Author: Rigs & Barge World

Karim Badawi, Minister of Petroleum and Mineral Resources, affirmed that the sector’s five-year plan to increase oil and gas production includes implementing new contractual frameworks to attract investments alongside expanding the use of unconventional drilling methods and the latest production technologies. Badawi highlighted the importance of conducting comprehensive technical and economic feasibility studies as part of the plan, noting that such studies provide geological and financial data that help investors make well-informed investment decisions based on clear foundations. The remarks came during a meeting with representatives of investment partners involved in oil and gas production from both international and local…

The award by Greece of four offshore hydrocarbons exploration blocks to US major Chevron is further complicating a maritime border dispute in the Eastern Mediterranean. The blocks, officially assigned to Chevron last week following an international tender launched by Greece in June 2025, include two south of Crete that extend into waters contested by Libya (see map & MEES, 27 June 2025). (CONTINUED – 968 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

Eight OPEC+ member countries have agreed to begin a phased unwinding of their voluntary oil production cuts starting in April 2026, citing a stable global economic outlook and robust market fundamentals, according to a press release. During a virtual meeting held on March 1, 2026, the coalition, comprising Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman, decided to implement a production increase of 206,000 barrels per day (bbl/d). This move marks the initial restoration of the 1.65 million barrels per day (mmbbl/d) in additional voluntary adjustments first introduced in April 2023. The alliance stated that the restoration of…

Iraq submitted new maritime boundary claims to the UN on 19 January and 8 February that extend well into Kuwait’s claimed waters. Kuwait and fellow GCC states responded swiftly and forcefully this week, rejecting the move as a violation of Kuwaiti sovereignty. The Iraq-Kuwait maritime boundary remains one of the region’s few unresolved border disputes and a recurring source of friction between the neighbors. It sits within a longer history of tensions that came to a head when Iraq invaded Kuwait in 1990. The subsequent UN-led process to restore Kuwaiti sovereignty reshaped the framework governing bilateral borders. But while the…

Karim Badawi, Minister of Petroleum and Mineral Resources, has issued a reshuffle involving leadership positions in information and communications technology (ICT) and information systems (IS) departments at the ministry and some petroleum sector companies. Karim Solyman was appointed General Manager of Information Systems and Digital Transformation General Department at the Ministry of Petroleum and Mineral Resources (MoPMR). Solyman began his career as an engineer at Suez Oil Company (SUCO) in 2004 and progressed through several positions until becoming General Manager at the ministry’s Decision Support Systems, Digital Transformation Department in 2023. Basem Mohamed Hamed was appointed General Manager of Information and…

Iran has been sending radio signals to ships stating that no vessel is allowed to pass through the Strait of Hormuz, according to Reuters. Ships navigating near the waterway have received very high frequency (VHF) transmissions from the Iranian force warning vessels against transiting the strait, an official from the EU’s naval mission Aspides told Reuters. The Strait of Hormuz is the world’s most critical oil transit chokepoint, linking major Gulf producers including Saudi Arabia, Iran, Iraq, and the United Arab Emirates (UAE), and Oman with China, India, and other countries. The war launched by the US and Israel on…

Aramco confirmed on 26 February that it had begun operations at two large-scale gas projects: the Jafurah unconventional shale gas development and the 2.6bn cfd Tanajib gas processing plants both came online in December. These are two of the most important components of Aramco’s strategy to increase gas production by 80% from 2021 levels by 2030 (see chart & MEES, 7 November 2025). “Jafurah and Tanajib significantly strengthen Aramco’s gas portfolio and expand our capacity at scale. These projects are a major step forward for our company and for the Kingdom’s energy future,” Aramco CEO Amin Nasser said of the…

Egypt’s power system is operating normally, with a strong and resilient unified grid and generation units running on equivalent fuel, according to Minister of Electricity and Renewable Energy Mahmoud Esmat.This came during Esmat’s meeting with members of the Permanent Committee for Crisis and Risk Management, where he directed raising preparedness levels to secure the unified grid, ensure stability and continuity of supply, and adhere to the timeline for renewable energy projects. He reviewed the action plan aimed at elevating service levels, improving supply quality, and ensuring the security and sustainability of the electricity grid, in light of the military escalation…

The Abu Dhabi National Oil Company (ADNOC) affirmed that its oil and gas operations remain fully operational, despite escalating regional tensions following reported US and Israeli strikes on Iran, heightening concerns over potential retaliation and broader instability in the Middle East. In a statement responding to media inquiries, an ADNOC spokesperson said the company is closely assessing developments and maintaining coordination with the relevant authorities to ensure the safety and continuity of its activities. The company emphasized that there has been no disruption to production or export operations. The developments come amid longstanding friction between Washington and Tehran over Iran’s…

Costs for hiring tankers that can carry 2mn barrels of crude oil across the world are experiencing unprecedented volatility. Instability has been a feature across the tanker market ever since Russia’s invasion of Ukraine in 2022, and this has been compounded by the Houthi’s Red Sea campaign of 2024-2025 and the ratcheting up of western sanctions on tankers. This year, a confluence of market and geopolitical events is pushing the cost of renting a very-large crude carrier (VLCC) to six-year highs. Current spot prices for fixing a VLCC from the Gulf to China are hitting $200,000/day, equivalent to nearly $5/B.…