Author: Rigs & Barge World
Global oil stocks are shrinking at a pace not seen in nearly eight years, with Goldman Sachs warning on May 4 that stocks could fall from 101 days of demand to 98 days by the end of May. The Days of Demand metric represents the number of days the world could continue to consume oil at current rates using only existing inventories if all production were to stop. Oil prices rose by around 6% on Monday after Iran reportedly targeted several vessels in the Strait of Hormuz and a fire broke out at a UAE oil port, according to Reuters.…
The geopolitical situation in the Persian Gulf has reached a fever pitch following President Trump’s sudden launch of Project Freedom, an initiative intended to break the blockade of the Strait of Hormuz and release hundreds of trapped international vessels. Since the operation began, rhetoric between Washington and Tehran has escalated into direct kinetic engagement. According to Admiral Brad Cooper, the CENTCOM chief, two U.S. destroyers escorting tankers came under fire from cruise missiles, drones, and small arms from speedboats. The Admiral confirmed that U.S. Navy helicopters destroyed seven of these boats, resulting in likely Iranian casualties.In apparent retaliation, the IRGC pivoted…
The radical reshaping of global energy markets gathered pace this week, with the UAE exiting Opec on 1 May. The UAE chose to act now as the … Source link
Eni resumed receiving Venezuelan crude shipments in April as a form of payment for natural gas produced in the country, a move to gradually recover outstanding debts owed by the government, according to Reuters. This comes alongside broader efforts by the Italian energy company to deepen its presence in Venezuela following recent discussions in Caracas between Eni CEO Claudio Descalzi and Acting President Delcy Rodríguez. Eni outlined its current operations and plans, including the signing of a programmatic agreement with PDVSA and the Ministry of Hydrocarbons to restart oil production in the Junin-5 project in the Orinoco Belt. The field,…
Rashid Petroleum Company (Rashpetco) exceeded its production plan by 4% during the second half (H2) of 2025, although the specific numerical targets of the original plan were not disclosed in the official statement. Mohamed Degheidy, chairman of Rashpetco, announced that this performance was driven by the early entry of Phase 11 West Delta Deep Marine (WDDM) wells and operational efficiency gains that added 10 million cubic feet per day (mmcf/d) to the company’s output. Moreover, the company recorded an average production of 366 million cubic feet per day (mmcf/d) of natural gas and over 6,100 barrels of condensates, totaling 69,000…
In BP’s first results call since the start of the Iran War on 28 February, newly appointed CEO Meg O’Neill said little about how the conflict might reshape the company’s long-term outlook. Pressed on whether the heightened risk would lead the UK major to target higher returns in the Middle East, she offered a cautious response. Ms O’Neill noted that BP has been in the Middle East for more than 100 years saying the region remains “a core part of the company’s footprint.” As with all its multinational peers, BP is accustomed to operating in high-risk areas. Indeed, it expanded…
The South Valley Egyptian Petroleum Holding Company (Ganope) has announced an extension of the closing date for the Red Sea international bid Round to Monday, June 29, 2026, at 12:00 PM Cairo local time. By extending the deadline, which was initially set for Monday, May 3, Ganope aims to provide additional time for companies to participate in the bid round, reinforcing Egypt’s strategy to attract investment and accelerate exploration in frontier areas. The move follows heightened interest of foreign investors during the Society of Exploration Geophysicists (SEG) Cairo Annual Conference, a high‑level geoscience and energy exploration meeting, which took place…
Mahmoud Esmat, Minister of Electricity and Renewable Energy, met with Alexie Ba, Regional Director of SANY Group, a Chinese company that operates in manufacturing renewable energy equipment, to discuss and follow up on plans to establish a plant in Egypt to manufacture wind turbines, as part of the state’s plan to strengthen local production in the renewable energy sector. This follows previous talks in January with the Chinese company aimed at exploring cooperation opportunities in renewable energy and discussing the establishment of the country’s first wind turbine manufacturing plant. The meeting reviewed progress on establishing the plant and explored how…
Iraq’s Shia parties nominated businessman Ali al-Zaidi as their prime ministerial candidate on 27 April in a surprise move that could end the five-month political impasse since last November’s parliamentary elections. Mr Zaidi has no political or government experience and now has 30 days to form a cabinet and secure broader political consensus to win a vote of confidence in parliament. Mr Zaidi’s nomination was announced by President Nizar Amedi shortly after he was put forward by parliament’s largest bloc, the Shia Coordination Framework (SCF). The SCF had previously nominated former prime minister Nouri al-Maliki, but his nomination was withdrawn…
The UAE has announced its departure from the Organization of Arab Petroleum Exporting Countries (OAPEC), Reuters reported, citing a statement from the intergovernmental alliance released on Sunday. OAPEC, founded in 1968 to strengthen cooperation among Arab oil exporters, does not set production policies for its members. The move follows the UAE’s surprise decision on April 28th, 2026, to withdraw from both OPEC and the OPEC+ producer group to prioritize boosting its own oil output. This marks a significant shift in the UAE’s energy policy, as the country had long been a key participant in OPEC+ production agreements. Its withdrawal underscores…