Author: Rigs & Barge World

The National Gas Company (NATGAS), a subsidiary of Valmore Holding, has extended natural gas services to over two million households across Egypt, underscoring the company’s sustained growth and capacity to serve a broad segment of citizens. Building on more than 25 years of expertise, NATGAS has accelerated the expansion of its network across key governorates, including Cairo, Giza, Alexandria, and Beheira. This growth has enabled faster, more accessible energy services while upholding the highest standards of safety and operational efficiency. Today, the company supplies natural gas to over 12,000 commercial clients and nearly 900 industrial clients, underscoring its expanding role…

Algeria launched its long-awaited hydrocarbons bid round on 19 April, offering up seven “high-impact” blocks for bidding (see table). The blocks are mostly concentrated around existing oil and gas fields in the Berkine and Illizi basins (see map), with state upstream regulator Alnaft saying they lie in “highly active petroleum provinces, surrounded by mature fields, ongoing exploration, and development campaigns.” (CONTINUED – 1400 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 risks and opportunities Source link

Iraq is moving forward with plans for the $5 billion Basra–Haditha crude oil pipeline, establishing a high-level commission to oversee development of the strategic project, Oil & Gas Middle East reported. Iraqi Prime Minister Mohammed Shia’ Al-Sudani has ordered the formation of the commission, to be chaired by the Oil Ministry’s Undersecretary and composed of specialized advisers alongside senior officials from the oil industry and minerals ministries. The government has approved an allocation of $1.5 billion for the project this year, to be financed through the Iraq–China oil-for-infrastructure mechanism, according to a statement from the Prime Minister’s Office. The Basra–Haditha pipeline is…

Yasser Ramadan, Chairman of the Egyptian Mineral Resources and Mining Industries Authority (MRMIA), convened a series of high-level meetings with Turkish and American officials to bolster Egypt’s mining sector. These discussions, held on the sidelines of the Organization for Economic Co‑operation and Development (OECD) Critical Minerals Forum in Istanbul, focused on creating an attractive investment environment through international partnerships. During the forum, Ramadan also met with Mike Kopp, Senior Advisor to the US Secretary of Energy. The discussions explored joint opportunities in mining and critical minerals while leveraging American technical expertise. Notably, the US side expressed significant interest in organizing a…

Cairo is reinforcing its position as the primary route for monetization of Eastern Mediterranean gas as the intended recipient of new production from Cyprus and Israel. Regional gas flows will help meet growing domestic demand and allow for surplus gas to be exported from Egypt’s underutilized LNG plants on the Mediterranean coast. The option to direct gas from Cyprus and Israel to Egypt makes both economic and geographic sense. The North African country offers the fastest available commercial pathway to markets. It also has the infrastructure in place that can accommodate additional gas from the region. (CONTINUED – 881 WORDS)…

British Petroleum (bp) reported a net income of $3.2 billion in the first quarter (Q1) of 2026, an increase of 131.88% from the same quarter last year. It beat analyst expectations of $2.67 billion by 20%, according to Reuters. This record performance was driven primarily by the customers and products segment, which recorded a profit of $3.2 billion before interest and tax, its highest level since 2022. “We’re controlling what we can control, which is trying to increase production in other parts of the world,” CEO Meg O’Neill stated in an interview with Reuters. Under O’Neill’s new leadership, bp has…

Dwindling oil revenues following the closure of the Strait of Hormuz coupled with delays forming a new government have squeezed Iraq’s finances, limiting available funds for new infrastructure. Iraq has yet to honor contractual payments to Excelerate Energy, the US firm contracted to build the country’s first LNG terminal. This has delayed work on berth modifications at Khor al-Zubair port that are required before the terminal can receive LNG cargoes. If payment is made soon, imports may start in winter, either in late 2026 or early 2027. But further slippage risks pushing terminal operations to summer 2027, dealing a huge…

Maridive & Oil Services reported a 19% year‑on‑year increase in standalone revenues for the fiscal year ended December 31, 2025, reaching USD 78.6 million. Standalone operations delivered a gross profit of USD 33.3 million, up 25% from the previous year. This performance was driven by higher vessel utilization rates, adherence to scheduled maintenance timelines, and increased daily charter rates for certain marine units, according to the company’s disclosure to the stock exchange. The Company also expanded its portfolio by offering a broad range of integrated solutions through its subsidiaries, while unit operating expenses declined under management’s cost‑rationalization policy. It further…

TotalEnergies reported a 29% increase in first-quarter (Q1) adjusted net income on April 29, reaching $5.4 billion and exceeding the $5 billion anticipated by analysts, according to Reuters. The French energy major bolstered its performance through high global oil prices and robust trading operations linked to the ongoing conflict in Iran. Following the results, TotalEnergies recorded a 5.9% increase in its quarterly cash dividend and announced it would double its share buybacks to $1.5 billion for the second quarter (Q2). The company’s share value rose 1.1% to €79.16 in early trading, marking its highest level in more than two weeks…

Almost two months in, the loss of around 20% of global LNG supply — 77mn t/y from Qatar and 6mn t/y from the UAE — has tightened the market, sent prices soaring while reshaping expectations for future balances. Before the shutdowns in the Gulf, the market had expected a wave of new LNG supply to lead to a surplus. That outlook has shifted. Vitol’s Head of LNG Pablo Galante Escobar said this week the widely expected glut is likely to be delayed by at least two years. Speaking during the FT Commodities Global Summit in Lausanne on 21 April, he…