Author: Rigs & Barge World

Saudi Arabia is loading up on imported fuel oil ahead of a summer in which the Middle East conflict and uncertainty around the Strait of Hormuz is expected to strain its domestic energy balance. The closure of the strait will likely have a significant impact on gas production (MEES, 6 March), limiting the availability of the kingdom’s primary source of feedstock for power plants and forcing it to resort to burning more oil to meet power demand. Oil is a key fuel for Saudi Arabia’s power sector, but its share has been diminishing in recent years as it has been…

Shell reported $6.9 billion in adjusted earnings for the first quarter (Q1) of 2026, a significant increase from $3.3 billion in the previous quarter, according to a statement by the company. This metric reflects the company’s core operational performance by excluding one-time legal items and volatile swings in inventory value. On a broader operational level, Shell’s adjusted EBITDA, which measures the raw cash-generating power of its assets before taxes and accounting charges, reached $17.7 billion. This exceeded the $12.8 billion recorded in the same period last year, driven by strong trading and optimization. The company’s cash flow from operations (CFFO), excluding…

Iraq announced the discovery of a new oil field in Najaf province, close to the Saudi border in the country’s southwest. The field, discovered by China-based Zhenhua Oil, holds estimated reserves of 8.83 billion barrels (bbbl). Current output is reported at 3,248 barrels per day (bbl/d) of light crude oil, Iraqi News reported. During a meeting with a delegation from Zhenhua Oil, Iraqi Oil Minister Hayan Abdul-Ghani stated that a new oil reserve had been discovered in the al-Qarnain block. This block was awarded to the Chinese company under Iraq’s fifth supplementary and sixth licensing rounds. The Al-Qarnain block lies…

A framework agreement signed this week between Abu Dhabi renewables investor Masdar and the Emirates Water and Electricity Authority (Ewec) marks a pivotal moment in the emirate’s renewable energy expansion drive. Signed on 5 May at the Make it in the Emirates (MIITE) conference in Abu Dhabi, the agreement is intended “to accelerate deployment of more than 30GW of solar PV capacity and over 8GW of battery storage planned by EWEC.” The agreement doesn’t reference specific projects, rather it will embed Masdar more firmly within the sector and enable a faster tendering process. The UAE was the regional first-mover in…

Adnoc and its partners at the Ta’ziz Industrial Chemicals Zone unveiled billions of dollars’ worth of deals during the Make it in the Emirates forum held in Abu Dhabi from 4-7 May. As the event’s title suggests, the discussions and announced agreements focused on expanding the UAE’s domestic industrial base. Already a priority before this year, the push to localize manufacturing and strengthen supply chains has gained urgency because of the severe disruption to regional logistics caused by the Middle East conflict (MEES, 1 May). Top of the list were key agreements around the development, and possible expansion, of the…

Egypt has imposed a $90/ton three-month levy on nitrogen fertilizer exports to take advantage of soaring global prices. A decree issued by theMinistry of Investment and Foreign Trade on 5 May applies the levy on nitrogen-based products such as urea and ammonia, which account for the bulk of gas-intensive fertilizer production dedicated to exports. A major urea producer, Egypt exported around 3.2mn tons in 2024, according to the latest World Bank data. (CONTINUED – 694 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information…

Libya’s monthly oil revenues nearly tripled in April as the country begins to reap the benefits of the oil price surge from the conflict in Iran (MEES, 8 May). The latest figures from Libya’s NOC show that oil revenues reached $2.83bn in April, nearly triple the monthly figures of around $1bn in January and February, before the start of the Middle East conflict that lifted oil prices. (CONTINUED – 1008 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future…

Egypt’s  Technical Gas Services Company (TGS) has secured a contract to repair and rehabilitate Lebanon’s natural gas infrastructure, marking a significant export of Egyptian technical expertise to the Levant. The project, signed in the presence of Prime Minister Mostafa Madbouly, targets the restoration of a 30-kilometer, 24-inch-diameter pipeline and its associated facilities to stabilize Lebanon’s volatile energy supply, according to a statement by the Cabinet. The agreement was signed by Karim Badawi, Minister of Petroleum and Mineral Resources, and Joseph Al-Saddi, Lebanese Minister of Energy and Water. This technical overhaul will be achieved through the modernization of pressure reduction and…

The Egyptian General Petroleum Corporation (EGPC) and the Egyptian Natural Gas Holding Company (EGAS) have signed a Heads of Agreement (HoA) with both  British Petroleum (bp) and Harbour Energy to establish the executive framework for developing oil and gas reserves in the North King Mariout area and the El Arish field in the Mediterranean. According to the agreement, both companies would work on the development of the El Arish field under EGPC’s North Alexandria concession and the North King Mariout area under EGAS, aiming to maximize economic returns through integrated operations between the two sites, the Ministry of Petroleum and…

Egypt Gas recorded a net profit after tax of  EGP 321.8 million in 2025, marking  11% increase from 2024. This came on the back of a 20 % increase in the company’s revenues during the same period to stand at EGP 9 billion, according to the company’s financial results. The company increased the value of its total assets to EGP 19.46 billion, from EGP 14.35 billion in 2024. Moreover, its share price jumped by 77 %  to EGP 42 in March 2026. Chairman and Managing Director Mohamed Hassan Kandil emphasised that Egypt Gas continues to deliver on its mandate as…