Author: Rigs & Barge World
Daily oil exports from the Middle Eastern Gulf have fallen sharply amid ongoing disruptions linked to the US -Iran war, with flows dropping by more than 60% in the week ending March 15 compared to February levels, according to shipping data and industry estimates, Reuters reported. The decline follows the effective closure of the Strait of Hormuz, a critical route that typically carries around one-fifth of global oil supplies. The disruption has forced producers to halt shipments and curtail output at several fields, resulting in one of the largest supply shocks in the global oil market. As a result, crude…
Iraq is in the unenviable position of being the only country in the Middle East whose assets are being attacked by domestic groups. While Gulf states to the south are being struck by Iranian missiles and drones, Iran-backed militias inside Iraq are targeting US facilities. These groups are believed to have carried out multiple strikes over the weekend against compounds in Basra province housing workers for US oil companies. No group has officially assumed responsibility for the attacks. The development raises the risks for foreign firms operating in the country’s southern oil heartland and may complicate Baghdad’s efforts to bring…
The Egyptian Natural Gas Holding Company (EGAS) plans to launch new bid round in 2026, offering natural gas exploration licenses across several areas in the Western Mediterranean, according to Chairman and Executive Managing Director Sayed Selim. The plan also includes drilling 17 exploratory wells during the upcoming Fiscal Year (FY), and commencing the first phase of the seismic survey project in the Eastern Mediterranean during the second half (H2) of the year. During the meeting, Minister of Petroleum and Mineral Resources Karim Badawi stated that EGAS plays a pivotal role in securing and sustaining natural gas supplies for all sectors…
South Valley Egyptian Petroleum Holding Company (Ganope) targets revenues exceeding EGP 4 billion and net profits surpassing EGP 1 billion in the fiscal year (FY) 2026/27, according to the company’s Chairman, Ashraf Bahaa. Bahaa said the company continues to implement the Ministry’s strategy aimed at creating promising investment opportunities, encouraging current partners, and attracting new investors. He added that coordination with the Egypt Upstream Gateway (EUG) resulted in offering 16 investment opportunities, with eight exploration and production agreements currently in force covering an area of about 37,000 square kilometers (km²). Plans are also in place to drill five exploratory wells…
Israel conducted a series of airstrikes on major fuel depots in Tehran and Alborz on 7 March. The strikes targeted storage facilities in Tehran’s southern Shahr Rey district near the city’s 245,000 b/d refinery, as well as the Shahran oil depot to the northwest. The refinery was not damaged. Israel said the attacks were to undermine fuel supply to Iran’s military operations, but the environmental fallout has been felt by the civilian population. Tehran’s governor, Mohammad Sadegh Motamedian, said that although fuel distribution in the capital was “temporarily interrupted,” provision would return to normal levels in 2-3 days. Authorities also…
The International Energy Agency (IEA) said more than 400 million barrels (mmbbl) of oil from emergency reserves will start entering global markets soon as part of a coordinated effort to ease a surge in crude prices following the outbreak of the Iran war, Reuters reported. The agency said oil stocks held by countries in Asia and Oceania will be made available immediately, while supplies from Europe and the Americas are expected to reach the market by the end of March. According to the IEA, governments have pledged to release 271.7 mmbl from state-controlled reserves, alongside 116.6 million barrels from industry-held…
Australia’s Murdoch University will launch an advanced training program for geologists working at the Mineral Resources and Mining Industries Authority (MRMIA) and affiliated companies. The program, designed in cooperation with the Ministry of Petroleum and Mineral Resources (MoPMR), secured the necessary approvals. The program was first discussed during the visit by Karim Badawi, Minister of Petroleum and Mineral Resources, to Perth, Australia, in November, when a letter of intent (LoI) was signed with the university to develop the capabilities of geologists and leaders in Egypt’s mining sector and transfer advanced global expertise to the industry. It focuses primarily on practical…
More than 130mn barrels of oil have been loaded onto tankers stranded inside the Gulf following Iran’s de facto closure of the Strait of Hormuz. The risk of attacks from Iran has been too great for most shipping companies to attempt transiting the Strait, leading to a huge build-up of laden-tankers in the Gulf. The risks to this strategy became very apparent on 11 March, when an Iranian drone boat set two tankers engaged in a ship-to-ship transfer offshore Iraq on fire. The Zefyros tanker was carrying condensate supplied by Basrah Gas Company (BGC) and was receiving a naphtha cargo…
Iran has permitted two Indian-flagged liquefied petroleum gas (LPG) carriers to pass through the Strait of Hormuz, sources with direct knowledge said to Reuters, marking a rare exception to Tehran’s blockade that has disrupted global energy shipments. The Shivalik crossed the strait under escort from the Indian Navy, while the Nanda Devi is expected to follow within hours. Since a US -Israeli attack on Iran, Iran has largely halted traffic through the strait, a critical route that normally carries about 20% of global oil and seaborne liquefied natural gas (LNG). Iran has barred shipments destined for the US and its…
Every day that the Strait of Hormuz remains closed, the world slides deeper into an economic crisis. This week the IEA said the world is facing the largest oil market disruption in history, as its members approved a record release of 400mn barrels from its stockpile (MEES, 13 March). The spike in oil prices is already having inflationary effects, and more is coming down the line as the knock-on effects filter through different industries and markets. Potentially one of the most pronounced impacts will be felt in global food markets due to the disruption to fertilizer exports from the Gulf.…