Author: Rigs & Barge World

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…

The UAE’s Port of Fujairah has emerged as a vital international oil gateway outside the Strait of Hormuz since the start of the Iran war on 28 February. Despite multiple Iranian attacks on Fujairah, Adnoc has continued to export Murban crude from the terminal with only brief interruptions. However, it’s been a different story for Fujairah’s other role as a storage, blending and trading hub for refined products, where trade has largely ground to a halt (MEES, 13 March). Market sources suggest this is about to change. As MEES went to press, all 15 terminals except BPGIC now have access…

Baker Hughes has been awarded the 2026 SAP Global Partner Award in the Intelligent App Innovation category, recognizing its contributions to advancing digital solutions and strengthening its collaboration with SAP. The annual awards honor top-performing partners across 50 categories, based on SAP recommendations, customer feedback, and key performance metrics, highlighting excellence in innovation and customer impact. Baker Hughes has been working closely with SAP through the SAP PartnerEdge program, focusing on developing intelligent applications that address operational challenges in the energy and industrial sectors. This collaboration builds on Baker Hughes’ Cordant™ Asset Strategy Data Optimization Services, which enhance asset data…

Yemen’s Houthis entered the Middle East conflict on 28 March, exactly one month into the war, when the group fired missiles and drones at Israel. Capturing the spirit of Iran’s ‘Axis of Resistance,’ military spokesman Yahya Saree said the attack was a fulfilment of “their religious, moral, and humanitarian duties” and that they would carry out further military operations until the US and Israel end their aggression against Iran. All the attacks were successfully intercepted by Israel, but their symbolic impact detonated across the world. Their entry into the war revived fears that they might restart their attacks on shipping…

UAE Dragon Oil is planning to invest $3 billion in the coming years in Egypt, according to the company’s CEO Abdulkarim Almaazmi. Speaking in the latest edition of Petrocast, the Ministry of Petroleum and Mineral Resources’ podcast, Al Maazmi pointed out that the company’s recent investments in Egypt include a new well discovery in the North Safa field as well as the East Crystal well discovery at the end of 2025. These milestones, he said, underscore the potential for further investment in the region’s oil and gas sector. In the third quarter (Q3) of 2026, Dragon Oil intends to drill…

India has resumed buying oil from Iran for the first time in nearly five years, as ongoing tensions in the Middle East continue to disrupt supplies, especially through the Strait of Hormuz, Reuters reported. The oil ministry said Indian refiners are securing crude from different sources, including Iran, to meet demand during the current supply challenges. It added that there are no payment issues related to importing Iranian oil. India, the world’s third-largest oil importer, stopped buying Iranian crude in May 2019 due to US pressure. However, recent disruptions caused by the US-Israel conflict pushed the country to seek alternative…

Iraq is being drawn deeper into the ongoing conflict in the Middle East. Pro-Iran proxies have intensified their attacks on US military and diplomatic facilities in federal territories, the Kurdistan region, and neighboring Arab states. Washington has retaliated with strikes on a number of Iran-backed militia bases, killing dozens of militiamen and commanders. The events have exposed the Iraqi government’s failure to restrain the armed groups and uphold the country’s sovereignty. Closely aligned with Iran, these militias risk upending the period of relative stability Iraq has experienced since late-2022. (CONTINUED – 927 WORDS) Read this article for free Gain access…

The state-owned Engineering for Petroleum and Process Industries  (ENPPI) has signed a contract with the Petroleum Marine Services (PMS) for offshore works and installations for the Harmattan gas field. While ENPPI is the operator of the field, PMS, will undertake the execution of the works.PMS is a leading Egyptian offshore construction and services company that operates a fleet of 20 vessels, serving major clients across the Mediterranean Sea, the Red Sea, and the Gulf of Suez. This agreement comes within the framework of plans to accelerate the development of the Harmattan natural gas field in the Mediterranean Sea. It follows…

Chevron restarted production at Israel’s 1.4bn cfd capacity Leviathan gas field on 2 April, ending a 33-day precautionary shut-in amid the US-Israeli conflict with Iran (MEES, 6 March). The move comes despite US President Donald Trump saying this week that the conflict has another two-to-three weeks to run (MEES, 3 April). “Following situational assessments and examination of the full range of relevant considerations, it has been decided at this stage to return the Leviathan platform to operation,” Israel’s Energy Ministry said in a statement. (CONTINUED – 726 WORDS) Read this article for free Gain access to over 60-years of energy…

Oman appears to have found a workaround to bring crude oil out of the Gulf to its 255,000 b/d Duqm refinery, which has suffered from a lack of crude feedstock since the start of the 28 February conflict. Two laden tankers crossed the Strait of Hormuz this week, sailing along Oman’s side of the narrow waterway. Kpler data shows that the Habrut and Dhalkut very-large crude carriers (VLCCs), each carrying up to 2mn barrels of crude, sailed through the strait on 2 April, signaling Oman’s Ras Markaz oil terminal, through which crude oil is delivered to the Duqm refinery. As…