Iraq Signs $450 Million Deal with Excelerate to Build First LNG Regasification Unit

• Wednesday, 29th October 2025
• by Fatma Ahmed

Iraq has signed a $450 million investment agreement with US-based Excelerate Energy to construct the country’s first floating storage and regasification unit (FSRU) at the port of Khor al-Zubair, officials told Reuters.

The facility will enable Iraq to import, store, and regasify liquefied natural gas (LNG), which will be integrated into the national power grid to strengthen the country’s energy security. The project’s total investment includes Excelerate’s newest FSRU vessel, currently under construction in South Korea, with a regasification capacity of up to 500 million standard cubic feet per day (mmscf/d).

MoMPR spokesperson:The Gas deal with Israel is Not New

• Saturday, 9th August 2025
• by Sherine Samir

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.

Madbouli Heads Meeting to Ensure Adequate Oil and Gas Supply

• Friday, 13th June 2025
• by Editorial Team

Prime Minister Mostafa Madbouli held a meeting on Friday afternoon to review the government's plan to secure the country’s needs of oil and natural gas following the Israeli military operation in Iran. The meeting was attended by Hassan Abdallah, Governor of the Central Bank of Egypt, Mahmoud Esmat, Minister of Electricity and Renewable Energy, and  Karim Badawi, Minister of Petroleum and Mineral Resources

TotalEnergies Eyes Expansion in Egypt’s Energy Sector Amid Promising Investment Opportunities

• Monday, 7th October 2024
• by Sarah Samir

Minister of Petroleum and Mineral Resources Karim Badawi has held a meeting with TotalEnergies CEO Patrick Pouyanné at the company's headquarters in Paris.

Petrofac Consortium Wins EPC2 Contract with Sonatrach

• Thursday, 4th August 2022
• by Israa Ibrahim

The Tinrhert EPC2 Development Project in Algeria has been awarded to Petrofac's consortium with Genie Civil et Batiment (GCB). Petrofac's share of the contract is approximately US$200 million, valued at approximately $300 million.

Aramco, Sinopec Ink Cooperation MoU

• Thursday, 4th August 2022
• by Israa Ibrahim

Aramco and Sinopec signed a Memorandum of Understanding (MoU) to discuss a variety of potential collaborative endeavors between the two companies.

OPEC+ Approves Modest Rise in Oil Output

• Wednesday, 3rd August 2022
• by Israa Ibrahim

At a time when high oil prices and unstable energy supplies have been exacerbated by Russia's war on Ukraine, OPEC and its allies decided to slow production growth in September.

OPEC Secretary General Says Russia’s Membership in OPEC+ Crucial

• Monday, 1st August 2022
• by Israa Ibrahim

OPEC's new secretary general stated that Russia's membership in OPEC+ is vital to the agreement's success, Kuwait's Alrai newspaper reported on Sunday.

ADNOC Announces Second Gas Discovery on Eni-operated Concession

• Sunday, 31st July 2022
• by Israa Ibrahim

ADNOC, Abu Dhabi's national oil company, announced today that it discovered natural gas resources in the first exploration well in Abu Dhabi's Offshore Block 2 Exploration Concession, operated by Eni. It is estimated that a new deeper reservoir contains between 1 and 1.5 trillion standard cubic feet (TSCF) of raw gas.

Petrofac Gets First Hydrocarbons from Tinrhert Field in Algeria

• Sunday, 31st July 2022
• by Israa Ibrahim

With the safe introduction of the first hydrocarbons for the start-up of production, Sonatrach's Tinrhert Field Development Project in Algeria has reached a major milestone. The development will boost both local and export natural gas production capabilities, enabling economic growth.