Author: Rigs & Barge World
The International Energy Agency (IEA) stated in a report that any disruption to transit flows in the Strait of Hormuz (SoH) would have significant consequences for global oil and LNG markets. The report, issued in December 2023, notes that prolonged disruption will trigger a sharp surge in oil prices and lead to swift, widespread supply shortages. Moreover, worldwide LNG supply could fall by approximately 295 mmcm/d. SoH is a narrow, strategically vital waterway located between the Persian Gulf and the Gulf of Oman, separating Iran to the north and Oman and the UAE to the south. It serves as a…
US crude oil production has entered a period of decline warns the US Energy Information Administration (EIA) in its latest Short Term Energy Outlook (STEO). The EIA is the latest entity to ring the alarm bell over the US crude production outlook in the wake of the post-‘Liberation Day’ oil price fall. “We forecast U.S. crude oil production will decline from an all-time high of 13.5 million barrels per day (b/d) in the second quarter of 2025 (2Q25) to about 13.3 million b/d by 4Q26 because of decreasing active drilling rigs and declining oil prices,” notes the EIA in the…
Minister of Petroleum and Mineral Resources Karim Badawi met with Ahmed Elsewedy, CEO and Managing Director of El Sewedy Electric Company, along with his accompanying delegation. The meeting discussed ways to enhance joint cooperation in mineral resources, petroleum, petrochemicals, and green energy activities. During the meeting, Badawi reviewed the six main pillars of the ministry’s work strategy, which include numerous investment opportunities across all petroleum activities and the promising mining sector. Badawi stated that issuing the decision to transform the Egyptian Mineral Resources Authority (EMRA) into an economic entity under the name “Mineral Resources and Mining Industries Authority ” represents…
Israeli military strikes against Iran’s nuclear program have long been held up as a worst-case scenario for geopolitical risk in the Middle East, and on 13 June that scenario materialized as Israeli military jets struck the Natanz uranium enrichment facility among other sites across the country. Reports indicate Iranian nuclear scientists were targeted as well. The extent of the strikes and of Iran’s initial response was still unfolding as MEES went to press, with Iranian drones en route to Israel. Iran’s response to the attacks will be a key inflection point for the region. Iran’s initial retaliatory strikes have been…
TotalEnergies acquired PETRONAS interests in multiple blocks offshore Malaysia and in one block offshore Indonesia. The blocks are still under operations of exploration, appraisal and development programs. According to the partnership, TotalEnergies is to take over 50% of PETRONAS’s shares in Blocks SK301b and SK313. Significant gas discoveries were made at these blocks, with production capacities exceeding 4 trillion cubic feet (tcf) of gas. The blocks are expected to be developed to support gas supply to Malaysia LNG from 2030. TotalEnergies will also own interests in several other exploration blocks offshore Malaysia. The transaction is pending customary conditions, including regulatory…
Montney operators ready for LNG Canada startup Source link
Prime Minister Mostafa Madbouly chaired a meeting on 16 June to review progress on implementing the government’s initial public offering (IPO) program for companies in the petroleum and public business sectors. The meeting was attended by Karim Badawi, Minister of Petroleum and Mineral Resources; Mohamed Shimi, Minister of the Public Business Sector; Hassan El-Khatib, Minister of Investment and Foreign Trade; and a number of officials from relevant bodies. At the start of the meeting, the Prime Minister stressed the government’s keen interest in the regular and continuous follow-up of the implementation of the government IPO program and the measures undertaken…
As conflict and political rivalries escalate across North Africa, regional actors are raising concerns over the UAE’s growing influence in the troubled region, with observers noting Abu Dhabi’s shift towards transactional and pragmatic policies as part of a broader push for influence and political clout in Africa. 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 risks and opportunities Source link
The Iraqi Drilling Company (IDC) accelerated the pace of operations in its project to drill 15 oil wells in the Rumaila field, in cooperation with Haliburton and BECL. IDC is a state-owned company working under the supervision of Iraq’s Ministry of Oil. It operates dozens of drilling rigs across the country. During a field visit conducted by the company’s media team to the site, it met with the Director General of the Drilling and Rehabilitation Department, Khaled Abbas Ali, who explained that well R-839 represents the first of a 15-well drilling contract that HAliburton assigned IDC to drill within a…
Petroleum Marine Services (PMS) has completed the installation of the West El Burullus (WEB) offshore platform, part of the WEB gas field development project in the Nile Delta, operated by West El Burullus Petroleum Company (PetroWEB). The step aligns with Egypt’s plans to secure energy sources and maximize the exploitation of natural gas fields, thus supporting the national economy. The installation involved placing a 345-ton jacket, followed by a 431-ton deck, using cutting-edge lifting equipment aboard the PMS 12 marine unit. According to the ministry’s statement, the next phase will involve installing a 14-inch, 32-kilometer subsea pipeline tied back to…