Author: Rigs & Barge World

1: Weekly Middle East Crude Exports: Increased Domestic Demand Offsets Impact Of Opec+ Tapering (mn b/d) 2: IFAD Murban, GME Oman Both Flip Into Contango At The Turn Of The Year, Signalling Oversupply And Incentivizing Stockbuilds ($/b) 3: Dubai M1 VS M3 Structure Has Weakened Markedly Against Early-Year Levels ($/B) 4: Brent Dubai EFS ($/B): Brent Strengthening Against Dubai Boosts Middle East Crude Oil’s Competitiveness Source link

Manama’s Four Seasons hotel hosted a glittering array of movers and shakers from the Middle East’s oil trading scene for S&P’s Middle East Petroleum and Gas Conference (MPGC) on 26-28 May. Representatives of oil and gas producers, refiners, and traders all circulated in the hotel’s ballroom and meeting rooms and, while Opec policy, oil prices, and global economic shocks were frequent topics of conversation, the Gulf’s evolution as a refining and trading hub was high on the agenda. Roughly 15km south of the refined hotel surroundings is Bapco Energies’ 267,000 b/d Sitra refinery, where a $7bn modernization project is nearing…

Africa’s substantial natural gas reserves position it as a key player in the global energy landscape, according to Alaa El-Batal, First Undersecretary and Supervisor of HSE, Energy Efficiency, and Climate Affairs at the Ministry of Petroleum and Mineral Resources (MoPMR), who emphasized the critical role of natural gas in the global energy mix. He mentioned this during his keynote speech in the high-level ministerial panel discussion on behalf of Minister Karim Badawi, titled “Empowering Progress in Africa: Navigating Policy, Trade, and Finance for Energy Transformation Amidst Political Dynamics,” at the second edition of the African Energy Technology Conference (AETC) held…

Austria’s OMV has announced that the international joint ventures partners will withdraw from Yemen’s Block S-2 (OMV 44%op, Sinopec 37.5%) leaving it to the Yemeni government and state firms Yemen General Oil and Gas Company (YOGC: 12.5%) and Yemen Resources Limited (YRL: 6%). The firm is now finalizing its withdrawal effective 1 June leaving TotalEnergies, DNO, and Kuwaiti state firm Kufpec as the largest foreign firms still with a presence in the country. OMV’s decision to exit Yemen comes as no surprise. It had inked an agreement to sell its stake to a Chinese-backed firm, Zenith Energy, in 2023 (MEES,…

The team representing Egypt’s petroleum sector won the First Place at the BRICS Young Professionals International Engineering Championship, held in Moscow, Russia, from May 26 to 31, 2025, under the theme “Technological Innovations”. The Egyptian team presented a project titled: “Smart Biogas Production Units Integrated with Artificial Intelligence”, outperforming teams from Russia, South Africa, China, and Iran. In addition to securing the first place, the Egyptian team was further honored with the Best Innovative Idea Award, voted by fellow participants from the BRICS nations. This achievement reflects the Egyptian Ministry of Petroleum and Mineral Resources (MoPMR) continued commitment to empowering…

Kuwait has been exporting record amounts of fuel oil this year, cashing in on the price rally for high sulfur fuel oil (HSFO) and very low sulfur fuel oil (VLSFO). Kpler data shows fuel oil exports hitting a record three-month-average 202,000 b/d in April before falling back slightly this month. Around two thirds of Kuwait’s fuel oil exports are VLSFO from the 615,000 b/d Al Zour refinery. Fuel oil prices have rallied this year, with HSFO pricing at a rare premium to crude oil. This unusual pricing incentivizes regional states which burn significant volumes of oil in power plants, such…

Halliburton celebrated 25 years of providing hydraulic fracking to Egypt’s petroleum sector. Minister of Petroleum and Mineral Resources Karim Badawi attended the event, underscoring the importance of modern technologies in allowing greater production efficiency, particularly in existing oil and gas fields. He noted that every additional barrel of crude oil and every cubic foot of natural gas contributes to Egypt’s economic resilience and energy security. In his speech, Badawi said, “We are proud to join Halliburton, a global leader in oilfield services and technology, in celebrating 25 years of hydraulic fracturing operations in Egypt—a milestone that reflects our shared commitment…

Dubai-listed GulfNav announced on 28 May that it has signed a sale and purchase agreement (SPA) with Nasdaq-listed Brooge Energy for a AED3.3bn ($900mn) purchase of its assets and subsidiaries; namely Brooge Petroleum and Gas Investment Company (BPGIC) FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited. The transaction is expected to close by the end of 3Q 2025, and will grant GulfNav ownership of substantial tankage in the key regional storage and bunkering hub of Fujairah. BPGIC operates its Phase I and Phase II facilities at Fujairah which comprise of 22 tanks with…

Minister of Petroleum and Mineral Resources Karim Badawi approved a new appointment movement that included several chairmen of oil and gas sector companies in the last week of May. Mohamed Ahmed Mohamed Ismail was appointed Vice Chairman of the Natural Gas Projects Company (Egypt Gas). He brings extensive experience, having served in several companies, last of which was serving as Assistant to the Chairman of Egyptian Petrochemicals Holding Company (ECHEM). Mohamed Hassan Ibrahim Hassan El-Neil was assigned the role of Chairman of the Egyptian International Gas Technology (Gastec) Board of Directors. This appointment follows a career path that began in…

Lower oil prices have taken their toll on Saudi Arabia’s crucial oil export revenues which underpin the kingdom’s economic engine. Falling prices coupled with a modest 1% drop in oil export volumes (MEES, 23 May) pushed oil export revenues to a $5bn (9%) year-on-year drop for Q1. The $54.7bn figure (see chart 1) was the worst start to a year for Saudi oil export revenues since 2021, during the Covid-19 pandemic, although it did mark an increase from the previous two quarters. Rather than indicating the start of an upwards trend, the increase from Q4 was simply a function of…