Author: Rigs & Barge World
Abu Dhabi announced the first major regional upstream award since the Iran-US ceasefire agreement on 24 June, demonstrating continued investor confidence in the UAE’s energy sector. the Supreme Council for Financial and Economic Affairs (SCFEA) awarded a consortium led by Adnoc the concession to develop the Bab Gas Cap, taking the UAE closer to its goal of gas self-sufficiency. The Bab Gas Cap will be developed by Adnoc (60%), TotalEnergies (10%), BP (10%) China’s CNPC (8%), the Jodco subsidiary of Japan’s Inpex (5%), China’s Zhenhua (4%) and Korea’s GS Energy (3%). These partners constitute Adnoc Onshore, which operates the massive…
The Solar Energy Transition in Industries (SETI) initiative, backed by the United Nations Development Program (UNDP), was the focus of a meeting between Khaled Hashem, Minister of Industry, and Chitose Noguchi, UNDP Resident Representative in Egypt. The program seeks to deploy 200 megawatts of rooftop solar capacity across 20 state‑owned industrial facilities through the Independent Power Producer (IPP) model, supported by a $150 million credit facility, according to a Cabinet statement which didnt clarify whether the facility was provided by the UNDP or another source. The initiative aims to demonstrate the potential of self‑consumption solar systems in advancing Egypt’s renewable…
Iran-US MoUVice President JD Vance recently confirmed what many political analysts already suspected: the U.S.-led Memorandum of Understanding with Iran is primarily a tactical tool designed to buy economic time and enhance strategic leverage over global crude oil markets. In a television interview, Vance explicitly stated that President Donald Trump directed the administration to use the MOU to refill the global oil economy and restock reserves before reassessing their geopolitical options.U.S. Crude Oil Stocks including SPRPrior to the agreement, global petroleum stockpiles were dangerously depleted. The U.S. Strategic Petroleum Reserve had plummeted to its lowest levels since the late 1980s,…
Maridive & Oil Services reported a profit in the first quarter (Q1) of 2026, supported by higher revenues and lower costs. According to the unaudited standalone financial results approved by the Board of Directors on June 30, 2026, revenues increased 13% year-on-year (YoY) to $20.64 million from $18.30 million in Q1 2025. The company recorded a net profit after tax of $1.89 million for the quarter, compared with a net loss of $23.96 million in the same period last year. Over the past 12 months, Maridive & Oil Services has not disclosed any new projects or investments (material events) to…
The shut-in of more than 3.5mn b/d of Saudi crude oil production following the closure of the Strait of Hormuz in early March led to a substantial increase in oil burn for power generation in April due to the loss of associated gas. Jodi data for April provides the first indication of how Riyadh responded to the unprecedented disruption, which has only recently begun to ease with the gradual reopening of the strait (MALE, 19 June). Reduced associated gas availability prompted temporary fuel switching (MEES, 22 May). Total oil burn – crude and fuel oil – rose to 1.156mn b/d…
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QatarEnergy has signed a commercial discovery declaration for the Glaucus and Pegasus gas fields in Block 10, offshore Cyprus, in partnership with ExxonMobil and the Government of Cyprus, according to a press release by QatarEnergy. Notably, QatarEnergy holds a 40% stake in Block 10, while ExxonMobil operates the block with a 60% interest. The declaration, signed in Nicosia, marks a key milestone toward advancing the development of Cyprus’ offshore natural gas resources and progressing Block 10 to its next phase. The agreement underscores the strong cooperation between the parties and their shared commitment to long-term strategic collaboration, covering both the…
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…