Author: Rigs & Barge World
Karim Badawi, Minister of Petroleum and Mineral Resources, inspected the Valaris DS-12 drilling vessel, which has recently entered Egypt’s territorial waters to begin a five-well natural gas exploration program in the Mediterranean for both the British energy giant bp and Arcius Energy, the Joint Venture (JV) between bp and the UAE ADNOC Group. According to Badawi, the investment commitments by International Oil Companies(IOC) reflect their confidence in the Egyptian investment climate, following a set of strategic reforms, on top of which come the regular payments of dues to IOCs. Last week, Badawi said all the dues will be fully settled…
Shipowners are striking deals with Iran to secure safe passage of vessels through the Strait of Hormuz. After nearly a month of war, Tehran … Source link
The ninth edition of the Egypt International Energy Conference and Exhibition (EGYPES 2026) will commence on March 30, and run until April 1 under the patronage of President Abdel Fattah El-Sisi, bringing together global leaders to shape the future of energy at a time where geopolitical tensions, supply chain infrastructure vulnerabilities and shifting energy alliances are redefining energy security. Considered the premier energy event in North Africa and the Mediterranean region, EGYPES aims to address this year the industry’s most pressing priorities, from regional stability and investment resilience to digital transformation, decarbonisation and the accelerating shift toward diversified, secure energy…
The Middle East conflict has spun out of control, UN Secretary General Antonio Guterres warned on 25 March as he called on all parties to “stop climbing the escalation ladder and start climbing the diplomatic ladder.” Much of the past week has been dominated by two competing narratives; whether US President Donald Trump is trying to engineer an offramp to exit the conflict, or is preparing a risky attempt to seize strategic islands in the Gulf in a bid to unlock the Strait of Hormuz. One route would result in an unsatisfactory peace agreement through which Iran’s strategic position in…
Egypt is implementing a new package of energy-saving measures this month in response to a ballooning energy import bill caused by the regional war (MEES, 20 March). Speaking at a press conference following the weekly Cabinet meeting on 18 March, Prime Minister Mostafa Madbouly said the country’s energy import bill had more than doubled since the beginning of the conflict because of “very delicate circumstances in the region.” (CONTINUED – 794 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data Exclusive information from high-level officials Assess future…
On 21 March, US President Donald Trump threatened to launch a devastating attack on Iran’s power plants in a move that would massively escalate the conflict and cause considerable additional hardship to the Iranian population. He initially gave Iran a 48-hour deadline to reopen the Strait of Hormuz, but hours before its expiry he announced a five-day pause, that was then extended to 6 April (MEES, 26 March). Any US attack on Iranian power plants would deal a damaging blow to the country’s electricity sector and it would take years to restore capacity. Iran in turn has threatened to retaliate…
Markets are reeling amid massive supply outages and the cessation of non-Iranian oil flows through the Strait of Hormuz. For now, the focus is on immediate supply constraints and the duration of the Hormuz shutdown. But even though the conflict is showing no signs of ending any time soon, questions are beginning to be asked about how long it might take Middle East producers to bring fields back online when it does end. “This will definitely take a long time. The minimum time I can see is around 15 days,” Kuwait’s Opec Governor Mohammed al-Shatti told Al Arabiya on 17…
Chevron and its partners at Cyprus’ 3.7tcf Aphrodite gas field are moving closer to formalizing the necessary commercial and regulatory framework for gas exports to Egypt. Negotiations are advancing on two crucial fronts, the first of which is a host government agreement (HGA) and secondly a gas sales and purchase agreement (GSPA) with Egyptian state firm EGAS, said junior partner NewMed Energy. NewMed said that the parties are negotiating a detailed memorandum of understanding (MoU) covering the sale of all Aphrodite gas volumes to Egypt, with EGAS positioned as the exclusive offtaker. The MoU is expected to form the basis…
The latest Gas Statement of Opportunities (GSOO) confirms Australia’s east coast gas market remains well supplied in the near term but makes clear that ongoing investment in new gas supply is critical to avoid shortfalls from 2030. Australian Energy Producers Chief Executive Samantha McCulloch said the improved outlook reinforces the importance of stable and competitive policy and tax settings, warning that imposing higher taxes on the gas industry would undermine investment and future supply. “Imposing punitive and retrospective new taxes on the gas industry would stop investment in new gas supply at exactly the time it is needed most,” Ms McCulloch said. “That means less gas, tighter markets,…
Iraq has started exporting crude oil from its Kirkuk oil field to Turkey’s port of Ceyhan after US intervention ended a two-week stalemate between federal authorities and the Kurdistan Regional Government (KRG). Exports began in the early hours of 18 March, at an initial rate of 100,000-140,000 b/d that then stabilized at 170,000 b/d. The development means that Iraq, the second largest Middle East crude oil exporter under normal circumstances, now has a functioning Hormuz-bypass pipeline. While a valuable source of revenues, flows are a fraction of the 3.33mn b/d of crude oil that Iraq exported from Basra in February.…