Author: Rigs & Barge World
US President Donald Trump has instructed the Department of Justice (DOJ) to investigate oil companies for failing to lower gasoline prices in line with falling crude costs, accusing the companies of “gouging” customers, Reuters reported. The Trump administration posted a video clip on X later on June 24 in which Trump named US oil producers Exxon Mobil and Chevron as part of the probe. “Oil prices have come down so much, and we are not seeing anything at the pump,” Trump said in the clip. Oil prices surged earlier this year after US and Israeli strikes on Iran in late February,…
The US-Iran memorandum of understanding (MoU) to end the Middle East conflict has sparked debate over how quickly oil exports through the Strait of Hormuz might return to normal levels. Much will depend on risk appetite from ship owners and insurance providers, the need to remove mines, and how the agreement itself holds up, but what is clear is that volumes were increasingly leaking out through the strait in the weeks leading up to the 14 June MoU announcement, providing a floor from which to build on. The re-opening of the strait remains the main logistical hurdle to bringing shut-in…
Qatar’s Prime Minister Sheikh Mohammed bin Abdulrahman al‑Thani stressed that establishing a direct hotline between the US and Iran is vital to prevent rogue actors from obstructing efforts to reopen the Strait of Hormuz, adding that the Gulf state expects to restore normal liquefied natural gas (LNG) output “within a few weeks”. Sheikh Mohammed told the Financial Times that the hotline agreed during the Swiss talks was essential to counter “disinformation” and to ensure coordination as mines are cleared from the vital waterway. He cautioned that a key risk was the ease with which anyone who just wants to cause…
The petroleum sector recorded 0.7% growth in the third quarter (Q3) of fiscal year (FY) 2025/2026, marking its first positive growth rate since the first quarter(Q1) of FY2023/2024, said Ahmed Rostom, Minister of Planning and Economic Development, while reviewing the country’s economic performance indicators. Rostom noted during the Cabinet’s weekly meeting that the improvement was driven by higher domestic production of crude oil, condensates, and liquefied petroleum gas (LPG), signalling a recovery in one of the country’s most strategic economic sectors. The positive performance comes as Egypt’s crude oil production has surpassed 540,000 barrels per day (bbl/d), according to Karim…
Libya’s National Oil Corporation (NOC) has signed the first production-sharing agreements (PSAs) from its landmark bid round, the country’s first hydrocarbons auction in nearly two decades. Three of the five licenses awarded have now been formalized with PSAs signed this week (MEES, 7 March 2025). The PSAs were signed in Tripoli on 15 June with Italy’s Eni, QatarEnergy, Spain’s Repsol, Turkey’s TPOC, and Hungary’s MOL Group, which were awarded the new licenses under three consortia back in February (MEES, 13 February). (CONTINUED – 1330 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news…
China’s SANY Group, a leading global wind turbine manufacturer, signed a Memorandum of Understanding (MoU) with the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) to establish Egypt’s first wind turbine manufacturing plant and develop a wind power project in the North Gulf of Suez. The MoU provides for the construction of a factory within the Suez Canal Economic Zone to produce turbines and components for domestic wind projects, while exporting surplus output to regional markets. It also covers the development of a 2,000‑MW wind farm, to be implemented in local currency, in line with…
Libya’s NOC on 14 June announced the full resumption of operations at the Mabruk oilfield on blocks 70 and 87 in the country’s Sirte Basin oil heartland. The field is managed by the Mabruk Oil Operations joint venture of TotalEnergies (37.5%op) Equinor (12.5%) and NOC (50%) (MEES, 31 March 2023). The field had been offline for a decade after IS-affiliated militants caused extensive damage in 2015 (MEES, 6 March 2015), making its return to production “extremely difficult,” said NOC. (CONTINUED – 354 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into…
Baker Hughes has secured a contract from ANOH Gas Processing Company(AGPC) to deliver comprehensive lifecycle services for turbomachinery equipment at the ANOH Gas Processing Plant in Nigeria, the company said in a statement. The agreement covers spare parts supply, maintenance and repair services, as well as engineering advisory, in addition to the deployment of Baker Hughes’ iCenter™ digital solutions to support plant operations. The contract reinforces Baker Hughes’ positioning as a lifecycle solutions provider and builds on its longstanding relationship with AGPC. According to Baker Hughes, in 2019, the company delivered an integrated power island solution for the greenfield facility,…
The ongoing Iran-related energy crisis is expected to drive global electrification efforts, as countries seek to enhance domestic energy security and protect their economies from fossil fuel price volatility, Reuters reported, citing the Head of the International Energy Agency (IEA) Fatih Birol. The Iran-related energy crisis stems from the 2026 conflict between Iran, the US, and Israel, which led to severe disruptions in oil flows through the Strait of Hormuz—a key route for around 20% of global oil and LNG trade. Speaking during the Octopus Energy Tech Summit, held as part of London Climate Action Week, Birol noted that governments…
The 17 June signing of the memorandum of understanding (MoU) to end the US-Iran conflict has fired the starting gun in the race to restart oil production in the Gulf and increase exports through the Strait of Hormuz. The task ahead is unprecedented in scale, and normalization of production and flows through the strait will take months, but the process is at least now underway. Time is of the essence and a race is now underway for oil to exit the strait and reach consumer markets before global inventories fall to dangerously low levels. “We run out of reserves at…