Author: Rigs & Barge World

The energy markets are facing a challenging period, marked by rising US crude inventories that underscore a weakening demand environment and abundant supply. This situation is compounded by several geopolitical and economic developments creating significant uncertainty.Geopolitical Tensions Escalate In a surprising move, President Trump announced an unprecedented 50% tariff on goods from the EU effective, on June 1. This aggressive trade stance is expected to trigger retaliatory measures from the EU, raising the specter of a MAD, “Mutually Assured Destruction”, scenario that extends beyond traditional military conflicts and into the economic realm.Meanwhile, reports indicate that the OPEC+ plans to increase…

Kuwait is already facing blackouts this year as its power generation infrastructure is unable to cope with runaway electricity demand. Even with imports through the GCC Interconnection Authority (GCCIA) now being maxed out, the electricity ministry (MEWRE) this week announced widespread power cuts when peak load reached a May record of 16.58GW on 23 May. With many of Kuwait’s aging power plants still undergoing maintenance ahead of the peak demand period from May to September, this put demand right up against available capacity. Demand has spiked this month to more than 3GW above last month’s 13.15GW – itself a record…

Despite the Trump Administration’s ongoing efforts to negotiate an end to the war in Ukraine, the European Union (EU) launched further sanctions on Russia’s energy sector this week, targeting, amongst others, Dubai-based Eiger Shipping DMCC. The move is particularly significant as Eiger is the shipping and chartering arm of Litasco Middle East (LME) – the trading house of Russian giant Lukoil which has emerged as one of Dubai’s largest trading firms since 2022 (MEES, 23 September 2022). Lukoil is Russia’s second largest oil producer. “Eiger Shipping DMCC has enabled the procurement of numerous vessels forming part of the so-called ‘shadow…

The Egyptian General Petroleum Corporation (EGPC) and the International Egyptian Oil Company (IEOC), an Eni affiliate, announced that their joint ventures, Belayim Petroleum Company (PETROBEL) and Agiba, have surpassed a combined production of 110,000 barrels per day (bbl/d) of petroleum liquids. Production from the Sinai concession area has exceeded 60,000 bbl/d of oil, a level not reached since 2023. This achievement is primarily attributed to the successful startup of the West Ferran-2 well, with a potential output of around 4,000 bbl/d of oil, in addition to the positive results from recent onshore and offshore maintenance campaigns. The Agiba Petroleum concession…

Egypt’s stretched gas supplies and growing gas deficit have swung heavily into focus in recent weeks, with Cairo moving quickly to secure both long-term and short-term LNG to offset an expected drop in Israeli pipeline supplies and a structural decline in Egyptian production (MEES, 21 May). Egypt imported four cargoes (280,000 tons) of LNG during the first three weeks of May, according to Kpler, but MEES understands that number could double by the end of the month as Cairo could import a further four cargoes over the next seven days. (CONTINUED – 886 WORDS) Read this article for free Gain…

The Global energy technology company SLb has launched Retina™ at-bit imaging, which enables identification of rocks formation characteristics to optimize drilling efficiency, formation evaluation, and safety. This solution is the  first-of-its-kind and provides accurate measurements, especially at the critical point of first contact between the drill bit and the formation. “Retina provides an unparalleled view of the formation and its characteristics downhole, enabling better-informed decisions from the start,” said Cecilia Prieto, President of Well Construction, SLB. “This leading-edge technology marks a significant advancement in borehole imaging, providing drillers with critical insight in situations where it was previously impossible. With imaging…

International hydrocarbon exploration and production company Energean is planning to optimize its offshore concessions in Egypt while exploring new areas in the Nile Delta Region, according to the company’s operational updates and performance results for the first quarter of 2025 (Q1 2025), ending March 31. “In Egypt, we are working with the government to optimize the terms of our offshore licenses whilst preparing to drill our low-cost onshore East Bir El Nus (EBEN) Concession [in the Western Desert],” said Mathios Rigas, CEO of Energean. The company is also exploring near-field infill drilling opportunities around the Abu Qir concession area in…

President Abdel Fattah El Sisi held a meeting with Wael Sawan, Shell’s CEO, in the presence of Mostafa Madbouly, Egypt’s Prime Minister; Karim Badawi, Minister of Petroleum and Mineral Resources; and Dalia El Gabry, VP and Country Chair at Shell Egypt. The meeting discussed ways to enhance the existing cooperation between the two sides, where the President affirmed Egypt’s efforts to develop the investment climate and overcome any obstacles facing investors. El Sisi noted Egypt’s commitment to paying companies’ dues, which strengthens trust between both sides. He also pointed out the importance of Shell intensifying its exploration and development activities…

The  International Drilling Material Manufacturing Company (IDM) recorded revenues of EGP 1.9 billion and a net profit (EBITDA) of EGP 270 million, during 2024, according to its Chairman, Karim Hammam. This came during IDM’s Ordinary General Assembly meeting, chaired by Karim Badawi, Minister of Petroleum and Mineral Resources. The year also saw the company finalizing new contracts worth $215 million. Among the most notable of these was its deal to manufacture and manage the inventory for Khalda Petroleum under a consignment system for a period of 3 years, according to Hammam. Furthermore, the company completed its preparations for producing Premium…

President Abdel Fattah El-Sisi met with Prime Minister Mostafa Madbouly and Minister of Petroleum and Mineral Resources, Karim Badawi to discuss efforts to meet the country’s petroleum needs and review the latest oil and gas discoveries made between July 2024 and May 2025. The meeting addressed the sector plan for the upcoming summer season, as well as measures taken to avoid blackouts during the hot summer months. In the past two years, Egypt experienced power cuts due to rising energy demand and supply shortages. To manage this issue, the government implemented scheduled power cuts to offset the power load in…