Author: Rigs & Barge World

The Egyptian Petroleum Services Company (EPSCO) recorded a 24 % increase in revenue from its labor-supply business line to reach EGP 8.2 billion in 2025, according to Chairman Ahmed Shehata. EPSCO is a prominent services provider with over 15 years of experience in the oil and natural gas sector. The company delivers integrated solutions ranging from workforce supply and procurement to transportation and support for drilling, exploration, and maintenance operations. During the company’s general assembly meeting to approve the fiscal year (FY) 2025 results, Shehata reported that the catering services segment achieved a business volume of EGP 4 billion. The…

With only a few hours remaining before President Trump’s 8 p.m. EST deadline for Iran to reopen the Strait of Hormuz, an eerie silence has settled over the Middle East.President Trump has vowed to target Iran’s energy infrastructure if they do not comply, likely with support from the Israeli Defence Force (IDF). While Israel hasn’t explicitly confirmed it will target Iranian power plants and critical infrastructure, it certainly hasn’t ruled it out.Iran has promised to retaliate in kind by targeting similar sites across the region. This puts energy production in Gulf Arab states under constant threat. Since the conflict began,…

Libya’s first and only private oil firm Arkenu has sought to adopt a more low profile of late, as pressure mounts over corruption scandals involving top officials in Libya’s divided east and west administrations (MEES, 18 July 2025). However, the strategy appears to have failed and on 2 April, Tripoli-based Prime Minister Abdul Hameed Dbeibeh instructed state-owned NOC to suspend a controversial oil deal with Arkenu. Arkenu was founded in the eastern city of Benghazi in early 2023 (MEES, 14 June 2024), and the controversial company has since amassed a substantial list of assets and partners, securing deals with state…

Iraq could ramp up its crude oil exports to around 3.4 million barrels per day (mmbbl/d) within a week if the ongoing Iran conflict de-escalates and the Strait of Hormuz reopens, according to the head of the state-run Basra Oil Company cited by Reuters. An analysis indicated that Iraq has experienced the sharpest decline in oil revenues among Gulf producers due to the effective closure of the Strait, as the country lacks alternative export routes. Despite the disruption, Iraq, the second-largest producer in OPEC, retains the capacity to swiftly return to pre-crisis output levels, which were impacted following US-Israeli strikes…

Libya’s NOC on 27 March announced that oil services provider SLB was restructuring its operations in the country into an independent entity under the name LIG, reporting directly to its MENA regional management. The decision followed discussions between NOC chairman Masoud Suleiman and SLB CEO Olivier Le Peuch to restore an independent operating structure for the firm’s business in Libya, similar to its status prior to the 2011 revolution. (CONTINUED – 220 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…

Iraq is taking measures to safeguard its oil exports amid ongoing tensions in the Strait of Hormuz. The State Organization for Marketing of Oil (SOMO) has instructed customers to submit crude lifting schedules within 24 hours to ensure the timely and efficient execution of export operations. SOMO also confirmed that all export facilities, including the Basrah Oil Terminal, are fully operational and ready to handle shipments, according to Reuters. The move follows reports that Iran has exempted Iraq from transit restrictions through the Strait of Hormuz, potentially supporting a recovery in exports after output fell to around 800,000 barrels per…

Prime Minister Mostafa Madbouly met with Karim Badawi, Minister of Petroleum and Mineral Resources, and Ahmed Kouchouk, Minister of Finance, to follow up on measures taken to avail needed funding to build up a sufficient strategic reserve of various petroleum products to cover the local market needs. The meeting looked into the impact of the energy-saving plan recently adopted by the government on the consumption of petroleum products, as well as the savings resulting from the decision to postpone the implementation of several national projects for three months. These savings should be directed toward covering urgent energy demands and securing…

The real energy shock unleashed by the de facto closure of the Strait of Hormuz for the past month is now beginning to make an impact as the last tankers to have passed through the chokepoint pre-conflict arrive at their destinations. The supply shock is therefore moving from spreadsheets to tangible reality, and there will be more upwards pressure on prices as onshore inventory drawdowns accelerate. Dated Brent hit an 18-year high of $141.26/B on 2 April according to General Index assessments, a $32/B premium to ICE Brent futures as physical markets continue to reflect the scale of the supply…

The Board of Directors of the Export-Import Bank of the United States (EXIM)  has authorized over $2 billion in export credit insurance to facilitate US liquefied natural gas (LNG) exports to Egypt, according to an EXIM press release.  The authorization advances Trump Administration priorities to expand American energy exports, strengthen domestic supply chains, and reinforce US economic security, it noted. This decision is set to facilitate LNG shipments scheduled throughout 2026 and 2027 under contracts between the Egyptian General Petroleum Corporation (EGPC) and the US-based Hartree Partners, which is a global energy and commodities trading firm, focusing mainly on physical…

Sidi Kerir Petrochemicals Company (SIDPEC) reported total sales of EGP14.4 billion and a net profit of EGP1.138 billion for the fiscal year (FY) 2025, according to Chairman Mohamed Zakaria El Afandy, who noted that performance remained resilient despite surging natural gas and polymer prices amid regional geopolitical tensions. In 2024, the company’s sales were EGP14.15 billion while its net profits stood at EGP2.5 billion, according to Reuters. El Afandy was addressing attendees of SIDPEC’s general assembly meeting, which approved a cash dividend of EGP 0.50 per share. El Afandy told the meeting that the company’s robust financial position earned it…