Author: Rigs & Barge World

An Israeli court has approved a class action suit against NewMed Energy over allegations that the company failed to disclose a material risk in a landmark gas export agreement that helped establish Israel as a regional gas power. The 10 June decision by Tel Aviv’s Economic Court concerns amendments made in 2019 to long-term gas supply agreements with Egyptian gas buyer Dolphinus (now Blue Ocean Energy), which underpin exports to Egypt from the Chevron-operated 22.4tcf Leviathan and 13.7tcf Tamar gas fields. (CONTINUED – 721 WORDS) Read this article for free Gain access to over 60-years of energy analysis and news…

QatarEnergy has reduced its scheduled liquefied natural gas (LNG) deliveries to Bangladesh by half this year as disruptions linked to the ongoing US -Israeli war on Iran continue to affect shipments through the Strait of Hormuz, Reuters reported, citing Petrobangla’s Acting Chairman Abdul Mannan and industry sources. Mannan attributed the reduction in deliveries to the impact of the conflict on regional energy trade. He said Bangladesh is exploring alternative supply options to offset the expected shortfall, including increasing spot LNG purchases and pursuing government-to-government supply agreements with other exporters. He added that the country would select the most commercially competitive…

Baker Hughes, a leading energy technology company, announced that it has secured multiple contracts from India’s Oil and Natural Gas Corporation Limited (ONGC) to deliver advanced wireline services aimed at enhancing reservoir understanding, optimizing production, and supporting more efficient field development across India’s offshore and onshore oil and gas assets. The awards were finalized during the second quarter (H2) of 2026, according to a press release by Baker Hughes. Under the agreements, Baker Hughes will deploy innovative wireline logging, perforation, and drill stem testing solutions to boost production and accelerate exploration. The company plans to mobilize up to 46 wireline…

UK-listed Genel Energy has agreed a $360mn all-cash takeover of Edinburgh-headquartered, Egyptian producer, Capricorn Energy, in a move that will transform the Iraqi Kurdistan-focused company into a more diversified Mena producer. Genel’s reliance on the geopolitically fraught Kurdistan Region of Iraq for 100% of its production has been a risky gambit, with frequent export outages there hurting the company’s balance sheet. Previous efforts at diversification have failed to gain traction, with Genel exiting Morocco last year, while there is little sign of a route to monetizing its Somaliland holdings. Last year’s Oman entry may well bear fruit, but its holdings…

The Ministry of Petroleum and Mineral Resources (MoPMR) plans to offer 62 investment opportunities through the Egypt Upstream Gateway (EUG). Karim Badawi, Minister of Petroleum and Mineral Resources, announced the plan during a meeting with the Coordination Committee of Parties’ Youth Leaders and Politicians (CPYP), where he reviewed the petroleum sector’s ongoing investment allocations, according to a statement by the MoPMR. Badawi added that the ministry is currently implementing nine seismic survey programs to identify new exploration areas, alongside two new projects in the Eastern Mediterranean and West Assiut. These initiatives build upon previous milestones, including commitments secured for more than…

The UAE increased its crude oil production to more than 3.8 million barrels per day (mmbbl/d) in June, reaching its highest level since April 2020 after withdrawing from OPEC and OPEC+ production quotas, Reuters reported, citing two sources familiar with production data. The increase marks an early indication of the UAE’s strategy to boost production following its exit from OPEC and OPEC+ on May 1. June output exceeded production levels recorded before the US -Israeli conflict with Iran, as Abu Dhabi moved to maximize output after freeing itself from quota restrictions. The UAE has maintained that its significant investments in…

Shipping traffic through the Strait of Hormuz continues to be sporadic, even as transits increase from record lows. An overall uptick in traffic has come on the back of on-off talks between the US and Iran that follow the signing of a 60-day MoU intended to enable a final peace deal between the two countries. This week, US and Iranian officials wrapped up two days of indirect talks in Doha that focused on maritime traffic through the strait. Ships recently pulled back from the strait during four days of tit-for-tat strikes that were kicked off by Iran’s targeting of vessels…

XRG, the investment arm of Abu Dhabi National Oil Company (ADNOC), has acquired an additional stake in Trains 4 and 5 at the Rio Grande liquefied natural gas (LNG) terminal in Brownsville, Texas, deepening its exposure to one of the world’s largest LNG export projects by securing equity across all five units now under construction, according to a press release by XRG. By completing the deal, XRG has reinforced its strategic foothold in the US LNG sector, in line with its goal of building a top‑tier global gas portfolio with North America as a core growth region. The company views…

The Great Restart is well underway, with producers across the Gulf increasing production and exports despite the fragility of the US-Iran agreement that led to the partial reopening of the Strait of Hormuz. The closure of the strait since early March and resultant shut-in of more than 10mn b/d of Middle East production was unprecedented, and the restart of flows through this crucial artery is an equally unprecedented process. Considering the geopolitical uncertainty, the initial process has gone smoothly, but there will likely be setbacks along the way. Some Gulf exporters had a head start, having increased exports well ahead…

Karim Badawi, Minister of Petroleum and Mineral Resources, met with Sherif Bayoumy, Managing Director of SLB (formerly Schlumberger) for Egypt and the Eastern Mediterranean, and Basil Abdel Wahab, SLB Vice President of Digital Solutions, to discuss deploying advanced artificial intelligence (AI) applications across exploration, production, and operations. The meeting covered the ongoing development of the Egypt Upstream Gateway (EUG) and new initiatives to improve energy efficiency and reduce carbon emissions. Badawi stressed, EUG is central to this strategy, with upgrades underway to integrate AI technologies and advanced data analytics. He said these enhancements aim to improve investment evaluation, reduce risk,…