Author: Rigs & Barge World

Prime Minister Mostafa Madbouly met with Karim Badawi, Minister of Petroleum and Mineral Resources, to follow up on efforts to secure the local market’s needs for natural gas and petroleum products. Madbouly reviewed different scenarios prepared by the Ministry of Petroleum and Mineral Resources (MoPMR) to secure fuel supplies needed for the electricity sector to meet the expected increase in consumption, according to Mohamed Elhomosany, the official spokesperson for the Cabinet. This will be achieved through boosting local production and utilizing regasification vessels, ensuring safe and sustainable supplies, while also supporting the continued operation of the industrial sector at full…

 As the U.S. counter-blockade remains in place without any sign of a breakthrough, there are clear indications that Iran is going to suffer beyond losing its vital revenue from the sale of oil. In fact, it is much more damaging than the loss of petrodollar in the long run.It is the damage to the infrastructure that could happen in a sequence that analysts are worried about. The damage is going to be triggered off by the storage saturation, well-shut-ins and of course, physical degradation. As of April 2026, Iran’s steady production oil has been dealt a severe blow by a ‘hard…

Jordanian Energy Minister Saleh al-Kharabsheh met Algerian Energy Minister Mohamed Arkab on 14 April to discuss potential LNG supply arrangements and broader hydrocarbons cooperation. The talks also covered crude oil shipments and LPG exports, reflecting a wider push to diversify supply options amid disruptions caused by the ongoing closure of the Strait of Hormuz. The talks, described by Mr Kharabsheh as “fruitful”, examined mechanisms to strengthen bilateral energy cooperation, according to a Jordanian ministry read-out. (CONTINUED – 855 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by…

Leading oilfield services providers SLB and Baker Hughes expect a rise in global spending on oil exploration and production, as supply disruptions linked to the Middle East conflict underscore the need for greater investment, particularly in North America, according to Reuters. The ongoing US -Israeli conflict with Iran has disrupted flows through the Strait of Hormuz, halting around 20% of global oil trade and shutting in approximately 9 million barrels per day (mmbbl/d) of production. The disruption has forced countries across Asia and Europe to seek alternative supplies, while intensifying focus on energy security and diversification of supply sources. Baker…

As the Strait of Hormuz closure nears the two-month mark (MEES, 24 April), importers worldwide are struggling to secure supplies – particularly crude and LNG. However, less attention has been paid to the near collapse in refined product exports from the Gulf due to refinery outages and blocked exports through the strait. The situation is acute in East Africa. Prior to the US-Iran war, the region sourced around 36% of its oil products from the Gulf, according to data intelligence firm Kpler. Imports into key markets – Kenya, Tanzania and Mozambique – fell to zero in April for the first…

Egypt’s Minister of Industry, Khaled Hashem, met with a delegation from Egypt Amun Green Ammonia (EAGA), a consortium formed by Poland’s Hynfra and Egypt’s Coxswains, to discuss a planned green ammonia project. The initiative foresees initial investments of $5 billion, doubling upon reaching full capacity. The project’s production is expected to commence by 2031 with an initial annual output of 400,000 tons, expandable to 1 million tons  (mmt) in subsequent phases. The meeting was attended by Tomoho Umeda, President of Hynfra, together with officials from the Ministry of Industry. The project, to be located in Ras Banas in southeastern Egypt,…

Global energy major Eni reported oil and gas production growth by 9% in the first quarter (Q1) of 2026, supported by project ramp-ups in West Africa and Norway, alongside new start-ups in Angola. The increase came despite limited disruptions in the Middle East, highlighting the company’s operational resilience and portfolio diversification, according to a press release by Eni. This performance yielded solid financial results, with group pro-forma adjusted Earnings Before Interest and Taxes (EBIT) recording €3.54 billion, a 23% quarter-on-quarter increase. Simultaneously, adjusted net profit reached €1.3 billion. Group proforma adjusted EBIT is a company’s core operating profit across the…

The partners at Israel’s 22.4tcf Leviathan field, operated by US major Chevron (39.66%), have requested meetings with the Israeli Energy Ministry regarding compensation for losses incurred during the 32-day shutdown of their operations ordered by Energy Minister Eli Cohen as a precautionary measure during the war with Iran. According to estimates cited in Israeli media, the Leviathan partners, which also include local firms NewMed Energy (45.34%) and Ratio Energies (15%), lost around NIS5.2mn ($1.6mn) per day while the platform was offline. This translated to approximately $53mn over the 32-day period. (CONTINUED – 926 WORDS) Read this article for free Gain…

Baker Hughes reported a solid first quarter (Q1) of 2026, with revenue reaching $6.6 billion, up 2% compared to the same period in the previous year, supported by strong demand in its Industrial and Energy Technology (IET) segment despite disruptions in the Middle East, according to a press release by Baker Hughes. Net income rose sharply to $930 million, more than doubling compared to the same period last year, while adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) increased 12% year-on-year (YoY) to $1.16 billion, reflecting improved operational performance and cost discipline. Orders remained strong at $8.2 billion, up…

“Egypt’s bid to become the East Mediterranean gas hub and export gateway to the world has been bolstered by the geopolitical upheaval in the Gulf. With liquified natural gas (LNG) exports disrupted and alternative export routes slow to progress, Egypt is well placed to consolidate its position,” stated the Middle East Economic Survey (MEES), a widely read weekly publication focusing on developments in the region’s energy landscape. Egypt is solidifying its role as the central hub for profiting from Eastern Mediterranean energy resources, according to the publication, which explained that by acting as the primary destination for new gas production…