Author: Rigs & Barge World

President Vladimir Putin warned that Russia may halt gas supplies to Europe as energy prices surge following the escalating crisis involving Iran, according to Reuters. Speaking on March 4, Putin said the possibility was being considered as the European Union moves toward banning purchases of Russian pipeline gas by 2027 and restricting new short-term contracts for Russian liquefied natural gas (LNG) from April 2026. Global oil and gas prices have spiked after US and Israeli attacks on Iran and retaliatory strikes by Tehran against Gulf Arab neighbours. The conflict has disrupted shipping through the Strait of Hormuz and forced shutdowns…

  Egypt is planning to add 2,500 megawatts (MW) of renewable energy capacity to its national electricity grid before next summer, said Presidential Spokesman Mohamed El-Shennawy. This announcement follows a high-level meeting between President Abdel Fattah El-Sisi, Prime Minister Moustafa Madbouly, and the Ministers of Petroleum and Electricity to review scenarios for ensuring the stability of power generation nationwide. The meeting covered comprehensive action plans to secure fuel equivalents and sustain the power grid’s stability, emphasizing the integration of these new renewable capacities as a core pillar. President El-Sisi highlighted that energy security remains a fundamental pillar of national security,…

Sulnox Group Plc, a UK-based greentech company, has signed a distribution agreement with Pan Marine Petroleum Services (Pan Marine). The collaboration integrates Sulnox’s fuel-saving and emission-reducing technology with Pan Marine’s nationwide distribution network, according to a press release on the agreement. Pan Marine, a leading integrated maritime and energy services provider in Egypt with strong nationwide distribution capabilities,  serves nearly 1,500 clients across more than 20 locations nationwide. The company will market Sulnox Eco, a 100% organic, biodegradable fuel conditioner, through its established platforms, which have previously scaled major brands such as Castrol, a global producer of premium automotive and…

Chevron has reached a key milestone in its planned entry into Iraq’s upstream. The US major signed two agreements with Baghdad on 23 February for exclusive negotiations to take over the 480,000 b/d capacity West Qurna-2 (WQ-2) oil field, and for and development of the Nasiriyah oil field. The agreements also cover four exploration blocks in Dhi Qar Governorate, and development of the Balad oil field in Saladin Governorate. Tom Barrack, US ambassador to Turkey and envoy to Syria, attended the signing ceremony alongside Prime Minister Mohammed al-Sudani. Mr Barrack is also overseeing US policy on Iraq following last month’s…

During its weekly meeting, the Cabinet approved a request from the Mineral Resources and Mining Industries Authority (MRMIA) to contract a specialized company to conduct a nationwide airborne geophysical survey. The project will cover six geographic zones and aims to provide accurate, up-to-date data on Egypt’s mineral resources, including their size and locations, to spur investment in the mining sector and maximize the economic potential of Egypt’s mineral wealth. In November, the MRMIA signed a Memorandum of Understanding (MoU) with Spain’s Xcalibur Smart Mapping company to conduct airborne and satellite-based geophysical surveys across six research zones: the Eastern Desert, Western…

An oil tanker has navigated the Strait of Hormuz on route to the United Arab Emirates (UAE) to lift crude oil, marking one of the few voyages through the strategic waterway since regional hostilities disrupted shipping flows across the Middle East, according to industry sources and vessel-tracking data cited by Reuters. The Suezmax tanker *Pola* temporarily stopped transmitting its Automatic Identification System (AIS) signal on March 2 as it neared the Strait. The vessel’s tracking signal resumed on March 3 off the coast of Abu Dhabi, data from LSEG indicated. Trade sources said the tanker is bound for the port…

QatarEnergy is moving ahead with the third and, for now at least, final phase of its massive North Field Expansion project that will increase its LNG capacity from 77mn t/y to 142mn t/y. On 25 February, it announced the engineering, procurement and construction (EPC) contract award for the North Field West (NFW) project’s two-train 16mn t/y LNG facility. The contract was awarded to a joint venture of Technip Energies, Consolidated Contractors Company (CCC), and Gulf Asia Contractor (GAC). “This contract represents an important addition to the world’s largest LNG expansion project and reinforces Qatar’s commitment to meeting the growing global…

  The current status of activities and projects related to the gas production infrastructure at the Zohr field, including upgrades to the field’s offshore pipelines, was discussed in a meeting that included Sayed Selim, Executive Managing Director of Egyptian Natural Gas Holding Company (EGAS), with Tharwat El Gendy, Chairman of Belayim Petroleum Company (Petrobel). The meeting also reviewed plans for developing and improving the field’s gas treatment system through the Floating Processing Unit (FPU) project. Zohr Field, the largest gas discovery in the Mediterranean Sea, is developed by Italy’s Eni, along with partners including Rosneft, BP, and Mubadala Energy. Petrobel, a…

In early February, Libya concluded its first post-revolution licensing round, awarding five of 20 oil and gas exploration and development blocks (MEES, 13 February). The licensing round success is the latest indicator that Libya’s oil sector is getting back on its feet after years of disruption following the 2011 revolution. IOCs that remained in Libya despite the volatility, such as Spain’s Repsol and Austria’s OMV, are finally reporting improved results, with executives pointing to a positive outlook for the years ahead amid improved stability. (CONTINUED – 1463 WORDS) Read this article for free Gain access to over 60-years of energy…

TAQA Arabia, Egypt’s leading private-sector energy distribution group, recorded a 50% year-on-year (YoY) increase in net profit for the fiscal year (FY) ending December 31, 2025, reaching EGP 1.05 billion (Bn), marking the first time the Group’s profits exceeded the EGP 1 billion profit threshold. The Group’s consolidated revenues rose by 35% YoY to EGP 25.6 billion. This growth was driven by improved operational performance across its four business sectors: petroleum, natural gas, power, and water sectors, alongside the contribution of newly commissioned projects, according to the group’s earnings release. The Petroleum division remained the largest contributor to the group’s revenues,…