Author: Rigs & Barge World

The escalation of conflict in the Middle East following US and Israeli strikes on Iran has placed global energy markets on edge, Wood Mackenzie, a global research and consulting firm,said, warning that oil and LNG prices are “heavily risked to the upside” if disruptions in the Strait of Hormuz persist. In a special webinar about the Middle East conflict and implications for oil and LNG prices that was held on 2 March, Wood Mackenzie said the scale of supply at risk dwarfs previous geopolitical shocks. “There is on the order of 12 to 14 million barrels a day (mmbbl/d) of…

As Libya ramps up drilling activity to boost oil output to 2mn b/d by end-2026, NOC has announced a raft of new oil additions over the past week. On 24 February, Akakus Oil Operations announced the successful horizontal drilling of well M23-H with initial capacity of 3,000 b/d. (CONTINUED – 267 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

Karim Badawi, Minister of Petroleum and Mineral Resources, met with Basil Allam, Country Manager of Chevron Cyprus, via video conference to coordinate the executive steps for connecting the Cypriot Aphrodite gas field to Egypt’s infrastructure. The project aims to facilitate the transport of gas to Egyptian liquefaction plants for eventual re-export to international markets. Badawi stressed the importance of the project in strengthening Egypt’s role as a regional hub for gas trading and distribution, and maximizing the utilization of its infrastructure, according to a statement by the Ministry of Petroleum and Mineral Resources (MoPMR). He highlighted the need for joint…

Israel’s energy ministry announced on 25 February that it would launch its fifth offshore licensing round (OBR5) in the coming days. It is pressing ahead with efforts to attract new international players even though awards have not been finalized from previous bid rounds and regional security tensions are intensifying. The ministry had already provided many details of OBR5 last year when it said it would offer six offshore zones covering 8,600km² (see map & MEES, 19 December 2025). The move is part of a strategy to “expand exploration, increase production and strengthen Israel’s economic and geopolitical standing,” said Energy Minister…

Global oil and gas transport costs have surged sharply, with supertanker rates in the Middle East climbing to unprecedented levels amid escalating hostilities between the United States and Iran, according to Reuters. Shipping data showed that freight charges for very large crude carriers (VLCCs), vessels capable of carrying up to 2 million barrels (mmbl) of oil, spiked dramatically as security concerns mounted around the Strait of Hormuz. The waterway, located between Iran and Oman, transports roughly 20% of the world’s oil supply, along with substantial volumes of liquefied natural gas. Maritime traffic through the strategic chokepoint has slowed significantly following…

Saudi crude oil exports have increased sharply this month, preliminary data from Kpler shows. Exports are on course to average 6.9mn b/d in February, up 330,000 b/d to the highest level since April 2023 (see chart). That month marks the last month before Opec+ implemented deep voluntary cuts, that it only began to unwind last April. The increase in exports appears to have begun in late January (MEES, 30 January) amid growing speculation of US military strikes against Iran. Although Oman-mediated talks are ongoing, with the latest round taking place in Geneva on 26 February, there remains an elevated risk…

QatarEnergy has halted production of liquefied natural gas (LNG) and related products after military attacks targeted its operational facilities in Ras Laffan Industrial City and Mesaieed Industrial City in Qatar. In a statement, the company confirmed that output was suspended as a precautionary measure following damage caused by the strikes. The two industrial hubs host critical infrastructure for Qatar’s LNG production and export activities. QatarEnergy emphasized that it remains committed to maintaining transparency with its partners and stakeholders, adding that it will continue to provide updates as more information becomes available. The suspension comes amid heightened regional tensions that have…

Valmore Holding, previously known as Egypt Kuwait Holding, reported its financial results for the fiscal year (FY) 2025, with revenues rising 24% year-on-year (YoY) to $685 million. Consolidated earnings before interest, taxes, depreciation, and amortization (EBITDA) grew 26% YoY to $322 million. At the same time, net profit remained broadly stable at $186 million, compared with the previous year, boosted by one-off foreign exchange gains of $54.5 million. In the fourth quarter (Q4) 2025, revenues increased 15% YoY to $166 million, while net profit rose 7% YoY to $49.4 million. Chairman Loay Jassim Al-Kharafi said the rebrand from Egypt Kuwait…

1: GME Oman Front Month Trading Volumes, Physical Deliveries Dropped in 2025 (Mn bbls) 2: IFAD Murban Volumes Soared In 2025 (Mn Contracts Traded) 3: Middle East Crude & Condensate Exports Increased To A Seven-Year High Last Quarter (mn b/d) 4: Dubai M1 Vs M3: Dubai Contract Returns To Slight Backwardation ($/B)… 5: …As The Brent-Dubai EFs Begins To Widen Again ($/b) 6: Oman’s Premium To Dubai ($/B) Has Increased In Recent Weeks, But Remains Below June 2025 Levels Source link

Global oil prices climbed sharply as escalating tensions in the Middle East and disruptions to shipping through the Strait of Hormuz heightened fears of supply shortages, pushing crude benchmarks to their highest levels in several months, according to the Egyptian General Petroleum Corporation (EGPC). Brent crude oil rose to $78.13 per barrel (a major global price benchmark sourced from the North Sea that is used to price two-thirds of the world’s internationally traded oil), marking an increase of more than $7.53 compared with March 1, while West Texas Intermediate crude oil climbed to $71.64 per barrel, up over $6.43 during…