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Kuwaiti Candidate Has Widespread Support for Top OPEC Job, Sources Say

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
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Kuwaiti Candidate Has Widespread Support for Top OPEC Job, Sources Say

A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)
A flag with the Organization of the Petroleum Exporting Countries (OPEC) logo is seen during a meeting of OPEC and non-OPEC producing countries in Vienna, Austria September 22, 2017. (Reuters)

Kuwait's candidate to lead the Organization of the Petroleum Exporting Countries (OPEC) has widespread support from the group, with current secretary general Mohammad Barkindo not expected to seek re-election, two sources told Reuters.

Haitham al-Ghais, a former Kuwaiti governor to OPEC, is the only candidate for the role of secretary general, the two sources added.

OPEC is expected to elect a new secretary general at its meeting on Jan. 4, a third source said.

Nigerian Barkindo, whose is due to step down at the end of next July, took OPEC's top job in mid-2016 and was granted a second three-year term in 2019.

Barkindo has steered OPEC through a period of extreme turbulence, in which prices have crashed several times, including to below zero in 2020 because of the coronavirus pandemic.

He also helped to clinch a deal with non-OPEC producers such as Russia to reduce global oil output to balance the market since 2016.

The new secretary general will have to balance OPEC revenue needs against pressures from the United States to pump more oil to help to meet demand as it recovers from the COVID-19 pandemic.

Al-Ghais stepped down as Kuwait's OPEC governor in June this year and was appointed deputy managing director of international marketing at state-owned Kuwait Petroleum Corporation (KPC).

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Egypt Launches Intensive Program to Drill 75 Oil Wells in Eastern Desert

A Zohr gas field platform in Egyptian waters. (Asharq Al-Awsat)
A Zohr gas field platform in Egyptian waters. (Asharq Al-Awsat)
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Egypt Launches Intensive Program to Drill 75 Oil Wells in Eastern Desert

A Zohr gas field platform in Egyptian waters. (Asharq Al-Awsat)
A Zohr gas field platform in Egyptian waters. (Asharq Al-Awsat)

Egypt’s Ministry of Petroleum announced the launch of an intensive drilling campaign in the Gulf of Gharib fields, located in the Eastern Desert, as part of its strategy to boost domestic oil production and reduce reliance on imports.

According to a statement on Saturday, the General Petroleum Company (GPC), a state-owned enterprise, has begun operating the first of three modern rigs—each with a capacity of 1,000 horsepower. The rigs are expected to significantly enhance drilling efficiency and reduce operational costs.

The ministry stated that GPC aims to drill 75 new oil wells over the next 12 months, with the goal of adding 7,500 barrels per day (bpd) to current output and raising total production from the Gharib fields to 9,000 bpd.

Mohamed Abdel Meguid, Chairman of GPC, noted in a report to the Ministry of Petroleum and the Egyptian General Petroleum Corporation that the new rigs offer faster drilling speeds, high operational efficiency, and greater mobility between sites. This, he said, would enable the company to implement its drilling plans at lower costs and higher efficiency.

The drilling campaign aligns with the ministry’s broader strategy to maximize the value of national resources, support state-owned companies, and enhance energy security through increased local production.

Separately, the ministry also announced three new oil and gas discoveries in the Western Desert, achieved by Khalda Petroleum Company in partnership with Apache. The discoveries are expected to yield approximately 12 million barrels of oil equivalent, with 4 million barrels recoverable.

Initial tests showed daily production rates of 2,750 barrels of oil and condensates, along with 20 million cubic feet of natural gas. The volume of associated gas is currently under evaluation.

These results reflect the positive impact of recent pricing reforms that incentivize gas development. Without these adjustments, the ministry said, gas production from Khalda could have declined to 380 million cubic feet per day. Instead, output is expected to rise to 500 million cubic feet.

In addition, Minister of Petroleum Karim Badawi met with senior executives from BP to discuss ongoing investments and recent discoveries in the Mediterranean. The two sides pledged to accelerate development of the North King Mariut and Fayoum-5 discoveries and expand cooperation under their long-standing partnership.

Badawi stressed Egypt’s commitment to fostering a supportive investment climate in oil and gas, while also expanding renewable energy to enhance energy security and economic growth.