Author: Rigs & Barge World
Türkiye’s state-owned energy company BOTAS has signed a memorandum of understanding (MoU) with Italy’s Edison to explore potential cooperation in natural gas and liquefied natural gas (LNG), according to Reuters citing a company statement. Under the agreement, both parties will assess opportunities for natural gas and LNG supply, in addition to evaluating joint commercial prospects. The MoU also includes plans to establish a joint working group to examine the technical, commercial, and regulatory aspects of a potential hydrogen-compatible natural gas interconnector between Turkey and Italy. BOTAS noted that the envisioned strategic partnership with Edison is expected to contribute to strengthening…
The US naval blockade against Iranian shipping has taken its toll on the country’s oil exports. Loadings from Iran’s primary Kharg Island export terminal are down sharply this month, with no cargoes recorded since 6 May, according to data intelligence firm Kpler. However, satellite imagery shows two tankers berthed at the terminal on 21 May, suggesting that loadings may have resumed. Loadings averaged 1.64mn b/d in March, the last full month before the US implemented the blockade on 13 April. They dropped to 1.34mn b/d in April and are set to fall below 500,000 b/d this month, a much steeper…
Egypt expects to fully settle its outstanding dues to foreign oil and gas partners, reaching “zero arrears” by June 10, 2026, thereby accelerating the initial June 30 deadline. Karim Badawi, Minister of Petroleum and Mineral Resources, disclosed this during a meeting with Prime Minister Mostafa Madbouly, noting that regular payments pushed foreign partners’ arrears down to $440 million in May 2026, dropping sharply from $714 million in April 2026, noted a Cabinet statement. Badawi stressed that the timely financial settlements restored international confidence, incentivizing global majors to ramp up exploration and production (E&P) investments. To sustain this momentum, the ministry…
Abu Qir Fertilizers and Chemical Industries posted an unaudited net profit after tax of EGP 5.63 billion during the first quarter (Q1) of 2026, marking 102% year-on-year (YoY). These results were disclosed in the company’s unaudited financial statement submitted to the Egyptian Exchange (EGX) following its board of directors meeting held on April 29. The company’s revenues from its main activity grew by 43% YoY to hit EGP 9.53 billion during Q1 2026. This top-line expansion reflects a 56% surge in gross profit, which climbed to EGP 5.18 billion, bringing the gross profit margin to 54.36% compared to 49.97% in the…
Iraq’s Iran-backed militias carried out new drone strikes against Saudi Arabia and the UAE this week, plunging the new government into a diplomatic crisis with its neighbors. The attacks overshadowed Prime Minister Ali al-Zaidi’s first days in office and underscore the immense challenges he faces as the US government pushes him to dismantle the groups. As well as being backed by Iran, the militias have also formed political wings and are integrated into prominent blocs within Iraq. Many of their leaders are members of the Shia Coordination Framework (SCF) that nominated Mr Zaidi for the post of prime minister. (CONTINUED…
Egypt Gas recorded an 11.7% year-on-year (YoY) increase in net profit after tax for the first quarter (Q1) of 2026, reaching EGP 219.3 million. This bottom-line growth was supported by a 27.49% surge in operating revenues, which climbed to EGP 2.152 billion during the January–March period of 2026, according to the company’s financial disclosure submitted to the Egyptian Exchange (EGX) on May 24. The company’s earnings per share after tax and before dividends (EPS) rose to EGP 1.52 from EGP 1.36 in Q1 2025. In 2025, the company posted a net profit after tax of EGP 321.8 million, marking 11%…
A drone strike caused a small fire at Abu Dhabi’s Barakah nuclear power plant on 17 May, highlighting the risks posed by any further conflict escalation. The fire only caused limited damage and the International Atomic Energy Agency (IAEA) said radiation levels at the plant remained normal. However, the attack has raised serious concerns across the region. In a 19 May statement, the UAE’s Ministry of Defense said that it had engaged six drones over the previous 48 hours, including the one that struck Barakah. It alleged that all six were launched from Iraqi territory, rather than from Iran. Iran-backed…
Misr Fertilizers Production Company (MOPCO), Egypt’s largest nitrogen fertilizer producer, recorded an 88% year-on-year (YoY) surge in consolidated net profit after tax for the first quarter (Q1) of 2026, reaching EGP 5.3 billion. The increase was driven by a 29% increase in sales revenues to EGP 8.2 billion during the January–March period of 2026, according to the company’s financial disclosure submitted to the Egyptian Stock Exchange (EGX). The state-controlled nitrogen fertilizer producer experienced strong performance across all core metrics, with gross profit rising 34% YoY to EGP 4.5 billion, while pre-tax operating profits increased 37% to reach EGP 4.2 billion.…
Abu Dhabi National Oil Company (ADNOC) has deployed Taurob’s heavy-duty inspection robot at its Taweelah Gas Compression Plant, where it will conduct routine inspections in hazardous environments without putting people at risk, according to the company’s May 21 release. The Taurob heavy-duty robot is now conducting on-site autonomous inspections as the first set of eyes on the ground, enabling engineers to identify potential gas leaks, unusual hotspots, and other hazards to enhance safety, said ADNOC. Built for extreme industrial environments, the robot is fitted with a wide range of advanced sensors, including 3D LiDAR (Light Detection and Ranging) technology and…
The release of March Jodi data this week provided a clearer picture of the initial impact of the Middle East conflict on Saudi Arabia’s oil sector. The closure of the Strait of Hormuz since early March has inflicted unprecedented damage on the region’s oil producers, forcing widespread production shut-ins across the Gulf. Saudi Arabia has been relatively shielded as its 7mn b/d East-West crude oil pipeline enabled it to switch exports from the Gulf coast to the Red Sea, allowing it to maintain around 60% of pre-conflict exports of both crude oil and refined products. Oil export revenues actually soared…