Newsletters | Request Trial | Log in | Advertise | Digital Issue   |   Search
  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search
Related Articles
Israel-Iran war imperils Egypt’s energy supply
Egypt’s government was already preparing for potential energy shortages this summer, and the loss of Israeli gas supply has made things worse
Energean ready to go deep into Africa
Mediterranean-focused gas producer looks to replicate Israel success story and is hunting projects across the continent, with particular interest in West Africa
Israel’s gas performance chafes against narrow export horizons
Israel continues to strike new oil and gas concession agreements and gas exports continue to rise, but an overreliance on Egypt remains the big concern
Egypt looks to arrest its upstream decline
Gas production slumped to an eight-year low in 2024, but new discoveries and partnership with Cyprus paint a more positive outlook
Hydrocarbon Processing Refining Databook 2025: Middle East & Africa
The Middle East is focusing on modernisation and expansion projects, while Africa is seeking to reduce its imports of refined products
UK-listed Pharos to ramp up Egyptian activities
Cairo’s currency problems have hindered investment, but Pharos sees considerable potential as Egypt emerges from crisis
Energean maps out East Med plans
The independent is developing fields off the coasts of Israel and Egypt
US rig market set for subdued year
Analysts agree there will not be any great leap forward in US shale drilling in 2023
Turkey reignites East Med boundary dispute
A new deal heats up simmering clash over exploration rights
Eni and TotalEnergies strike more gas in Cyprus
The European producers celebrate further success in Block 6 but the East Med export conundrum remains unsolved
Rigs Egypt
Gerald Butt
25 May 2018
Follow @PetroleumEcon
Forward article link
Share PDF with colleagues

New rigs from old

Ades chief executive Mohamed Farouk reveals his firm’s formula for offering oil companies rigs at lower-than-market rates

Every dark cloud, they say, has a silver lining. As the global oil industry languished after the post-2014 price collapse, one Egyptian oilfield services company was lucky enough to discover that proverbial precious-metal lining. Advanced Energy Systems (Ades) was well-placed to cash in on the misery that oil firms around the world were enduring. For the company's business model is to buy up and refurbish legacy rigs before leasing them at a low cost to oil and gas operators. "The oil-price crash affected us in a positive manner," Mohamed Farouk, Ades' chief executive, told Petroleum Economist. "We found a lot of good assets to acquire, that companies couldn't afford to keep." It was a favou

Also in this section
Albania’s long pursuit of gas
23 July 2025
Gas is unlikely to assume a major role in Albania’s energy mix for years to come, but two priority projects are making headway and helping to establish the sector
Ammonia ambitions to help drive gas demand
22 July 2025
The gas-hungry sector is set for rapid growth, and oil majors and some of the world’s largest LNG firms are investing in ammonia production and export facilities, though much depends on regulatory support
WPC Energy to promote role of women
22 July 2025
Next year’s WPC Energy Congress taking place in April in Riyadh, Saudi Arabia will continue to promote the role of women in the energy sector, with a number of events focusing on the issue.
Energy sector needs stable policy and better communication
22 July 2025
Pedro Miras is the serving President of WPC Energy for the current cycle which will culminate with the 25th WPC Energy Congress in Riyadh, Saudi Arabia in April 2026. He has over 30 years of experience in the energy sector, including stints with Repsol and the IEA. Here he talks to Petroleum Economist about the challenges and opportunities the global energy sector currently faces.

Share PDF with colleagues

Rich Text Editor, message-text
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
COPYRIGHT NOTICE: PDF sharing is permitted internally for Petroleum Economist Gold Members only. Usage of this PDF is restricted by <%= If(IsLoggedIn, User.CompanyName, "")%>’s agreement with Petroleum Economist – exceeding the terms of your licence by forwarding outside of the company or placing on any external network is considered a breach of copyright. Such instances are punishable by fines of up to US$1,500 per infringement
Send

Forward article Link

Rich Text Editor, txt-link-message
Editor toolbarsBasic Styles Bold ItalicParagraph Insert/Remove Numbered List Insert/Remove Bulleted List Decrease Indent Increase IndentLinks Link Unlinkabout About CKEditor
Send
Sign Up For Our Newsletter
Project Data
Maps
Podcasts
Social Links
Featured Video
Home
  • About us
  • Subscribe
  • Reaching your audience
  • PE Store
  • Terms and conditions
  • Contact us
  • Privacy statement
  • Cookies
  • Sitemap
All material subject to strictly enforced copyright laws © 2025 The Petroleum Economist Ltd
Cookie Settings
;

Search

  • Upstream
  • Midstream & Downstream
  • Gas & LNG
  • Trading & Markets
  • Corporate & Finance
  • Geopolitics
  • Podcasts
Search