Author: Rigs & Barge World

“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…

The Egyptian government has reassured the public that it does not plan to introduce rolling blackouts this summer even as Cairo is looking at the possibility of ramping up fuel oil imports to hedge against uncertainty in LNG procurement and Israeli gas supply. The cabinet dismissed rumors that daily four-hour power cuts were imminent but said energy saving measures introduced during the Iran war would remain in place (MEES, 17 April). “The government is fully prepared to secure energy needs during the summer,” the Petroleum Ministry said, signaling confidence that supply disruptions seen in recent years can be avoided despite…

Swiss-based offshore contractor Transocean announced on 16 April that it was “awarded a five-well contract in the East Mediterranean Sea with an undisclosed operator.” The ‘Deepwater Asgard’ will undertake the estimated 390-day drilling campaign, expected to commence in Q4 this year and cost around $158mn. ExxonMobil is most likely the operator. MEES understands that the US major plans to start drilling in the giant offshore Cairo block near the maritime border with Cyprus before the end of the year (MEES, 7 November 2025). A follow-up well at the adjacent Masry block is likely before the firm turns its attentions to…

President Donald Trump has canceled a high-stakes meeting in Islamabad, Pakistan, between U.S. representatives and an Iranian delegation. The decision coincided with Iranian Foreign Minister Abbas Araghchi’s departure from the Pakistani capital for subsequent diplomatic visits to Oman and Russia.Following the cancellation, President Trump stated he had received a new Iranian proposal regarding the nuclear issue but dismissed the overtures as insufficient, reiterating his long-standing ultimatum that Iran will never be permitted to possess a nuclear weapon. The President attributed the stalled negotiations to internal friction within the Iranian leadership, citing a rift between competing factions without naming specific officials.Tensions…

Cairo has raised gas prices for fertilizer producers due to higher fuel import costs in a tighter global fertilizer market. Producers are now being billed $9-10/mn Btu in the second half of April, up from $8.5/mn Btu earlier in the month and nearly double the $5.5/mn Btu paid in March, before the recent regional supply shock. (CONTINUED – 141 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

Turkish Energy Minister Alparslan Bayraktar said on 18 April that Ankara may seek to extend a gas import contract with Iran, which is due to expire in July, although formal negotiations have yet to begin. The agreement allows for delivery of up to 9.6bcm annually but Iranian supplies have been irregular due to rising domestic demand, particularly during winter. Iran exported a record 9.43bcm in 2021 but volumes fell to 5.41bcm in 2023. Last year, Turkey imported 7.81bcm from Iran, equating to 13.5% of its total imports. Turkey relies heavily on pipeline imports from Russia, Azerbaijan and Iran, though it…

Egypt has put three blocks on offer in the Gulf of Suez as part of the Open Blocks Licensing Program (OBLP) initiative, providing interested parties with the chance to bid for previously held acreage outside a typical official bid round. The North Shadwan-1, North Shadwan-2 and North Shadwan-3, which hold combined estimated reserves of 55mn barrels, are located offshore at the southern entrance of the Gulf of Suez. The region has witnessed somewhat of a renaissance of late with oil output rising to a seven year high of 131,000 b/d for February (MEES, 17 April). (CONTINUED – 124 WORDS) Read…

Demand for rooftop solar systems across Europe has risen sharply following the outbreak of the war in Iran, as households increasingly seek protection from escalating power costs driven by severe global energy market disruptions, Reuters reported. The conflict has triggered significant increases in oil, natural gas, and electricity prices, with European gas benchmarks spiking by over 30%, briefly exceeding $50 per megawatt-hour (MWh), placing immense financial pressure on both consumers and businesses while accelerating the shift toward stable energy alternatives. Solar energy has emerged as a key beneficiary of this trend. Industry sources indicate that homeowner demand has more than…

Karim Badawi, Minister of Petroleum and Mineral Resources, confirmed that the petroleum sector is executing an ambitious five-year plan to increase production by upgrading and expanding existing infrastructure, according to a statement by the Ministry. The strategy aims to rapidly integrate targeted increases in reserves and production into the national grid, preventing bottlenecks and optimizing additional potential. Primarily, these efforts focus on reducing the national import bill, meeting domestic market requirements, and supporting the expansion of value-added industries. The announcement was made during the General Assembly of Agiba Petroleum Company, a joint venture (JV) company between Eni’s subsidiary IEOC Production…

Prime Minister Mostafa Madbouly convened the Supreme Council of Energy today to review the status of electricity, petroleum products, and natural gas supplies, according to a statement by the cabinet. During the session, the Council affirmed its commitment to securing energy requirements for national and industrial projects, ensuring operational sustainability while maximizing productive capacities. This strategic coordination is designed to bolster economic growth and accelerate the localization of domestic industry amidst prevailing regional and international challenges. Attended by Minister of Petroleum and Mineral Resources Karim Badawi and Minister of Electricity and Renewable Energy Mahmoud Esmat, the session focused on securing…