Author: Rigs & Barge World

The signing of the US-Iran Memorandum of Understanding (MoU) on 17 June has led to widespread speculation over whether and when oil flows through the Strait of Hormuz will return to pre-conflict levels (MEES, 3 July). However, less attention has been paid on how the easing of US sanctions on Iranian oil exports could reshape regional products trade and the impact that would have on business at the UAE’s storage and blending hubs. Under the US Treasury’s General License X, Iran has been granted a 60-day sanctions relief that allows for the production, delivery, and export of petroleum (including refined…

Egypt stepped up efforts to attract foreign investment in its energy and mining sectors, as Minister of Foreign Affairs, Emigration and Egyptian Expatriates Badr Abdelatty and Minister of Petroleum and Mineral Resources Karim Badawi discussed opportunities and recent developments in both sectors. Abdelatty stressed the need to enhance energy security and diversify supply sources, amid ongoing regional and international disruptions to global energy supply chains and maritime trade, to help safeguard supply. He highlighted Egypt’s ambition to become a regional energy hub. He emphasized the need for closer cooperation with international partners across the energy and mining value chains, including exploration,…

Iraq’s Cabinet has approved the Basra Oil Company (BOC), Iraq’s largest state-owned oil producer, to sign a heads of agreement (HoA) and a non-disclosure agreement (NDA) with a consortium comprising US-based Capital TI and Chevron, one of the world’s largest oil and gas producers, alongside Qatar’s UCC, a Qatar-based energy, concessions, and construction company, to study strategic oil export pipeline projects, Reuters reported. HoA is a preliminary agreement outlining the main terms before a final binding contract is negotiated. While an NDA is a legal agreement that requires parties to keep shared confidential information private. Under the agreements, the consortium…

Adnoc’s international investment arm XRG announced two deals this week that firm up its emerging position in global LNG markets. The deals deepen the firm’s presence in the Atlantic basin gas market, giving its portfolio important geographic breadth alongside other gas positions in the Middle East, Africa and the Caspian. A new entrant to the international LNG sector, XRG aims to secure 20-25mn t/y of LNG capacity by 2035 through a combination of equity investments and offtake agreements. Read this article for free Gain access to over 60-years of energy analysis and news Delve into the details backed by data…

Petroleum Marine Services (PMS), an  Egyptian leading offshore construction and services company, completed works for phase two of the Development Project of North Safa Offshore Field in the Gulf of Suez. The company installed the offshore platform’s production deck, including production equipment and facilities. The project is operated by the Gulf of Suez Petroleum Company(GUPCO) The works included the installation of the offshore platform’s production topside, weighing 306.15 tons, which incorporates all the necessary production facilities and equipment required to operate the platform efficiently. This was carried out alongside the installation of the helideck, weighing 128.38 tons, designated for aircraft…

Cairo’s economic reform program has regained momentum just as it enters a critical phase. Parliament’s approval of the 2026-27 budget on 22 June has reinforced the government’s commitment to fiscal consolidation, while a string of long-awaited privatization deals removed one of the main obstacles to the next IMF disbursement under Egypt’s $8bn Extended Fund Facility (EFF). The timing is significant. After spending much of the past two years battling inflation, a chronic foreign currency shortage and mounting external debt obligations, Egypt has gradually stabilized its position following the March 2024 currency float, the expansion of its IMF program and the…

Oman’s power sector is undergoing a generational shift as the sultanate reorients its power mix away from gas and towards renewables. By 2030, it intends for 30% of its power generation to come from renewable energy from around 7% currently (see chart 1), with the aim of reaching net-zero by 2050. 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

Gulf oil exports rose by over 3 million barrels per day (bpd) from May to over 10 million bpd in June, shipping data show. The UAE led, exporting 3.7-3.8 million bpd in June, more than 1 million bpd higher than May, according to Kpler, Vortexa, and LSEG. Export volumes remain 40% below pre-conflict levels. Combined crude and condensate exports from Saudi Arabia, the UAE, Kuwait, Iraq, and Iran increased by over 3.5 million bpd to 10.07 million bpd in June, Kpler reported. Vortexa estimated total exports at 10.2 million bpd, up from 7 million bpd in May and below the…

Steven Kobos, CEO of Excelerate Energy, met Prime Minister Ali al-Zaidi this week to discuss the company’s contract to build Iraq’s first LNG import terminal at Khor al-Zubair port. MEES is told that the new government has approved an initial payment of $48mn to the Texas-based LNG specialist, with funds expected to be processed soon. The project was delayed due to the previous government’s failure to make payments during the financial crisis caused by the closure of the Strait of Hormuz (MONDAY, May 15). The payment delays and security risks led Excelerate to instead lease the Arcadia FSRU vessel to…

The Organization of the Petroleum Exporting Countries (OPEC) raised production by 3.3 million barrels per day (bpd) compared to May, reaching a total of 19.43 million bpd. This rise followed a period of reduced output due to the Iran war and the closure of the Strait of Hormuz. The survey found that Kuwait and Iran recorded the largest increases in production. The United States ended its blockade of ships to and from Iranian ports, allowing Iran to boost output. Saudi Arabia and Iraq also raised production, while Nigeria and Libya, whose shipments were not affected by the conflict, increased output.…