Author: Rigs & Barge World

www.oilfutures.co.ukAs the military standoff between India and Pakistan subsided, thanks to President Trump’s intervention, the oil markets suddenly found some optimism, at least, for a brighter near-future.The prices of oil and gas are exhibiting a gradual upward trend, coinciding with a discernible easing of geopolitical tensions in both the Middle East and the Indian Ocean; as of 13:00 GMT, the prices of WTI and Brent were at $63.56 and $65.54 respectively. The price of LNG, liquified natural gas, meanwhile was at $3.77, higher that what it was during the same period last year, despite the warmer summer months in the…

Oman is not planning to sell interests in natural gas fields, noted a statement issued by the Omani Ministry of Energy. The statement quoted Saleh Al Anboori, Director General of Exploration and Production of Oil & Gas, Omani Ministry of Energy and Minerals,  as denying the circulating rumours about Oman’s mulling selling natural gas assets valued at $8 billion to boost the state finances and investments. The rumours are based on a Bloomberg report on Friday. He elaborated that “the Ministry is actively pursuing significant development projects in gas fields, in full compliance with international standards of sustainability and financing,…

Saudi petrochemicals giant Sabic posted a first quarter loss of $320mn amid a weak market characterized by continued oversupply. This marked Sabic’s second consecutive quarterly loss, the firm’s worst spell since the end of 2023, although it attributes this to “one-time restructuring costs that position us for long term value creation.” The company benefits from advantaged feedstock costs domestically, although Saudi Arabia has been steadily increasing prices recently. In January, Sabic announced that it had been notified of increased feedstock prices by Saudi Aramco, with “the expected financial impact of the feedstock prices estimated at an increase equivalent to approximately…

Saudi oil giant Aramco reported a 4.6 % decline in its net profits during the first quarter (Q1) of 2025 to reach $26 billion. The retreat in profits came on the back of increased capital expenditures, which increased by 15.9 % YOY $12.5 billion to support the company’s plans for long-term strategic growth. The results also reflected the uncertainty covering the oil markets amid the US-China trade war and a decline in crude prices. Commenting on the results, Aramco President and CEO Amin H. Nasser said, “Global trade dynamics affected energy markets in the first quarter of 2025, with economic…

Egypt’s Ministry of Petroleum and Mineral Resources announced on May 6, 2025 the completion of its first accredited training program for Security Operations Center (SOC) professionals, marking a key step in enhancing cybersecurity across the country’s energy sector. The program was fully sponsored by the Ministry of Petroleum and Mineral Resources (MoPMR), hosted by the Engineering for the Petroleum and Process Industries (ENPPI), and organized by CYSHIELD Digital Innovation and Cybersecurity Solutions. It reflects the national trend towards improving cybersecurity in the petroleum and mineral resources sector by linking industrial expertise with governmental priorities to establish a solid foundation for…

American independent Occidental revealed it has made a sizeable discovery in North Oman. Speaking on the company’s 8 May first quarter earnings call, CEO Vicki Hollub says Oxy “made a significant gas and condensate discovery with estimated resources in place exceeding 250mn boe. While it is still early days with appraisal and development plans under evaluation, the resource is advantageously located near existing infrastructure.” Oxy did not specify at which block it made the discovery but VP of international operations Kenneth Dillon says it “also had another small discovery on the same block which is also onstream and being assessed.”…

The Ministry of Petroleum and Mineral Resources (MoPMR) has received 870 complaints regarding gasoline quality from May 4 to 9, with Cairo reporting 429 complaints–the highest among all governorates. While a total of 807 fuel samples were analyzed, 802 samples were found to meet optimal quality standards, and only five fell below the mark. Amid ongoing uncertainty over the link between fuel quality and the recently prevailing vehicle pump failures across the country, the Ministry announced on Sunday that affected owners of affected cars can claim up to EGP 2,000 in compensation for pump replacement, provided it is reported between…

Saudi Arabia may have to prepare for a much higher than expected budget deficit this year, with freshly-released data from the Ministry of Finance showing that a quarter of the way into the year the deficit is already more than half way to the expected full year figure of $26.9bn. Ominously, the figures relate to the period before oil prices dropped sharply in early April when US President Donald Trump unveiled his tariff plans (MEES, 4 April), with more economic pain likely on the way for Q2. Overall, the Saudi economy remains in good health, growing by 2.7% in Q1…

The US energy giant Chevron is currently in negotiations with the Egyptian government to expand its presence in the West Star block, which is located south of ExxonMobil’s giant Cairo and Masry blocks in the deep offshore near the Cyprus border, according to Middle East Economic Survey (Mees). Chevron has also bid for two blocks out of last year’s 12-block offering by the Egyptian Natural Gas Holding Company (EGAS). The awards for the offerings is expected in the next few months. The East Mediterranean has emerged as a highly dynamic area of operations for US major Chevron over the five…

Many cities across Iraq have been suffering blackouts since late April amid a spike in temperatures across the region. Iraq struggles to meet power demand during summer at the best of times, but Adel Kareem, former electricity minister and current advisor to the Iraqi PM, this week said the loss of 800-1,000MW of Iranian power imports after the US cancelled a waiver allowing indirect payment has exacerbated the situation (MEES, 14 March). Maintenance to get plants ready for the summer is also still ongoing, further adding to the woes. On 4 May, protestors took to the street in Diwaniya province…