Carlyle to Establish Mediterranean-Focused Oil and Gas Company with Former BP CEO Tony Hayward
Carlyle, a prominent private equity fund, is set to establish a new Mediterranean-focused oil and gas company under the leadership of former BP CEO, Tony Hayward. This strategic move aims to tap into the growing eastern Mediterranean gas market driven by rising demand in Egypt and Europe. The new company, backed by Carlyle International Energy Partners, plans to produce 47,000 barrels of oil per day across Egypt, Italy, and Croatia with ambitions for further growth through asset upgrades and acquisitions. Energean, known for gas production offshore Israel, looks to expand its reach to Europe, the Middle East, and Africa. The deal has boosted investor confidence with Energean’s stock rising by 2.7% post-announcement.
North America Rig Count Trends
North America saw an increase in the number of rigs according to the latest report by Baker Hughes. The U.S. contributes 600 rigs and Canada adds 128 rigs, with specific changes in states like Louisiana and Pennsylvania. Standard Chartered Bank Commodities Research Head Paul Horsnell notes a significant trend in the gas rig count in the U.S., falling below 100 for the first time in 31 months.
ADES Group Secures New Drilling Contract in Egypt’s Gulf of Suez
ADES Holding Company, a subsidiary of the Saudi Arabia-based ADES Group, secures a new drilling contract in Egypt’s Gulf of Suez with Suez Oil Company (SUCO) valued at SAR 161 million. The contract reflects ADES’ continued expansion in the region, with recent contracts in Qatar and Thailand. CEO Dr. Mohamed Farouk expresses excitement over the partnership with SUCO and highlights the company’s agility in redeploying rigs in Saudi Arabia. The contract in Egypt includes a higher daily rate, showcasing ADES’ success in the competitive jack-up rig market.