer using various indicators. They analyzed gas ratios during drilling and employed advanced…

US ExxonMobil has commenced production from Yellowtail, its fourth oil development in Guyana’s offshore Stabroek block, four months ahead of schedule. The company reported an initial average production of 250,000 barrels per day (bbl/d) of oil throughout the year, and a storage capacity of two million barrels from the operating vessel. The project involved ONE GUYANA, the largest floating production, storage, and offloading (FPSO) vessel on the Stabroek block to date, alongside the Destiny, Unity, and Prosperity FPSOs, thereby raising the country’s total installed capacity to over 900,000 bbl/d. Oil from the vessel will be marketed as Golden Arrowhead crude,…

Libya’s NOC on 4 August signed an MoU with ExxonMobil, marking the potential return of the US oil giant after more than a decade of absence due to ongoing instability (MEES, 4 October 2013). The agreement was signed in London days after US President Donald Trump’s Senior Advisor for Africa Massad Boulos revealed it was coming soon following “productive” meetings in Libya (see main story). (CONTINUED – 355 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…

Baker Hughes, an energy technology company, has completed its $540 million acquisition of Continental Disc Corporation (CDC) from investment partnerships managed by Tinicum Incorporated. The acquisition will immediately contribute the company’s earnings and cash flow per share and Industrial and Energy Technology’s segment margins. The transaction brings a complementary portfolio of products to Baker Hughes’ existing valves product line with the addition of CDC’s well-established critical pressure management solutions, the company said on Thursday. CDC, based in Liberty, Missouri, makes safety products such as rupture discs, relief valves, and flame arrestors, used in industries including pharmaceuticals, chemicals, food and beverage, oil and…

Oman’s abundant gas reserves underpin the sultanate’s industrial expansion strategy, and the sultanate is investing to expand its distribution network to support growing industrial clusters. OQ Gas Networks (OQGN) owns and operates the 4,235km of gas pipelines that snake around the country and transported a record 3.96bn cfd of gas during the first quarter of the year. By 2027 it expects this to reach 4.41bn cfd, an 11% increase made possible by four major expansion projects (see map). (CONTINUED – 737 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the…

Amid a turbulent second quarter of the year, Saudi Aramco’s downstream segment produced a robust performance (see p8). In marked contrast to the firm’s core upstream business, downstream revenues and earnings have increased since the start of the year as the firm capitalized on improved refinery margins. Downstream revenues edged up sequentially to $61.2bn last quarter (see chart 1), while adjusted earnings before interest and taxes (Ebit) more than doubled to $2.59bn (see chart 2). This adjusted Ebit figure is the highest on record (to 1Q 2024) and the non-adjusted Ebit figure of $560mn was the highest since 1Q 2024’s…

Amea Power is joining the second phase of the Agadir reverse osmosis desalination project in Morocco, the UAE-based firm announced on 1 August, marking its first such project in North Africa. Development of the 275,000 m³/d first phase was awarded in 2014 to Spanish firm Abengoa and came online in 2022 (MEES, 21 November 2014). Abengoa has since been rebranded as Cox after being acquired by compatriot Cox Energy in 2023, and Amea itself has a 3.76% stake in Cox. (CONTINUED – 793 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve…

Egypt has not  signed a new agreement to import Israeli gas, clarified Moataz Atef, the Undersecretary for the Minister’s Technical Office and Official Spokesperson of the Ministry of Petroleum and Mineral Resources, during a prime-time talk show on Friday night. His comments came in response to media reports suggesting Egypt had entered a new $35 billion deal to import gas from Israel through 2040. Atef explained that this is not a new agreement, but rather an extension of an existing 2019 deal. Atef emphasized that the deal comes as part of Egypt’s strategy to secure its gas supply. This includes…